Media Releases


CIO issues news releases to provide information about key issues to the media to keep our stakeholders informed about relevant CIO activities.


6 February 2017
Media Release - Ramsay Review Interim Report – dangerously undermining EDR in financial services

The Credit and Investments Ombudsman (CIO) has rejected a recommendation that CIO and the Financial Ombudsman Service (FOS) should be replaced by a single ombudsman scheme, in its response to the Interim Report into Australia’s three financial sector Ombudsman schemes by a panel led by Professor Ian Ramsay.

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6 December 2016
Media Release - Ramsay Review Findings – a solution looking for a problem

The Credit and Investments Ombudsman (CIO) has rejected the key recommendation of the interim report into Australia’s three financial sector Ombudsman schemes as pro big bank at the expense of non-bank financial service providers and small business customers.

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30 November 2016
Media Release - Credit Ombudsman responds to Financial Counsellors Survey

The Credit and Investments Ombudsman (CIO) notes the report issued today by Financial Counselling Australia, setting out the results of a survey of its members comparing their experiences with CIO and the Financial Ombudsman Service (FOS).

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28 November 2016
Media Release - Credit Ombudsman slams recommendation for tribunal

The Credit and Investments Ombudsman (CIO) has criticised the recommendation of the Coalition Members’ of the House of Representatives Standing Committee on Economics in their report into the Big Four Banks that a single tribunal should be established for all financial services complaints.

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17 November 2016
Media release - CIO releases its Annual Report on Operations 2015-16

The Credit and Investments Ombudsman (CIO) today released its Annual Report on Operations 2015/16.

Key highlights for the year include:

  • nearly 27,000 enquiries were received, up 23.4%,
  • 4,760 complaints were made against financial services providers,
  • financial hardship complaints have decreased to 21% of all complaints received, but still feature as one of the largest sources of complaints,
  • credit reporting complaints have climbed to 29% of all complaints received,
  • sectors attracting the largest number of complaints were debt purchasers and collectors (42%), residential mortgage lenders and mortgage managers (14.5%), and consumer retail finance providers (7.8%),
  • nearly 23,000 financial services providers are now members of CIO,
  • 61% of complaints were resolved in the consumers’ favour,
  • consumers received $5.8 million in refunds or compensation, and
  • 57 systemic issues were reported to ASIC, a number of them have been the subject of regulatory action, including remedial outcomes.
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27 October 2016
Media Release - Credit Ombudsman slams talk of consolidation by big banks

The Credit and Investments Ombudsman (CIO) has slammed Australia’s big banks and their dispute resolution scheme, the Financial Ombudsman Service (FOS), for calling for the creation of a single industry Ombudsman scheme in the financial services sector.

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14 October 2016
Media Release - Ombudsman cautions that mergers and tribunals will not help consumers

In its submission to the review of Australia’s three financial sector Ombudsman schemes (Ramsay Review), the Credit and Investments Ombudsman (CIO) has called for a common entry point or triage service.

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28 August 2016
Media release - Ombudsman cautions on tribunal

Mr Raj Venga, Chief Executive Officer and Ombudsman of the Credit and Investments Ombudsman (CIO), today expressed concern about the proposal apparently being considered by the Federal Government to establish a ‘tribunal’ to hear financial services complaints. 

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8 August 2016
Media release - Credit and Investments Ombudsman welcomes terms of reference into financial sector’s complaints framework

The Credit and Investments Ombudsman (CIO) has welcomed the release today by the Minister for Revenue and Financial Services, Kelly O’Dwyer MP, of the terms of reference for the independent review of financial sector external dispute resolution (EDR) schemes.

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20 April 2016
Media release - Credit and Investments Ombudsman welcomes Treasurer's announcement

The Credit and Investments Ombudsman (CIO) has welcomed today’s announcement by the Treasurer, the Hon. Scott Morrison MP, that the Commonwealth Government will establish an expert panel to review the role, powers and governance of financial sector external dispute resolution (EDR) schemes.

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