Decisions

We publish our decisions to provide guidance to financial services providers and consumers as to how we approach particular issues and reach decisions. It should not be cited or relied on as a precedent as we consider each complaint on its own merits.


  • Recommendation - 3 April 2018Debt collector | Default listing | Credit reporting | Serious credit infringement | Personal loan
  • Expedited Ruling - 28 March 2018Authorised deposit-taking institution | Bonus shares | Constitution
  • Recommendation - 16 February 2018Credit repair services  | Credit repair | Incorrectly charging fees and misleading information about fees
  • Recommendation - 24 January 2018Car lease provider | Car lease | Misleading conduct | Lease contract inappropriate | Breach of consumer guarantees.
  • Recommendation - 13 November 2017Car Loan | Car finance lender | Illegal repossession of vehicle | Personal belonging not released | Theft from vehicle | Excessive enforcement costs | Reduced input tax credit
  • Recommendation - 13 November 2017 (b)Consumer lease | Lease provider | Complaint issue | Misleading and deceptive conduct | Inappropriate correspondence | Failure to meet obligations under the terms of a lease agreement
  • Review - 16 September 2017Financial Hardship | Lender | Security Property
  • Review - 11 August 2017Home loan | Lender | Home insurance charges | Standards of good practice
  • Review - 1 November 2017Construction loan | Finance broker | Excessive early exit fees | Failure to advise of relevant product information | Not adhering to terms of broker contract
  • Recommendation - 30 October 2017Responsible lending obligations | Hardship provisions | Repossession of a vehicle | Consumer loan | Lender
  • Recommendation - 21 September 2017Mortgage | Mortgage broker | Responsible lending | Failure to act with due care and skill | Misappropriation of funds | Fraud and failure to disclose a conflict of interest
  • Recommendation - 21 September 2017 (b)Fees and charges applied to loan account on repossession of vehicle incorrect or excessive | Faulty vehicle | Breach of responsible lending | Unaffordable loan
  • Recommendation - 20 September 2017Dishonour fees wrongly charged to lease account | Collections agent inappropriately instructed
  • Review - 30 August 2017Credit reporting | Enquiry listing | Credit Reporting Body | Fraudulent credit applications
  • Recommendation - 2 August 2017Credit card | Lender | Failed to comply with obligations under the ePayments Code | Unauthorised transactions
  • Recommendation - 14 June 2017Victim of internet banking fraud | Liability for unauthorised transactions | e-Payments Code | Savings account | Deposit-taking institution
  • Recommendation - 14 June 2017 (b)Home loan | Mortgage broker | Delayed settlement of property purchase
  • Recommendation - 9 June 2017Credit card and energy service | Debt purchaser | Default listing (mistaken identity) | Collection activity (undue harassment and disputed debt)
  • Review - 8 June 2017Mortgage | Lender | Non-regulated loan should be assessed as regulated under the National Consumer Credit Protection Act 2009 (Cth) (the Credit Act) | Responsible lending | Inappropriate and unconscionable loan | Unconscionable conduct | Breach of statutory obligations
  • Recommendation - 26 May 2017Budget monitoring program | Fees | Failure to provide service | Hardship assistance 
  • Review - 25 April 2017Breach of responsible lending obligations | Misleading and deceptive conduct | Lessor/credit provider | Lease equipment
  • Recommendation - 21 April 2017Account transaction | authorised deposit taking institution | incorrectly credited funds 
  • Review - 7 April 2017Insurance premium | Applicable terms and conditions of agreement.
