To find out more about becoming a Member of the Credit Ombudsman Service click on the questions below:

• Who is eligible for Membership?
• What Category of Membership am I?
• How do I apply for Membership?
• Who should make the application - myself as an individual or my company?
• Who is covered by Credit Ombudsman Service Membership?
• How much does it cost to become a Member?
• What other costs are there?

Anyone who is a Credit Service Provider* is eligible to become a Member. Some may be required to join. If you are a Full or Life Member of the Mortgage & Finance Association of Australia (MFAA) you are required by the constitution of that body to be a Member of the Credit Ombudsman Service. Others may join because they need to be a member of an ASIC approved EDR Scheme.

*A Credit Service Provider is any person who is a Mortgage Broker, Finance Broker, Aggregator, or other person who (whether as principal, employee, agent or independent contractor) as an intermediary, negotiates or arranges Credit, and in particular includes any person who provides Member Services as defined in the COSL Constitution and Credit Ombudsman Rules.

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The Credit Ombudsman Service has three categories of Member:

• Category A for MFAA members to whom the MFAA Code of Practice and Credit Ombudsman Rules apply

• Category C Mortgage Broker, Finance Broker, Mortgage Manager, Credit provider, Aggregator who are not members of the MFAA

• Category D Qualifies for Membership in Category A, B or C however may be exempt from certain terms and conditions or compliance requirements as approved by COSL.

• Category E a Company that is a Subsidiary (majority owned) of another Company Member of COSL

• Category G Banks and Other Credit Providers, and other MFAA Members to whom the MFAA Code of Practice or Credit Ombudsman Rules do not apply but undertake to contribute to the resources of COSL.

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To become a member of the Credit Ombudsman Service simply download, complete and return the appropriate Application Form, along with payment of the correct fee to Credit Ombudsman Service Limited. On joining, you will pay a once only application fee plus your first year's annual subscription.

Completed forms, attachments and payment should be returned to:

Membership Office

Credit Ombudsman Service Limited

PO Box A252

Sydney South NSW 1235

Once your application has been processed and approved you will receive notification from the Credit Ombudsman Service and will be provided with your Membership Number.

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An application for membership may be made by an individual, a company or by the partners in a partnership.

In the case of a partnership, Credit Ombudsman Service will register the partners as the Member and will record the partnership and/or trading names for data recording purposes. Partners registered as a Member must, within five business days of a change of composition of the partnership, notify Credit Ombudsman Service of the names of the persons who have ceased to be partners and the names of the persons who have become partners as well as the dates upon which each such change occurred.

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Membership covers all employees of the Member plus contracted loan writers who meet the ASIC Control Test. To learn more about the ASIC Control Test go to www.asic.gov.au and look at QFS6 in their "Answer your frequently asked questions".

Credit Ombudsman Service does not give advice on who does or does not meet this test. Each individual contracted loan writer will need to assess for themselves whether they meet this test.

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When joining the Credit Ombudsman Service there is a one-off application fee of $165.

In addition, there is an Annual Membership Fee, which is calculated according to the size and nature of your business. Both fees must be paid on application to the Credit Ombudsman Service.

Click on the link below to download a full breakdown of Annual Membership Fees. As a general principle these are determined according to the number of "loan writers" or representatives engaged by the applicant: Download Membership Fees

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Members are charged Service Fees on a complaint by complaint basis. There are five fee categories based on the stage at which a dispute is resolved.

Click here for a breakdown of the Credit Ombudsman Service Fees.

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