Increase of monetary compensation limit
The Credit and Investments Ombudsman (CIO), previously known as COSL, is approved by the Australian Securities and Investments Commission under Regulatory Guide 139. The Regulatory Guide provides that the CIO must adjust the compensation cap every three years using the higher of the increase in the Consumer Price Index (CPI) or the increase in Male Total Average Weekly Earnings (MTAWE).
CIO announces that the monetary compensation limit (MCL) applying to each claim for complaints received from 1 January 2015 will be $309,000.
A complaint may contain more than one claim, with each claim being separately subject to the monetary compensation limit. In other words, separate claims by the same complainant will not be aggregated for the purpose of determining a maximum claim.
CIO’s current MCL is $280,000 per claim.
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