FSP News

CIO publishes regular newsletters to keep financial services providers and other scheme participants informed about our key activities, industry news, events and relevant changes to current practice.

Please refer to the links below for further information.


2017

 

Topics in this issue:  


    • IDR in focus at CIO Dispute Resolution Conference

    • IDR Hardship Timeframes


    • Recent Reviews and Recommendations published

    • Complaint statistics fourth quarter 2016/17

    • Systemic issues update

 Follow this link for a full copy >> | CIO News - Issue 3 - July 2017





 

Topics in this issue:  


    • Dispute Resolution Conference 2017

    • Recent Reviews and Recommendations published
    • Appropriate compensation
    • Complaint statistics third quarter 2016/17

    • Systemic issues update

 Follow this link for a full copy >> | CIO News - Issue 2 - June 2017



 

Topics in this issue:  


    • Independent economic analysis dismisses Ramsay’s proposed single EDR scheme as misconceived and half-baked


    • Opening Statement to the Parliamentary Joint Committee on Corporations and Financial Services

    • Complaints about commercial credit

    • CIO’s journey towards reconciliation

    • Recent Reviews and Recommendations published

    • Complaint statistics second quarter 2016/17


    • Systemic issues update

 Follow this link for a full copy >> | CIO News - Issue 1 - March 2017


2016

 

Topics in this issue:  

    • EDR Review,

    • Review of small business jurisdiction

    • FSPs filing police reports

    • CIO's process

    • Recent Reviews and Recommendations published,

    • Complaint statistics and more

 Follow this link for a full copy >> | CIO News - Issue 4 - October 2016

 

CIO News - July 2016

This issue covers family violence, unjust fairness, recent Reviews and Recommendations published, complaint statistics and more.


 

CIO News - May 2016

This issue covers the Determinations process change, systemic issues update, obligations of credit providers participating in the credit reporting system, Privacy Awareness Week, privacy case study, recent Decisions and Recommendations published and complaint statistics.


 

CIO News - February 2016

This issue covers the members portal, recent Decisions, systemic issues, new Deputy Ombudsman, quarterly complaint statistics and more.


2015

 

CIO News - December 2015

This issue covers mortgage defaults, recent Decisions, member contacts, quarterly complaint statistics and more.


 

CIO News - August 2015

This issue covers systemic issues and serious misconduct investigations, financial abuse of older people, financial hardship: rates and strata levies and more.


 

CIO News - May 2015

This issue covers credit repair updates, systemic issues billing, tips to protect clients' privacy, the Dispute Resolution Conference 2015, quarterly complaint statistics and more.


 

CIO News - February 2015

This issue covers inappropriate conduct by credit repair companies, systemic issues, Dispute Resolution Conference 2015, increase of monetary compensation limit, quarterly complaint statistics and more.



2014

 

Increase of monetary compensation limit

CIO announces that the monetary compensation limit (MCL) applying to each claim for complaints received from 1 January 2015 will be $309,000. 


 

This issue covers announcement of COSL Dispute Resolution Conference, Annual Report on Operations, new COSL Board Members, quarterly complaint statistics and more.

 

COSL News - August 2014

This issue covers how to reduce complaint fees, accountants being able to join COSL and quarterly complaint statistics.


 

COSL News - May 2014

This issue covers summary of 9th Edition Rules changes, promotion of IDR and EDR, suspending legal proceedings once a complaint has been received by us, quarterly complaint statistics and more.


 

New Rules about privacy-related complaints

COSL, having consulted with its various stakeholders, is in the final stages of finalising its 9th Edition Rules. The new Rules will be published on our website as soon as they are finalised.


 

Credit Ombudsman now accepting commercial credit providers

COSL is now accepting membership applications from those credit providers who are required to join an external dispute resolution scheme recognised by the Office of the Australian Information Commissioner.


 

Information Commissioner recognises Credit Ombudsman Service to handle privacy complaints

The Credit Ombudsman Service Limited (COSL) has been approved by the Office of the Australian Information Commissioner (OAIC) to handle privacy and credit reporting complaints.


 

COSL News - February 2014

This issue covers COSL's recognition as an EDR scheme by the OAIC from 12/03/2014, appointment of Mr Thomas Beregi as new Industry Director, small business monetary limit, quarterly complaint statistics, and more.



2013

 

COSL appoints new Industry Director

The COSL Board is pleased to announce the appointment of Mr Thomas Beregi as the new non-executive industry director of the company, effective 13 December 2013.


 

Credit Ombudsman releases its 2013 Annual Report on Operations

The Credit Ombudsman Service Limited (COSL) today released its Annual Report on Operations 2012-2013.


 

COSL News - October 2013

This issue covers recognition as an EDR scheme by the OAIC, retaining records and information, obligation to maintain your EDR membership whilst being a ACL holder or CR and more.


 

Credit Ombudsman cautions borrowers and lenders to be mindful of interest rate rises

The Credit Ombudsman, Mr Raj Venga, has warned that new home buyers may be stretching themselves too far in the pursuit of their dream home.


 

COSL News - August 2013

This issue covers recent COSL quarterly statistics, COSL website improvements, complaint rebate information and more.


 

COSL News - July 2013

This issue covers recent COSL achievements, COSL's jurisdiction, new ASIC hardship regulations and more.


 

Credit Ombudsman launches new website

The Credit Ombudsman Service Ltd (COSL) launched its new website at www.cosl.com.au. The new online hub will foster more effective communication and engagement with COSL’s stakeholders and the general public.

 

Credit Ombudsman supports plea by Financial Counsellors’ Association

COSL has supported a plea by the Financial Counsellors’ Association of Queensland (FCAQ) for continued funding.


 

COSL News - May 2013

Recent complaint statistics, complaint rebate info, tips for avoiding complaints and more.


 

Changes to Complaint Rebate for FSPs

COSL’s free complaint program entitles an Australian Credit Licensee and an Australian Financial Services Licensee to recoup complaint fees that they have paid COSL in relation to a complaint made about them. The program is only available for one complaint each membership year.



2012

 

COSL appoints new Consumer Director

The Board of the Credit Ombudsman Service Limited (COSL) is pleased to announce the appointment of Ms Loretta Kreet as the new non-executive consumer director of the company, effective 19 December 2012.


 

Changes to COSL membership and complaint fees

This issue contains information that has come out of an independent review of COSL services, which highlights the need to change membership and complaint fees, as well as increase our case management resources as a result of this review.


 

COSL appoints new Consumer Director

The Board of the Credit Ombudsman Service Limited (COSL) is pleased to announce the appointment of Ms Karen Cox as the new non-executive consumer director of the company.