COSL's History

COSL was incorporated as Mortgage Industry Ombudsman Service Limited (“MIOS”) on 18 June 2003 and commenced operations on 1 July 2003. It adopted its current name on 17 February 2004.

COSL operates as an external dispute resolution scheme approved by Australian Securities and Investment Commission (“ASIC”) under ASIC Regulatory Guide 139. It is required to be impartial, accessible and independent.

Co-location of functions

Until 11 October 2006, the day-to-day administration of consumer complaints and conciliation functions (“Case Management”) were carried out on behalf of COSL by Australian Commercial Disputes Centre. Thereafter, COSL’s Case Management function was brought in-house and, along with its administration and membership functions, were co-located in and operated from the same premises.

Credit Ombudsman

The Credit Ombudsman carries out the functions of determination of consumer complaints and the making of binding awards in appropriate cases.

Up until 10 October 2006, the Credit Ombudsman was a person appointed from a panel of suitably qualified and experienced persons.

Since then, COSL has moved to a CEO structure, with a single suitably qualified and experienced person acting as both CEO and Ombudsman.