Annual Report on Operations

The Annual Report on Operations is an important document which provides stakeholders with detailed information about how complaints are handled by the organisation.


 

Annual Report on Operations 2017


Key highlights for the year include:

  • 5,892 complaints were made against financial services providers, up 24%,

  • nearly 26,000 enquiries were received, down 4%,

  • credit reporting complaints made up 26% of all complaints received, 

  • financial hardship complaints have decreased to 20% of all complaints received,

  • nearly 25,000 financial services providers are now members of CIO,

  • consumers received $7.7 million in refunds or compensation, and

  • 39 new systemic issues were reported to ASIC, a number of them have been the subject of regulatory action, including remedial outcomes.

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Annual Report on Operations 2016

2015-16 Highlights

Key highlights for the year include:

  • nearly 27,000 enquiries were received, up 23.4%,
  • 4,760 complaints were made against financial services providers,
  • financial hardship complaints have decreased to 21% of all complaints received, but still feature as one of the largest sources of complaints,
  • credit reporting complaints have climbed to 29% of all complaints received,
  • sectors attracting the largest number of complaints were debt purchasers and collectors (42%), residential lenders and mortgage managers (14.5%), and consumer retail finance providers (7.8%),
  • nearly 23,000 financial services providers are now members of CIO,
  • 61% of complaints were resolved in the consumers’ favour,
  • consumers received $5.8 million in refunds or compensation, and
  • systemic issues and serious misconduct investigations alone resulted in more than $396,000 being paid out to consumers.

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21 OCTOBER 2015

Annual Report on Operations 2015  

2014-15 Highlights

⇒ more than 21,800 enquiries were received

⇒ almost 5,000 complaints were made against financial services providers, an increase of 7.4%

⇒ financial hardship complaints have decreased to 24% of all complaints received, but still feature as one of the largest sources of complaints

⇒ credit reporting complaints have climbed to 24% of all complaints received

⇒ sectors attracting the largest number of complaints were debt purchasers and collectors (40.7%), and residential lenders and mortgage managers (15.4%)

⇒ more than 20,000 financial services providers are now members of CIO.

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Annual Report on Operations 2014

27 OCTOBER 2014

Annual Report on Operation 2014 

2013-14 Highlights

⇒ consumers made more than 26,600 enquiries

⇒ complaints about financial hardship and credit listings continue to be the largest source of complaints

⇒ complaint numbers have continued to increase, up 20% in the last 12 months

⇒ significant improvements to timelines: 57% of complaints were resolved within three months and 76% in six months

⇒ 46% of complaints were resolved with positive outcomes for consumers

⇒ the number of complaints closed by COSL increased by 40% 

⇒ 18,300 financial services providers are now members of COSL

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Annual Report on Operations Snapshot 2013

22 NOVEMBER 2013

Annual Report on Operation Snapshot 2013

The Annual Report on Operations Snapshot provides a brief summary of the Annual Report on Operations 2012 – 2013, showcasing the main highlights from the year, a message from the Ombudsman and relevant case studies.

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Annual Report on Operations 201320 NOVEMBER 2013

Annual Report on Operation 2013

2012-13 Highlights

⇒ 3,763 complaints were received in the year ending 30 June 2013 up 37% from last year

⇒ 28% increase in the number of complaints closed

⇒ 32% of complaints received related to financial hardship, which continues to feature as the single largest source of complaints

⇒ 20,506 enquiries received up 30% from last year

⇒ 79% of complaints received were resolved within 6 months

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Annual Report on Operations Snapshot 2012

31 JANUARY 2013

Annual Report on Operations Snapshot 2012

Snapshot 

For the first time, COSL has released an Annual Report on Operations Snapshot for the 2011 – 2012 financial year.

The Annual Report on Operations Snapshot provides a brief summary of the Annual Report on Operations 2011 – 2012, showcasing the main highlights from the year, a message from the Ombudsman and relevant case studies.

