Powered by MOMENTUM MEDIA
subscribe to our newsletter
Credit ombudsman increases compensation limit by 10pc

Credit ombudsman increases compensation limit by 10pc

The Credit and Investments Ombudsman has announced an increase in the monetary compensation limit available to complainants to $309,000.

The ombudsman – formerly known as COSL – revealed it will be raising the limit applying to each claim from January 1, in line with its obligations under ASIC Regulatory Guide 139.

The current monetary compensation limit for ombudsman claims is $280,000.

Advertisement
Advertisement

“A complaint may contain more than one claim, with each claim being separately subject to the monetary compensation limit,” the ombudsman said.

“In other words, separate claims by the same complainant will not be aggregated for the purpose of determining a maximum claim.”

The ombudsman aims to “provide consumers with a free alternative to legal proceedings for resolving their disputes with its financial services provider members, having regard to relevant legal principles, industry codes of practice, good industry practice and fairness in all circumstances”.

Credit ombudsman increases compensation limit by 10pc
mortgagebusiness

 

Latest News

Ahead of Parliament returning next week, Prime Minister Scott Morrison has conceded that Australia is facing “challenges and headwinds” ...

Slater and Gordon has filed a class action against AMP claiming compensation for more than 2 million people it alleges have been charged ...

An aggressive monetary policy strategy employed in response to rate cuts in foreign markets would be a “dangerous path to go down”, Rese...

FROM THE WEB
podcast

LATEST PODCAST: Broker share and Westpac U-turn

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.