COSL 9th Edition Rules – summary of important changes

After consulting extensively with key stakeholders, including members of COSL, the 9th Edition COSL Rules, as approved by the COSL Board and ASIC, were released on 5 May 2014. The updated Rules apply to all complaints received by COSL on and from that date.

Among others, the changes cover:

  • Recognition of COSL by the OAIC to deal with privacy-related complaints
  • Time limits to make a complaint
  • Awarding interest
  • Indirect loss or non-financial loss
  • Orders that can be made for privacy-related complaints
  • Complaints that are not covered by COSL
  • Internal dispute resolution timeframes
  • Further exemptions for ceasing enforcement action
  • Where the FSP is not the proper respondent
  • Giving a consumer an opportunity to respond to an adverse decision by us
  • Refinements to the definitions of complaint, consumer, enforcement action and financial services

Follow this link for a summary of changes in PDF ► COSL 9th Edition Rules - summary of important changes