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CIO issues news releases to provide information about key issues to the media to keep our stakeholders informed about relevant CIO activities.
15 JUN 2018 | New Chief Ombudsman-CEO appointed to the Australian Financial Complaints Authority
The Chair of the Board of the Australian Financial Complaints Authority (AFCA) the Hon. Helen Coonan today announced the appointment of David Locke as the Chief Ombudsman and Chief Executive Officer of AFCA.
AFCA is the new one-stop shop complaints resolution service for the financial sector that will replace the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT). AFCA will start accepting new disputes from 1 November 2018.
David is currently Assistant Commissioner, Charity Services at the Australian Charities and Not-for-Profits Commission, responsible for the regulation of Australia's 55,000 charities. Before his appointment as Assistant Commissioner, David was the Chief Adviser to the ACNC Taskforce. He has played a key role both in initially establishing the ACNC and managing key functions of the ACNC's operations since 2012.
David was formerly the Executive Director of Charity Services at the Charity Commission of England and Wales where he had responsibility for the strategic leadership and operational delivery of the Commission's one-to-one services to 180,000 charities. David has worked as an adviser to several international governments on the regulation of non-government organisations. He qualified as a lawyer in the UK and started his career in community legal centres, spending over 10 years managing the delivery of services to the public. David has also served as a board member and volunteer for a number of charities and not-for-profits.
"David brings a very strong track record as an experienced senior leader involved in all aspects of establishing and operating complex legal and regulatory service based organisations in Australia and UK. His appointment comes at a critical time in the formation of AFCA as the new single complaints body for the financial sector," said Helen Coonan.
"David has worked effectively with stakeholders across the spectrum from government, regulators, senior management in the business community as well as people with significant vulnerabilities.
"He will bring energy and insight to AFCA which is an important organisational response to restore consumer trust and confidence in financial services," added Helen.
"I am incredibly excited and honoured to be given the opportunity to lead AFCA, work with Helen, the Board and the staff from the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal," said David.
"With the establishment of AFCA, we will deliver fair, accessible and high-quality dispute resolution services for consumers, small businesses and financial institutions. It is critical that there are effective mechanisms in place to deal with disputes across the entire financial services industry and I will be working to ensure that the public can have full trust and confidence in the new organisation," added David.
David will commence as the Chief Ombudsman/Chief Executive Officer with AFCA on 25 June 2018.
16 OCT 2017 | CIO releases its Annual Report on Operations 2016/17
The Credit and Investments Ombudsman (CIO) has today released its Annual Report on Operations for 2016/17.
Key highlights for the year include:
5,892 complaints were made against financial services providers, up 24%,
nearly 26,000 enquiries were received, down 4%,
credit reporting complaints made up 26% of all complaints received,
financial hardship complaints have decreased to 20% of all complaints received,
nearly 25,000 financial services providers are now members of CIO,
consumers received $7.7 million in refunds or compensation, and
39 new systemic issues were reported to ASIC, a number of them have been the subject of regulatory action, including remedial outcomes.
"In the 2016/17 financial year, CIO received 5,892 complaints from consumers, or a 24% increase from the previous year. 66% of complaints were resolved in the consumers' favour.
"73% of consumers indicated that they were satisfied with our services. This is a good result considering that some consumers who responded to the survey did not have a decision in their favour," said Mr Raj Venga, CIO's Ombudsman.
The outcomes consumers obtained through CIO exceeded $7.7 million in compensation or refunds.
Most complaints were made against debt purchasers and collectors (37.7%), small and medium amount lenders (12.2%), residential mortgage lenders and managers (11.1%), and motor vehicle finance providers (8.8%).
The most complained about services or products were credit or charge cards (15.6%), residential mortgages (14.6%), debt collection (13.4%), motor vehicle finance, small or medium amount loans (both 12.2%), and personal loans (8.7%).
Systemic issue investigations remained a core focus for CIO because they have the potential to cause widespread harm. CIO considered 61 definite systemic issues in the 2016/17 financial year. Key systemic issue investigations related to responsible lending, debt collection, and fees and interest charges.
"Our systemic issues investigations led to refunds or compensation of about $180,000 being paid to consumers. Significant improvements made to the financial firm's policies and procedures in relation to responsible lending, financial hardship, disclosure and complaint handling were among other remedial outcomes," Mr Venga added.
