How does the Ombudsman enforce a determined settlement?
Once the Ombudsman has made a Determination or Award, you are given 28 days written notice to comply. If a Member fails to comply, the Credit and Investments Ombudsman:
- can take action to suspend or cancel that Member’s membership
- must give written notice of any suspensions or cancellations to ASIC
- can bring legal proceedings against the Member for recovery of the amount awarded.