  • Review - 16 March 2017Business account | Credit provider | Disputed ownership of account | Failure to follow instructions | Unauthorised transactions | Access denied to account
  • Recommendation - 10 March 2017Car loan | Inappropriate loan | Due care and skill | Undue harassment | Lender
  • Review - 23 January 2017Mortgage | Lender | Breach of duty in exercising power of sale | Failure to notify of arrears | Delayed settlement
  • Review - 17 January 2017Reverse Mortgage | Lender | Agency | Unsuitable product | Non-disclosure | Misleading conduct
  • Recommendation - 13 January 2017Personal loan | Loan application | Lease application | Medium amount contract | Consumer lease | Interest rate cap
  • Review - 11 January 2017Requesting hardship assistance as a guarantor | Reduced debt arrangements | Privacy issues | Legal interests in a debt | Debt purchaser
  • Review - 10 January 2017Credit card debt | Debt purchaser | Hardship application
  • Recommendation - 6 January 2017Mortgage | Investment property | Lender | Inappropriate finance
  • Review - 13 December 2016Reverse Mortgage | Lender | Agency | Unsuitable product | Non-disclosure | Misleading conduct
  • Review - 8 December 2016Stock mortgage | Lender | Misrepresentation | Enforcement action | Inappropriate forum
  • Review - 6 December 2016Requesting hardship assistance as a guarantor | Reduced debt arrangements | Privacy issues | Legal interests in a debt | Debt purchaser
  • Review - 14 December 2016Elements of a valid contract for credit card facilities | Debt assignment | Disclosure of credit card terms and conditions | Obligation to repay credit card debt
  • Review - 29 November 2016Investment loan | Mortgage manager | Misleading conduct | Obligation to amend loan terms
  • Review - 17 November 2016Building Society | Savings account
  • Review - 16 November 2016Variation of interest rates | Disclosure of interest rate changes | Application of the loan Terms and Conditions 
  • Review - 16 November 2016 (b)Cross collateralised mortgages | Lender | Complaint issue/s – application of sale proceeds to arrears | Time to refinance | Release of sale proceeds to repay GST liabilities | Family Court Orders
  • Review - 16 November 2016 (c)Construction loan | Finance broker | Failure to follow instructions
  • Review - 15 November 2016Consumer lease | Responsible lending obligations | Reasonable offer | Lease provider
  • Review - 15 November 2016 (b)Debt not statute barred debt | Acknowledgment of debt | Unconscionable conduct not established
  • Review - 15 November 2016 (c)Home loan | Lenders mortgage insurance | Mortgage provider | Fee disclosure
  • Review - 15 November 2016 (d)Credit Provider | Aggregator | Mortgage | Misrepresentation/misleading conduct | Unconscionable conduct | Fraud
  • Recommendation - 15 November 2016 (b)Failure to arrange loans in accordance to the consumer’s requirements and objectives | Investment property | Cross-collateralised securities | Lease provider
  • Recommendation - 15 November 2016 (a)Civil fraud | Responsible lending requirements (Failure to verify consumer’s details) | Default listing | Debt collector/ debt purchaser
  • Review - 31 October 2016Mortgage broker | Breach of responsible lending obligations | Unsuitable loan | Delay in settlement
  • Review - 17 October 2016Car loan | Financial hardship | Payment arrangement- arrears capitalised and loan term extended
  • Review - 14 October 2016Service provided | Fees | Financial planning advice | Financial planner
  • Review - 14 October 2016 (b)Responsible lending obligations | Debt collection guidelines | Mislead consumer and did not comply with notice requirements | Lessor/credit provider | Rental agreement
  • Review - 14 October 2016 (c)Vehicle finance | Hardship | Vehicle repossession | Undervaluing the vehicle for sale | Enforcement action
  • Review - 6 October 2016Disputed Court judgment | Post judgment interest | Investment loan | Lender | Court judgment entered
  • Review - 22 September 2016Small amount credit contract | Inappropriate direct debiting | Failure to provide documentation  
  • Review - 15 September 2016Default listing – no notice | Disputed debt
  • Review - 13 September 2016Car loan with NZ company | debt collection | outside of CIO’s jurisdiction
  • Review - 1 September 2016Judgment entered
  • Review - 1 September 2016 (b)Mortgage | Third party conduct | Not a member of CIO
  • Expedited Ruling - 29 August 2016Reverse mortgage home loan | mortgage brokerage service and credit assistance | disputed fee for service
  • Review - 17 August 2016Short-term loan | Misrepresentation | Bankruptcy | Financial loss | Non-financial loss
  • Review - 16 August 2016Judgment debt | Loan | Debt purchaser | Privacy breach | Validity of judgement | FSP continuing enforcement
  • Review - 5 August 2016Investment | Mortgage provider | Application declined and misrepresentation/misleading conduct
