Position StatementsOur Position Statements provide financial services providers and consumers with guidance as to how we approach particular issues.









11 September 2017




Position Statement 10 |  Family Violence




This Position Statement covers:




  • What is family violence?

  • Alarm bells: what are indicators of potential family violence?

  • What issues might a consumer face in bringing their complaint to an FSP or to us?

  • What are some common complaints a consumer may raise?

  • How do we handle a complaint that involves family violence?

  • What other problems might the consumer be facing and what other issues do we take into account?

  • Where can the consumer get more help?

  • Should FSPs develop an internal guide?



26 April 2017


Position Statement 9 |  Access to Documents 


This Position Statement sets out:


  • whether a consumer can request access to documents that a financial services provider (FSP) holds,
  • how the consumer can request that access,
  • what happens after the consumer requests access to their documents,
  • whether the consumer will need to pay a fee for access,
  • what the consumer can do if the FSP does not respond to their request or denies access, and
  • how we will handle complaints about access.






13 JANUARY 2017


Position Statement 8 | Unconscionable Conduct

This Position Statement describes how we deal with complaints about unconscionable conduct. It sets out what we will consider when investigating such complaints, the information we will require from a consumer or financial services provider (FSP) and the remedies that may be available.





12 SEPTEMBER 2012

Position Statement 7 | Dealing with Systemic Issues and Serious Misconduct

This Position Statement explains how we investigate systemic issues and serious misconduct and what we expect from a Member when these have been identified.  In preparing this Position Statement, we have taken into account Regulatory Guides 139 and 165 issued by the Australian Securities and Investments Commission.





18 JANUARY 2012

Position Statement 6 | Internal Dispute Resolution (IDR)

Please note that Position Statement 6 has now been withdrawn.





5 DECEMBER 2011

Position Statement 5 | Responsible Lending

This Position Statement is intended to provide guidance as to how we will deal with a complaint a consumer was provided, with an unsuitable credit product.

Nothing in this Position Statement is intended to be mandatory or taken as an exhaustive description of the steps required to comply with responsible lending obligations in every case.

This Position Statement takes into account and applies Regulatory Guide 209 issued by the Australian Securities and Investments Commission (ASIC).





6 DECEMBER 2011

Position Statement 4 | Default Listings on Individuals' Credit Information Files

This Position Statement describes how the Credit Ombudsman Service Limited (COSL) deals with complaints about default and serious credit infringement listings recorded on a borrower's credit file by a credit provider.



30 JUNE 2011

Position Statement 3 | Stay on Execution Default Judgment Orders

This Position Statement describes how we deal with complaints where a borrower seeks a stay of the lender’s execution of default judgment orders. While we cannot interfere with or overturn default judgment orders, we have identified instances where the Credit Ombudsman Service Limited (COSL) may determine that execution of the orders may be stayed.In preparing this Position Statement, we have considered relevant law, applicable industry codes of practice, good industry practice, and fairness.





3 MAY 2010

Position Statement 2 | Financial Hardship

This Position Statement aims to describe how we deal with complaints about financial hardship; what we consider our lender members must do when a borrower claims they are unable to meet the payment terms described in their loan agreement or lease, or seeks a variation to the payment terms on the grounds of financial hardship.In preparing this Position Statement, we have had regard to the relevant law, good industry practice, applicable industry or regulatory codes of practice and fairness.





29 MARCH 2010

Position Statement 1 | About COSL

The aim of the Position Statements is to provide financial services providers and consumers with guidance as to how we approach particular issues. Being the first Position Statement issued by COSL, this document is more general in its scope.It summarises the circumstances in which COSL can deal with complaints about members, namely:

  • how COSL goes about resolving complaints
  • the position on legal proceedings when a complaint is received, and the remedies available under the COSL process
  • the confidential, and without prejudice basis of the process used
  • the responsibilities of members and consumers using the services provided
  • how COSL funds operations through a combination of membership and complaint fees.