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Annual Report on Operations Snapshot 2012
1 DECEMBER 2012

Annual Report on Operations 2012

2011-12 Highlights

⇒ 1,983 complaints were received in the year ending 30 June 2012 up 72% from last year

⇒ 45% increase in the number of complaints closed

⇒ 34% of complaints received related to financial hardship, which continues to feature as the single largest source of complaints

⇒ almost 16,000 contacts from consumers by phone, online or post

⇒ membership has increased by 22% to 15,535 (more than 16,300 as of 1 Feb 2012)


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30 JUNE 2011

Annual Report on Operations 2011

2009-2010 Highlights

⇒ 1,983 complaints were received in the year ending 30 June 2011 up 72% from last year

⇒ 45% increase in the number of complaints closed

⇒ 34% of complaints received related to financial hardship, which continues to feature as the single largest source of complaints

⇒ almost 16,000 contacts from consumers by phone, online or post

⇒ membership has increased by 22% to 15,535 (more than 16,300 as of 1 Feb 2012)

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Annual Report on Operations 201030 JUNE 2010

Annual Report on Operations 2010 

2009-2010 Highlights

⇒ 46% increase in membership to 12,724, which continues to grow - see page 14

⇒ 8.3% increase in complaints - many more expected in the following months - see page 30

⇒ 29% of complaints received related to financial hardship - see page 30-31

⇒ 11,301 were received by phone, online and post - see page 4

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Annual Report on Operations 200930 JUNE 2009

Annual Report on Operations 2009

2008-2009 Highlights

⇒ COSL’s membership represents 69% of the entire membership of all EDR schemes in the finance sector - see page 9
⇒ one out of every three complaints received related to financial hardship - see page 19
⇒ with 1,779 new members, membership now stands at almost 8,700, despite particularly challenging times for industry participants - see page 10
⇒ 1,064 new complaints received in 2008/2009 - see page 12
⇒ 11,412 contacts received in 2008/2009 - see page 11
 

Annual Report on Operations 200830 JUNE 2008

Annual Report on Operations 2008

2007-2008 Highlights

⇒ with 2,075 new members, COSL’s membership now stands at almost 8,500, up 8% from previous year - see page 18

⇒ COSL’s membership comprises 68% of entire membership of finance sector external dispute resolution schemes in Australia - see page 23

⇒ 894 new complaints were received - up 264% from previous year - see page 24

⇒ COSL takes the lead on financial hardship and mortgage stress issues, releasing its new Guideline on Financial Hardship aimed at giving struggling borrowers a fair go - see page 9

⇒ COSL’s new case management and membership system, which facilitates complaint tracking, reporting and the identification of systemic issues, has already resulted in significant productivity gains since it went ‘live’ in January 2008 - see Page 7

 
 

30 JUNE 2007

Annual Report on Operations 2007

2006-2007 Highlights

⇒ with 2,276 new members, COSL’s membership stands at 7,737 at 30 June 2007 - see page 2

⇒ 338 new complaints were received - up 17% from previous year - see page 18

⇒ COSL restructured its entire complaints process to minimise delay while maintaining quality service when dealing with complaints - see page 20

⇒ a total of 264 cases were closed during the year, up 22.7% from the previous year - see page 21


 

Annual Report on Operations 200630 JUNE 2006

Annual Report on Operations 2006



2005-2006 Highlights

⇒ 227 complaints regarding members within jurisdiction received - see page 13

⇒ 1958 inquiries - see page 13

⇒ 397 complaints about non-members - see page 13

⇒ 17 complaints regarding members which were outside COSL jurisdiction - see page 13

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Annual Report on Operations 200530 JUNE 2005

Annual Report on Operations 2005

2004-2005 Highlights

⇒ 271 complaints regarding members within jurisdiction - see page 14

⇒ 397 complaints about non-members - see page 14

⇒ 1471 general inquiries - see page 14

⇒ 17 complaints regarding members which were outside COSL jurisdiction - see page 14
 

 

Annual Report on Operations 200430 JUNE 2004

Annual Report on Operations 2004

2003-2004 Highlights

⇒ 955 complaints regarding members within jurisdiction - see page 11

⇒ 725 complaints about non-members - see page 11

⇒ 988 general inquiries - see page 11

⇒ 61 complaints regarding members which were outside COSL's jurisdiction - see page 11
 

 

Annual Report on Operations 200330 JUNE 2003


Annual Report on Operations 2003

2003-2004 Highlights

⇒ 1071 complaints regarding members within jurisdiction - see page 8

⇒ 287 complaints about non-members - see page 8

⇒ 172 general inquiries - see page 8

⇒ 92 complaints regarding members which were outside MIOS jurisdiction - see page 8