  • Decision - 26 July 2016Consumer Lease Agreement | Goods Lease Provider | Financial Hardship | Reduced payments | Payment moratorium
  • Decision - 22 July 2016Consumer Lease Agreement | Goods Lease Provider | Financial Hardship | Reduced payments | Payment moratorium
  • Review - 13 July 2016Vehicle loan | Credit provider | Default listing
  • Review - 22 June 2016Failure to apply due diligence | Loan | Secondary loan provider | Determination issued by other EDR scheme
  • Review - 21 June 2016Credit Card | Debt purchaser | Default listing
  • Review - 15 June 2016Car loan | Credit provider | Failure to provide notice of default | Failure to adhere to ACCC/ASIC guidelines
  • Review - 15 June 2016 (b)Commercial investment loans | Mortgage manager | Entering into an unsuitable loan | Failure to act with due care and skill 
  • Review - 14 June 2016Varying loan agreement | Retrospective financial hardship | Company loan | Loan servicer
  • Review - 7 June 2016Investment loan | Responsible lending obligations | Breach of responsible lending | Unsuitable credit contract | Lender
  • Recommendation - 6 June 2016Consumer leases | car lease provider | misleading and deceptive conduct | breach of responsible lending obligations | unfair fees
  • Decision - 3 June 2016Responsible lending
  • Recommendation - 1 June 2016Construction loan | Small amount lender | Unauthorised transactions | Not acting in line with good industry practice | Not acting within standards set out in Code of Practice
  • Decision - 1 June 2016Responsible lending
  • Review - 31 May 2016Fixed rate break cost fee is unconscionable | Lender/credit provider | Reverse mortgage
  • Review - 27 May 2016Unjustness in respect of credit limit increases | Breach of good industry practice | Financial hardship | Debt collection agency | Credit card
  • Review - 25 May 2016Managed investment | Timeshare provider | Not adhering to contract terms | Poor complaint handling process
  • Recommendation - 25 May 2016Commercial loan | finance broker | failure to refund the commitment fee
  • Decision - 24 May 2016Interest rate cap | unjustness
  • Review - 23 May 2016Investment loans | Company borrowers | Unregulated loans | Credit provider | Misrepresentation/Misleading conduct | Unconscionable conduct | Inappropriate finance 
  • Decision - 20 May 2016Disputed fees | Interest
  • Recommendation - 20 May 2016 (b)Validity of assignment | Validity of default listing | Debt collection and harassment
  • Review - 20 May 2016Car loan | credit provider | responsible lending obligations | misconduct of a credit assistance provider
  • Review - 20 May 2016 (b)Commercial loan | Mortgage manager | Complaint issue/s | Entering into an unsuitable loan | signature forged | Harassment 
  • Recommendation - 18 May 2016Home loan | lender - mortgage | inappropriate finance | excessive interest
  • Review - 17 May 2016Unjustness | Lo-doc loan | Loan application | Change in interest rate | Fees | Broker | Lender | Agency (whether broker was agent of lender)
  • Review - 13 May 2016Breach of responsible lending | Unconscionable conduct | Failure to render services in an appropriate manner | Fiduciary duties | Home loan application | Mortgage Broker
  • Recommendation - 5 May 2016Financial advice | financial planning | appropriateness of advice regarding geared investments | appropriateness of advice to establish a self-managed superannuation fund (SMSF) | appropriateness of advice regarding investments within SMSF
  • Review - 28 April 2016Delay in settlement | Recovery of repayments | Inaccurate information | Mortgage | Loan servicer
  • Review - 22 April 2016Investment property | Inappropriate lending | Time limit for making a complaint | Residential investment loan | Lender | Complaint made outside of applicable time limit
  • Review - 29 March 2016Credit Card/Judgment debt | Debt purchaser | Stay on execution of judgment | Financial hardship assistance | Inappropriate third party contact
  • Decision - 24 March 2016Notice requirements before listing default | Stress due to faulty vehicle
  • Recommendation - 23 March 2016Unconscionable conduct | misleading and deceptive conduct
  • Decision - 16 March 2016Misleading conduct | Interest rates | Customer Service | Delay in providing information
  • Review - 2 March 2016Validity of default listing | failure to offer financial hardship assistance
  • Review - 24 February 2016Default correctly listed | breach of privacy | credit provider contacting consumer’s employer
  • Review - 19 February 2016Financial hardship | enforcement action while we investigated complaint | whether previous financial hardship arrangements were met
  • Review - 10 February 2016Responsible lending
  • Expedited ruling - 8 December 2015Responsible lending and small amount credit contracts
  • Decision - 18 December 2015Assignment of debt | Unconscionable conduct | Harassment
