Dispute Resolution

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Credit Ombudsman's Service (COSL)

Finance Select
Member No. 403097

COSL has over 7,700 broker members. In the year ended 2006-2007, they received 338 new complaints from consumers. This was an increase of 17% on the previous year.

More than half of the disputes were resolved by the Internal Dispute Resolution (IDR). The IDR system is a mandatory requirement for members and the preferred mediation system.

COSL is the authority recommended by the Mortgage & Finance Association of Australia and Finance Select, but is not the only recognised service available.

When dealing with a broker, you must ensure that the broker is a financial member of an approved scheme.

Otherwise, you may lose the protection that an IDR affords you. It is an offence not to provide the membership no. when displaying the COSL logo.

Check a broker's website before using their service. You can verify the validity of Finance Select's membership and reading more of the advantages of COSL by:
clicking here.