Complaints CIO Covers

On 1 September 2018 the CIO scheme was transferred to the Australian Financial Complaints Authority (AFCA) as part of transition arrangements for AFCA commencing on 1 November 2018. From 1 September 2018 AFCA has been managing the CIO scheme.

As part of transition arrangements, any CIO complaint that is received prior to 1 November 2018 will be dealt with under the CIO Rules. From 1 November the AFCA scheme will commence and any disputes received by AFCA will be dealt with under the AFCA Rules.

For more information, visit the AFCA website.

The information outlined below is relevant for all complaints received by CIO prior to 1 November 2018. From 1 November 2018, AFCA will be dealing with all new financial services complaints.

Complaints we can consider

We may be able to help you if you believe, as a consumer or a small business, that a financial services provider has:
  • breached a law
  • breached a relevant Code of Practice
  • not met standards of good practice in the finance industry or
  • acted unfairly towards you.

We are able to make recommendations for compensation up to  $323,500.

For full details of the types of complaints covered by the CIO, please refer to the  CIO Rules.

Complaints we are unable to consider

There are some types of complaints that we can’t deal with. These are listed in the CIO Rules.
For example, we can’t deal with complaints regarding: 
  • something a financial services provider (FSP) has done but which is not directly related to the financial service provided to you by the FSP
  • someone who is not a participant of the CIO scheme
  • a fee, charge, commission or interest rate (unless your complaint is about the non-disclosure, misrepresentation, miscalculation or incorrect application of the fee, charge, commission or interest rate, or if the charging of any of these is in breach of the law or is unconscionable)
  • the policies or commercial judgement of the FSP or someone other than the FSP, examples of which are:
    • a lender’s assessment of risk or of financial or commercial criteria
    • a lender’s decision to refuse a loan application or the release of part of the security for the loan or to approve either of them subject to conditions
    • interest rates and fees charged by a lender
    • a lender’s policy to require mortgage insurance
  • issues where six years have elapsed since the time you first became aware, or should reasonably have become aware, of the loss you claim you suffered as a result of the issue/s
  • issues that have already been dealt with by a court, tribunal, arbitrator or another ASIC-approved EDR scheme
  • investment performance of an investment product, unless it concerns non-disclosure, misrepresentation or misleading conduct.

More information

If you are unsure if we can deal with your complaint, you can review the CIO Rules or contact us on 1800 931 678.