  • Decision - 18 December 2015 (b)Reasonable offer | Unjustness | Responsible lending
  • Decision - 18 December 2015 (c)Postponement of enforcement action | Validity of default notice | Assignment
  • Recommendation - 17 December 2015Financial hardship | opportunity to apply for financial hardship assistance | FSP’s assessment of application
  • Recommendation - 30 November 2015 (c)Financial planning | reasonable basis for financial product advice | assessment of loss
  • Recommendation - 30 November 2015 (b)Assessment of loss | unjustness | unconscionable conduct | reasonable offer
  • Recommendation - 30 November 2015Assignment of debt | joint and several liability
  • Review - 2 November 2015Unjust contract
  • Review - 2 November 2015 (b)Financial hardship | financial hardship application | valid assignment
  • Decision - 30 September 2015Default listing | Failure to offer financial hardship assistance | Statute barred debt
  • Decision - 30 September 2015 (b)Decision to decline financial hardship assistance | Disclosure of fees | Validity of fees charged
  • Review - 11 September 2015Misleading or deceptive conduct | Failure to disclose of fees | Delayed settlement
  • Recommendation - 10 April 2015Unconscionable conduct 
  • Recommendation - 9 April 2015Credit | Mortgage broker | Unconscionable conduct | Unaffordable loans
  • Recommendation - 9 April 2015 (2)Financial planning | reasonable basis of advice | appropriate level of detail in advice documents
  • Recommendation - 21 November 2014Credit | Mortgage broker | Responsible lending | Unsuitable credit contract | Affordability
  • Recommendation - 19 November 2014Credit | Payday lender | Application of National Credit Code | Unjust contract | Provisions of contract not adequately explained
  • Recommendation - 10 November 2014Credit | Mortgage broker | Unconscionable conduct | Loan manifestly inappropriate for consumers | Reckless indifference to risk to consumers of default and loss of home
  • Recommendation - 1 October 2014Credit | Motor vehicle lease | Unjust contract | Affordability | Inadequate explanation of terms
  • Recommendation - 18 February 2014Credit | Mortgage broker | Responsible lending | Unsuitable credit contract | Affordability
  • Decision - 23 January 2014FSP failure to provide relevant information - inferences drawn by COSL | Misleading or deceptive conduct under the ASIC Act | Whether the loss suffered by the complainant was as a result of the FSP’s conduct | Whether it is fair in all the circumstances for the FSP to retain a brokerage fee paid by the complainant
  • Decision - 3 May 2013Unauthorised transactions under the EFT Code of Conduct
  • Decision - 15 March 2013Inappropriate advice | Self-managed superannuation fund | Managed investments | Insurance; Agribusiness
  • Case Summary - 15 March 2013Unjust contract under National Credit Code | Variation of unjust loan contract
  • Decision - 21 Feb 2013Inappropriate finance | Duty to act with care and skill under ASIC Act | Unconscionable conduct under ASIC Act
  • Decision - 11 February 2013Misleading or deceptive conduct | Responsibility of AFSL for conduct of representative | Apportionable claim
  • Decision - 5 Feb 2013Vendor terms agreement - unjust contract under National Credit Code unconscionable conduct under ASIC Act | Misrepresentation of property value and loan price.
  • Recommendation - 25 November 2013Application of the National Credit Code to short term credit contracts | Responsible lending obligations of credit assistance provider and credit assistance providers | Disclosure requirements of the National Credit Code | Breach of 48% APR cap; Misleading or deceptive conduct
  • Recommendation - 6 November 2013Inappropriate financial advice
  • Recommendation - 2 October 2013Finance broker misappropriated the complainant’s money to pay its own costs | Complainant liable to pay a fee under the brokerage agreement
  • Recommendation - 26 June 2013Mortgage broker arranged unaffordable home loans | Unconscionable conduct under the ASIC Act
  • Recommendation - 16 May 2013Inappropriate financial advice | Complaint made to COSL within required time
  • Recommendation - 17 May 2013Failure to offer financial hardship assistance | Financial and non-financial loss | Mortgagee duty in QLD to sell property for market value 
  • Decision - 31 January 2013Unjust contract under the National Credit Code | Capacity to repay | Agency of the broker | Diminished mental capacity of the borrower | Benefit of the loan | Calculation of loss
  • Recommendation - 29 October 2012Reasonableness of brokerage fee | Validity of Finance Broking Contract | Consumer Credit (Victoria) Act 1995
  • Decision - 25 May 2012Small amount short term loan | Unjust contract under National Credit Code | Third line forcing Breach of maximum annual percentage rate | Contravention of National Credit Code key requirement