Credit Ombudsman Service - Complaints Process

Complaints Process

COSL can only consider complaints or disputes about its participating Members' concerning their products and services, such as mortgages, credit products, financial planning, managed investment, insurance and deposit taking (savings).

COSL resolves disputes in a non-adjudicative means through conciliation, although the actual Ombudsman can make a decision which is binding on the member (a Determination). Like all ASIC RG 139 approved schemes, Determinations made by the Ombudsman bind Members but not complainants.

COSL’s conciliation process is both inquisitorial and consensus-based and focuses on producing a mutually satisfactory outcome. Both Members and consumers are afforded an equal opportunity to put forward their cases. This is intended to ensure procedural fairness and promote effective dispute resolution.

The full dispute resolution process can be found on the COSL website: Complaint Process