Complaints Covered

Complaints we can look at

We may be able to help you if you believe, as a consumer or a small business, that a COSL Member has:

• breached a law
• breached a relevant Code of Practice
• not met standards of good practice in the finance industry
• acted unfairly towards you.

We are able to make recommendations for compensation up to $250,000.00.

For full details of types of complaints covered by the Credit Ombudsman Service, please refer to the COSL Rules.

Complaints we can't look at

There are some types of complaints that we can’t deal with. These are listed in the COSL Rules.

For example, we can’t deal with complaints regarding:

• something the Member has done but which is not directly related to the financial service provided to you by the Member
• someone who is not a Member of COSL
• a fee, charge, commission or interest rate (unless your complaint is about the non-disclosure, misrepresentation, miscalculation or incorrect application of the fee, charge, commission or interest rate, or if the charging of any of these is in breach of the law or is unconscionable
• the policies or commercial judgement of the Member or someone other than the Member, examples of which are:
  • a lender’s assessment of risk or of financial or commercial criteria;
  • a lender’s decision to refuse a loan application or the release of part of the security for the loan or to approve either of them subject to conditions;
  • an interest rates and fees charged by a lender;
  • a lender’s policy to require mortgage insurance.
• issues where six years have elapsed since the time you first became aware, or should reasonably have become aware, of the loss you claim you suffered as a result of the issue/s
• issue that have already been dealt with by a court, tribunal, arbitrator or another ASIC-approved EDR scheme
• investment performance of an investment product, unless it concerns non-disclosure, misrepresentation or misleading conduct

If you are unsure if we can deal with your complaint, you can review the COSL Rules or contact us on 1800 138 422.