In 2016/17, CIO closed 5,642 complaints, up 36%. 61% of complaints were resolved within three months . The most common outcomes were amended or updated credit reports (22.2%), payment arrangements (20.3%), debt waived or reduced (18%), compensation (8%), or reduced or waived fees (7.3%).
Annual Report on Operations 2016/17
30 NOV 2016 | Credit Ombudsman responds to Financial Counsellors Survey
Media Release - Credit Ombudsman responds to Financial Counsellors Survey
The Credit and Investments Ombudsman (CIO) notes the report issued today by Financial Counselling Australia, setting out the results of a survey of its members comparing their experiences with CIO and the Financial Ombudsman Service (FOS).
17 NOV 2016 | CIO releases its Annual Report on Operations 2015-16
Media release - CIO releases its Annual Report on Operations 2015-16
The Credit and Investments Ombudsman (CIO) today released its Annual Report on Operations 2015/16.
nearly 27,000 enquiries were received, up 23.4%,
4,760 complaints were made against financial services providers,
financial hardship complaints have decreased to 21% of all complaints received, but still feature as one of the largest sources of complaints,
credit reporting complaints have climbed to 29% of all complaints received,
sectors attracting the largest number of complaints were debt purchasers and collectors (42%), residential mortgage lenders and mortgage managers (14.5%), and consumer retail finance providers (7.8%),
61% of complaints were resolved in the consumers' favour,
57 systemic issues were reported to ASIC, a number of them have been the subject of regulatory action, including remedial outcomes.
14 OCT 2016 | Ombudsman cautions that mergers and tribunals will not help consumers
Media Release - Ombudsman cautions that mergers and tribunals will not help consumers
In its submission to the review of Australia's three financial sector Ombudsman schemes (Ramsay Review), the Credit and Investments Ombudsman (CIO) has called for a common entry point or triage service.
28 AUG 2016 | Ombudsman cautions on tribunal
Media release - Ombudsman cautions on tribunal
Mr Raj Venga, Chief Executive Officer and Ombudsman of the Credit and Investments Ombudsman (CIO), today expressed concern about the proposal apparently being considered by the Federal Government to establish a 'tribunal' to hear financial services complaints.
8 AUG 2016 | Credit and Investments Ombudsman welcomes terms of reference into financial sector's complaints framework
Media release - Credit and Investments Ombudsman welcomes terms of reference into financial sector's complaints framework
The Credit and Investments Ombudsman (CIO) has welcomed the release today by the Minister for Revenue and Financial Services, Kelly O'Dwyer MP, of the terms of reference for the independent review of financial sector external dispute resolution (EDR) schemes.
20 APR 2016 | Credit and Investments Ombudsman welcomes Treasurer's announcement
Media release - Credit and Investments Ombudsman welcomes Treasurer's announcement
The Credit and Investments Ombudsman (CIO) has welcomed today's announcement by the Treasurer, the Hon. Scott Morrison MP, that the Commonwealth Government will establish an expert panel to review the role, powers and governance of financial sector external dispute resolution (EDR) schemes.
21 OCT 2015 | Annual Report on Operations 2015
more than 21,800 enquiries were received
almost 5,000 complaints were made against financial services providers, an increase of 7.4%
financial hardship complaints have decreased to 24% of all complaints received, but still feature as one of the largest sources of complaints
credit reporting complaints have climbed to 24% of all complaints received
sectors attracting the largest number of complaints were debt purchasers and collectors (40.7%), and residential lenders and mortgage managers (15.4%)
more than 20,000 financial services providers are now members of CIO.
23 DEC 2014 | Credit and Investments Ombudsman increases monetary compensation limit
Media release - Credit and Investments Ombudsman increases monetary compensation limit
The Credit and Investments Ombudsman (CIO), previously known as COSL, today announced that the monetary compensation limit (MCL) applying to each claim in relation to complaints received from 1 January 2015 will be $309,000.
