cio.org.au Making/ Lodging Complaint Online Australia : Credit & Investments Ombudsman
Name of the Organization : Credit & Investments Ombudsman Limited
Type of Facility : Making/ Lodging Complaint Online
Country : Australia
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Website : http://www.cio.org.au/complaint-resolution/making-a-complaint/
Making/ Lodging Complaint Online :
Step 1: Contact your financial services provider (FSP)
Internal Dispute Resolution (IDR):
Before we consider your complaint, the financial services provider should be given an opportunity to resolve the complaint with you directly first.
Related : Australian Securities And Investments Commission Register Your Business Name Australia : www.statusin.org/966.html
All participants of the Credit and Investments Ombudsman (CIO) scheme, previously known as Credit Ombudsman Service (COSL), are required to have an Internal Dispute Resolution (IDR) procedure for handling customer complaints.
** We encourage you to contact the person you dealt with or the financial services provider’s customer complaints area first to discuss the issue and see if it can be resolved quickly by them.
** A set of sample complaint letters are available on the consumer website of the Australian Securities and Investments Commission (ASIC). There are sample letters for complaints about most types of financial services or product related complaints such as credit, financial advice, savings accounts and insurance.
** The financial service provider has up to 45 days to respond to your complaint. If your complaint is an application for financial hardship or if you have received a default notice, the financial service provider has 21 days to respond.
Step 2: Lodging your complaint with us
External Dispute Resolution (EDR):
If the complaint remains unresolved after you have received a response from your financial services provider, or if the financial services provider does not respond within the required time, you can lodge the complaint with us.
If you lodge a complaint with us before the financial services provider has had an opportunity to resolve the complaint with you directly, we will refer it to them before we can consider it further. As part of our registration process, we will contact the financial services provider and ask them to respond to you directly.
Who can make a complaint to CIO?:
We can help you with your complaint if you are a consumer or a small business and you have dealt with a participating financial services provider, and you have tried to resolve the complaint with the financial services provider directly.
To search for a participating CIO Member, or to contact the members complaint team, type the name in the CIO scheme participant search.
Where do I start?:
Before making a complaint with us you need to try resolving your complaint with the financial services provider.
Every financial services provider must have procedures in place called Internal Dispute Resolution Procedures or ‘IDR Procedures’.
The IDR Procedures require that a financial services provider must:
1. give you a copy of their Internal Dispute Resolution (IDR) Procedures if you ask for them
2. give you a final response within 45 days of making your complaint.
To search for a participating CIO scheme participant, or to contact the members complaint team, type the name in the Financial Services Provider Search box.
Am I bound by CIO’s decision?:
A CIO decision is only binding on a Complainant if the Complainant accepts it. If the Complainant does not accept a CIO decision, the Complainant is at liberty to pursue other remedies in the Courts or any another forum.
The Ombudsman’s decision is binding on the financial services provider once a Complainant has accepted the Ombudsman’s decision.
Can anything be done about fees?:
Some lenders can charge default fees, default interest and enforcement costs that are reasonably incurred, if they are set out under the loan contract. However, in certain circumstances, for example if the fee or charge has not been clearly stated in the contract, if it is not a permissible fee or charge or it has been incorrectly applied, we may be able ask the lender not to charge certain fees.