Annual Report on Operations

The Annual Report on Operations is an important document which provides stakeholders with detailed information about how complaints are handled by the organisation.


21 October 2015
Annual Report on Operations 2015

2014-15 Highlights

Key highlights for the year include:

  • more than 21,800 enquiries were received
     
  • almost 5,000 complaints were made against financial services providers, an increase of 7.4%
     
  • financial hardship complaints have decreased to 24% of all complaints received, but still feature as one of the largest sources of complaints
     
  • credit reporting complaints have climbed to 24% of all complaints received
     
  • sectors attracting the largest number of complaints were debt purchasers and collectors (40.7%), and residential lenders and mortgage managers (15.4%)
     
  • more than 20,000 financial services providers are now members of CIO.
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27 October 2014
Annual Report on Operations 2014
Annual Report on Operations 2014

2013-14 Highlights

⇒ consumers made more than 26,600 enquiries

⇒ complaints about financial hardship and credit listings continue to be the largest source of complaints

⇒ complaint numbers have continued to increase, up 20% in the last 12 months

⇒ significant improvements to timelines: 57% of complaints were resolved within three months and 76% in six months

 46% of complaints were resolved with positive outcomes for consumers

⇒ the number of complaints closed by COSL increased by 40% 

⇒ 18,300 financial services providers are now members of COSL

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22 November 2013
Annual Report on Operations Snapshot 2013
Annual Report on Operations Snapshot 2013

The Annual Report on Operations Snapshot provides a brief summary of the Annual Report on Operations 2012 – 2013, showcasing the main highlights from the year, a message from the Ombudsman and relevant case studies.

 


 

 

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20 November 2013
Annual Report on Operations 2013
Annual Report on Operations 2013

2012-13 Highlights

⇒ 3,763 complaints were received in the year ending 30 June 2013 up 37% from last year

⇒ 28% increase in the number of complaints closed

⇒ 32% of complaints received related to financial hardship, which continues to feature as the single largest source of complaints

⇒ 20,506 enquiries received up 30% from last year

⇒ 79% of complaints received were resolved within 6 months

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31 January 2013
Annual Report on Operations Snapshot 2012
Annual Report on Operations Snapshot 2012

Snapshot 

For the first time, COSL has released an Annual Report on Operations Snapshot for the 2011 – 2012 financial year.

The Annual Report on Operations Snapshot provides a brief summary of the Annual Report on Operations 2011 – 2012, showcasing the main highlights from the year, a message from the Ombudsman and relevant case studies.

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1 December 2012
Annual Report on Operations 2012
Annual Report on Operations 2012

2011-12 Highlights

⇒ 1,983 complaints were received in the year ending 30 June 2012 up 72% from last year

⇒ 45% increase in the number of complaints closed

⇒ 34% of complaints received related to financial hardship, which continues to feature as the single largest source of complaints

⇒ almost 16,000 contacts from consumers by phone, online or post

⇒ membership has increased by 22% to 15,535 (more than 16,300 as of 1 Feb 2012)

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30 June 2011
Annual Report on Operations 2011
Annual Report on Operations 2011

2010-11 Highlights

⇒ 1,983 complaints were received in the year ending 30 June 2011 up 72% from last year

⇒ 45% increase in the number of complaints closed

⇒ 34% of complaints received related to financial hardship, which continues to feature as the single largest source of complaints

⇒ almost 16,000 contacts from consumers by phone, online or post

⇒ membership has increased by 22% to 15,535 (more than 16,300 as of 1 Feb 2012)

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30 June 2010
Annual Report on Operations 2010
Annual Report on Operations 2010

2009-2010 Highlights

⇒ 46% increase in membership to 12,724, which continues to grow - see page 14

⇒ 8.3% increase in complaints - many more expected in the following months - see page 30
 
⇒ 29% of complaints received related to financial hardship - see page 30-31
 
⇒ 11,301 contacts were received by phone, online and post - see page 4
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30 June 2009
Annual Report on Operations 2009
Annual Report on Operations 2009

2008-2009 Highlights

⇒ COSL’s membership represents 69% of the entire membership of all EDR schemes in the finance sector - see page 9
 
⇒ one out of every three complaints received related to financial hardship - see page 19
 
⇒ with 1,779 new members, membership now stands at almost 8,700, despite particularly challenging times for industry participants - see page 10
 
⇒ 1,064 new complaints received in 2008/2009 - see page 12
 
⇒ 11,412 contacts received in 2008/2009 - see page 11

 

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30 June 2008
Annual Report on Operations 2008
Annual Report on Operations 2008

2007-2008 Highlights

⇒ with 2,075 new members, COSL’s membership now stands at almost 8,500, up 8% from previous year - see page 18 
 
⇒ COSL’s membership comprises 68% of entire membership of finance sector external dispute resolution schemes in Australia - see page 23
 
⇒ 894 new complaints were received - up 264% from previous year - see page 24
 
⇒ COSL takes the lead on financial hardship and mortgage stress issues, releasing its new Guideline on Financial Hardship aimed at giving struggling borrowers a fair go - see page 9
 
⇒ COSL’s new case management and membership system, which facilitates complaint tracking, reporting and the identification of systemic issues, has already resulted in significant productivity gains since it went ‘live’ in January 2008 - see Page 7
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