ASIC’s revised Regulatory Guide 139 (Approval and oversight of external dispute resolution schemes) has necessitated changes to the COSL’s Rules. These changes are now incorporated in our 7th Edition Rules which come into force on 1 July 2010.

As you may know, the National Consumer Credit Protection Act requires individuals and businesses who wish to engage in consumer credit activities after 30 June 2010 to register with ASIC between 1 April 2010 and 30 June 2010. This applies to anyone wishing to apply for an Australian Credit Licence or ACL (e.g. a lender, broker or other intermediary).

In this issue of Member News we talk about ASIC’s credit licensing requirements for the National Credit Protection Act and how this affects your COSL membership if you are engaging in credit activities.

In this issue of Member News, we explain recent changes to our complaint fees. We also touch on how this will affect Members and the way in which we calculate and invoice complaint fees.

COSL has seen an unprecedented increase in the number of financial hardship cases. With the recent economic downturn and subsequent unemployment, we expect financial hardship to remain our single largest source of complaints in the next twelve months.