Position Statements
Our Position Statements provide financial services providers and consumers with guidance as to how we approach particular issues.
- 18 January 2012
- Position Statement 6 | Internal Dispute Resolution (IDR)
Please note that Position Statement 6 has now been withdrawn.
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- 5 December 2011
- Position Statement 5 | Responsible Lending
This Position Statement is intended to provide guidance as to how we will deal with a complaint a consumer was provided, with an unsuitable credit product.
Nothing in this Position Statement is intended to be mandatory or taken as an exhaustive description of the steps required to comply with responsible lending obligations in every case.
This Position Statement takes into account and applies Regulatory Guide 209 issued by the Australian Securities and Investments Commission (ASIC).
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- 6 December 2011
- Position Statement 4 | Default Listings on Individuals' Credit Information Files
This Position Statement describes how the Credit Ombudsman Service Limited (COSL) deals with complaints about default and serious credit infringement listings recorded on a borrower's credit file by a credit provider.
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- 30 June 2011
- Position Statement 3 | Stay on Execution Default Judgment Orders
This Position Statement describes how we deal with complaints where a borrower seeks a stay of the lender’s execution of default judgment orders. While we cannot interfere with or overturn default judgment orders, we have identified instances where the Credit Ombudsman Service Limited (COSL) may determine that execution of the orders may be stayed.
In preparing this Position Statement, we have considered relevant law, applicable industry codes of practice, good industry practice, and fairness.
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- 3 May 2010
- Position Statement 2 | Financial Hardship
This Position Statement aims to describe how we deal with complaints about financial hardship; what we consider our lender members must do when a borrower claims they are unable to meet the payment terms described in their loan agreement or lease, or seeks a variation to the payment terms on the grounds of financial hardship.
In preparing this Position Statement, we have had regard to the relevant law, good industry practice, applicable industry or regulatory codes of practice and fairness.- Read More
- 29 March 2010
- Position Statement 1 | About COSL
The aim of the Position Statements is to provide financial services providers and consumers with guidance as to how we approach particular issues. Being the first Position Statement issued by COSL, this document is more general in its scope.
It summarises the circumstances in which COSL can deal with complaints about members, namely:
- how COSL goes about resolving complaints
- the position on legal proceedings when a complaint is received, and the remedies available under the COSL process
- the confidential, and without prejudice basis of the process used
- the responsibilities of members and consumers using the services provided
- how COSL funds operations through a combination of membership and complaint fees.
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