History
The Credit Ombudsman Service was established in 2003 as the Mortgage Industry Ombudsman Service Limited (‘MIOS’) as an EDR (External Dispute Resolution, known in other regions as ADR) scheme and later adopted COSL as its current name in 2004. COSL is an approved EDR scheme under scheme approved by ASIC’s Regulatory Guide RG 139 and its services are free for consumers. Funding is sourced from a combination of its membership fees and complaint fees paid by its participating Members. COSL can award compensation up to a maximum of $250,000 and other remedies, such as an apology, can be asked for.
Read more about this topic: Credit Ombudsman Service
Famous quotes containing the word history:
“We don’t know when our name came into being or how some distant ancestor acquired it. We don’t understand our name at all, we don’t know its history and yet we bear it with exalted fidelity, we merge with it, we like it, we are ridiculously proud of it as if we had thought it up ourselves in a moment of brilliant inspiration.”
—Milan Kundera (b. 1929)
“A man will not need to study history to find out what is best for his own culture.”
—Henry David Thoreau (1817–1862)
“Those who weep for the happy periods which they encounter in history acknowledge what they want; not the alleviation but the silencing of misery.”
—Albert Camus (1913–1960)