27 OCT 2014 | COSL releases its Annual Report on Operations 2013-2014
Media release - COSL releases its Annual Report on Operations 2013-2014
The Credit Ombudsman Service Limited (COSL) today released its Annual Report on Operations 2013-2014.
consumers made more than 26,600 enquiries
complaints about financial hardship and credit listings continue to be the largest source of complaints
complaint numbers have continued to increase, up 20% in the last 12 months
significant improvements to timelines: 57% of complaints were resolved within three months and 76% in six months
46% of complaints were resolved with positive outcomes for consumers
the number of complaints closed by COSL increased by 40%
18,300 financial services providers are now members of COSL.
20 AUG 2014 | Credit Ombudsman slams unacceptable behaviour by credit repair firms
Media Release - Credit Ombudsman slams unacceptable behaviour by credit repair firms
The Credit Ombudsman Service Limited (COSL) has announced that it is proposing to no longer deal with representatives of consumers who behave badly. It has issued a consultation paper seeking the views of industry participants and consumer bodies.
14 FEB 2014 | Information Commissioner recognises Credit Ombudsman Service to handle privacy complaints
Media Release - Information Commissioner recognises Credit Ombudsman Service to handle privacy complaints
The Credit Ombudsman Service Limited (COSL) has been approved by the Office of the Australian Information Commissioner (OAIC) to handle privacy and credit reporting complaints.
20 NOV 2013 | Credit Ombudsman releases its 2013 Annual Report on Operations
Media Release - Credit Ombudsman releases its 2013 annual report on operations
21 OCT 2013 | Credit Ombudsman cautions borrowers and lenders to be mindful of interest rate rises
Media Release - COSL cautions borrowers and lenders to be mindful of interest rate rises
The Credit Ombudsman, Mr Raj Venga, has warned that new home buyers may be stretching themselves too far in the pursuit of their dream home.
31 MAY 2013 | Credit Ombudsman launches new website
Media Release - Credit Ombudsman launches new website
The Credit Ombudsman Service Ltd (COSL) today launched its new website at www.cosl.com.au. The new online hub will foster more effective communication and engagement with COSL's stakeholders and the general public.
20 MAY 2013 | Credit Ombudsman supports plea by Financial Counsellors' Association
Media Release - Credit Ombudsman supports plea by Financial Counsellors' Association
COSL has supported a plea by the Financial Counsellors' Association of Queensland (FCAQ) for continued funding.
30 JAN 2013 | Support for flood disaster victims
Media release - support for flood disaster victims
The Credit Ombudsman Service Ltd (COSL) extends its sympathy to those affected by the recent and ongoing floods in parts of Queensland and northern New South Wales, and reminds its mortgage manager and non-bank lender members to be wary of the devastation caused by these floods when considering cases of financial hardship.
19 JAN 2013 | Financial hardship concerns over widespread bushfires
Media release - financial hardship concerns over widespread bushfires
In light of the recent and widespread fires across the country, the Credit Ombudsman Service Ltd (COSL) is urging its non-bank lenders and mortgage managers to be mindful of borrowers experiencing financial difficulties as a result of the crisis.
The fires have been described as the worst in almost half a century in parts of north-west NSW, Victoria, Tasmania and South Australia's mid-north region.
19 DEC 2012 | COSL releases Annual Report on Operations 2011 - 2012
Media release - COSL releases Annual Report on Operations 2011 - 2012
The Credit Ombudsman Service Limited (COSL) today released its Annual Report on its operations for 2011-2012.
Highlights for the year include:
financial hardship cases continue to feature as the single largest source of complaints, being 36% of all complaints received
almost 2,700 complaints were received, up by 38% from previous year
almost 16,000 enquiries were received by phone, on-line or post
56% of all complaints were closed within 3 months of receipt and 76% were closed within 6 months of being received membership increased by 9%
18 MAY 2012 | COSL releases independent review
Media release - COSL releases independent review
The Credit Ombudsman Service Limited (COSL) has released an independent review of its operations against benchmarks prescribed by the Australian Securities and Investments Commission (ASIC).
External dispute resolution (EDR) schemes such as COSL must meet benchmarks about accessibility, independence, fairness, accountability, efficiency and effectiveness as a condition of their approval by ASIC.
