Changes to COSL membership and complaint fees

Member News - June 2012 - Changes to COSL membership and complaint fees

The Credit Ombudsman Service Limited (COSL) has released an independent review of its operations against benchmarks prescribed by the Australian Securities and Investments Commission (ASIC). External dispute resolution (EDR) schemes such as COSL must meet benchmarks about accessibility, independence, fairness, accountability, efficiency and effectiveness as a condition of their approval by ASIC.

The review suggested that, among other things, COSL needs to increase case management resources and reduce the caseload of its case managers so as to allow it to continue to provide a timely and quality complaints handling service. The review conceded that this would need to be funded by COSL’s members through an increase in membership and complaint fees.

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