COSL

What is the Credit Ombudsman Service Limited (COSL)?

The Credit Ombudsman Service Limited (COSL) is the new name of the Mortgage Industry Ombudsman Scheme (MIOS). COSL is the ASIC compliant dispute resolution service that all MFAA members must belong to and abide by, unless otherwise exempted due to belonging to another ASIC compliant dispute resolution service. MIOS (now COSL) was established by the Mortgage Industry Association of Australia in 2000, The MIAA became the Mortgage & Finance Association of Australia in 2007, in conjunction with the MFAA Code of Practice. In 2003 it was placed 'at arms length' from MFAA, to become an Independent Dispute Resolution Service, and in February 2004 changed its name to the Credit Ombudsman Service Limited (COSL).
COSL provides Consumers with an alternative to other legal proceedings to resolve disputes free of charge to those customers. It is a requirement of all MFAA members to be members of COSL, unless they are members of another ASIC approved Alternative Dispute Resolution Scheme, in which case they may be exempted from COSL membership.
COSL is administered by a Board comprising 2 directors nominated by MFAA, 2 directors nominated by the Consumers Federation and an independent Chair.
For more information on COSL, including COSL rules, COSL Membership and Membership Applications, complaint procedures, and contact details, visit the COSL website.

Ability Finance is a member of the Credit Ombudsman Service Limited which can be verified by clicking here.