1 FEB 2012 | COSL releases Annual Report on Operations 2010 - 2011
Media release - annual report on operations 2010 - 2011
The Credit Ombudsman Service Limited (COSL) today released its Annual Report on Operations.
financial hardship cases continue to feature as the single largest source of complaints
almost 2,000 complaints were received, up by 72%
almost 16,000 contacts from consumers were received by phone, on-line or post
membership increased by 22% (closer to 16,600 as of today)
6 DEC 2011 | Responsible lending
Media release - responsible lending
The Credit Ombudsman Service Limited (COSL) has issued a position statement providing guidance on how it will deal with allegations of irresponsible lending that may be made against its members. Almost all non-bank lenders, pay day lenders, finance brokers and securitisation trustees and funders are members of COSL.
1 NOV 2011 | Ombudsman cautions borrowers about fixing home loan rates
Media release - ombudsman cautions borrowers about fixing home loan rates
The Credit Ombudsman urges borrowers to carefully consider the implications of fixing their home loan interest rates before committing to a fixed rate.
18 FEB 2011 | COSL appoints deputy ombudsman
Media release - COSL appoints deputy ombudsman
The Credit Ombudsman Service Limited (COSL) has announced the appointment of Mr Andrew Smith as its new Deputy Ombudsman.
4 JAN 2011 | Queensland floods and financial hardship
Media release - Queensland floods and financial hardship
The Credit Ombudsman Service urges Queensland borrowers affected by floods not to delay seeking financial hardship relief.
7 DEC 2010 | COSL releases its Annual Report on Operations for 2010
The Credit Ombudsman Service Limited (COSL) has released its Annual Report on Operations for 2009/2010.
Follow this link for a full copy of the media release in PDF ► COSL releases its annual report on operations for 2010
28 JUN 2010 | COSL welcomes new credit legislation
We have welcomed the new Commonwealth consumer credit legislation which commences on 1 July 2010. The new laws are aimed at stamping out predatory lending practices and unethical operators in the credit market.
Follow this link for a full copy of the media release in PDF ► COSL welcomes new credit legislation
28 APR 2009 | COSL applauds government change
The Credit Ombudsman, Mr Raj Venga, has applauded the Commonwealth Government's decision to increase to $500,000 the monetary threshold under which borrowers with loans not exceeding that amount may seek assistance from lenders if they are experiencing financial hardship.
Follow this link for a full copy of the media release in PDF ► COSL applauds government change
11 FEB 2009 | Victorian bushfires and financial relief
Mr Raj Venga, Credit Ombudsman, said this morning that "The human tragedy being experienced by ordinary Australians as a result of the horrific bushfires in Victoria and the relentless floods in North and North West Queensland will undoubtedly tip a significant number of borrowers and their families into severe financial hardship".
Follow this link for a full copy of the media release in PDF ► Victorian bushfires and financial relief
18 SEP 2008 | Brookland greens
Credit Ombudsman urges Victorian borrowers from Cranbourne's Brookland Greens Estate not to delay seeking financial hardship relief
Follow this link for a full copy of the media release in PDF ► Brookland Green
19 JUN 2008 | WA gas supply disruption
Credit Ombudsman urges WA borrowers not to delay seeking financial hardship relief.
Follow this link for a full copy of the media release in PDF ► WA gas supply disruption
5 JUN 2008 | COSL's hardship guidelines
The Credit Ombudsman takes the lead on financial hardship.
Follow this link for a full copy of the media release in PDF ► COSL's financial hardship guideline
11 OCT 2007 | MFAA hardship relief
Credit Ombudsman welcomes hardship relief.
Follow this link for a full copy of the media release in PDF ► MFAA hardship relief
28 FEB 2007 | New COSL rules
New Rules and Guidelines aimed at empowering the Credit Ombudsman Service to deal more effectively with credit-related complaints have been adopted.
Follow this link for a full copy of the media release in PDF ► New COSL Rules
17 JAN 2007 | New COSL fee structure
Credit Ombudsman Service Limited (COSL) has announced a new and innovative fee structure for handling complaints about its members.
Follow this link for a full copy of the media release in PDF ► New COSL fee structure
The Credit Ombudsman Service Ltd (COSL) has released its Annual Report on Operations for 2005 - 2006.
Follow this link for a full copy of the media release in PDF ► Annual Report on Operations 2006