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If you have cause for complaint against any one in the mortgage industry, here is how to do it... The Mortgage & Finance Association of Australia (MFAA) (formerly MIAA), Finance Brokers Association of Australia (FBAA), Credit Ombudsman Service Limited (COSL) and Banking and Financial Services Ombudsman (BFSO) all require their members to have and Internal Dispute Resolution procedure in place, to which consumers can direct complaints. If your complaint is about your lender, and you have had no success in having the issue corrected, you can contact the Banking and Financial Services Ombudsman. You will find a link to thier website in our resouces area. On the left hand side of the site there is a tab 'Members'. Click on the 'Members' tab, and scroll down to find your lender. The lender will have a representative noted and contact details. Sadly very few people are aware of this, and therefore feel at the mercy of the lenders, however a phone call to this area is usually all it takes to get problems sorted very quickly! If your complaint is regarding your mortgage broker, they should have provided you with an Internal Disputes Process for your information, however if they have not, or if you have followed this procedure and have been unable to resolve the problem, you can contact the External Dispute Resolution Scheme they are a member of (the majority are a member of the COSL). You may also contact the MFAA or FBAA (call the body they are a member of) and they too will look into the conduct of the mortgage broker and if necessary take disciplanary action. There is also an area for feedback in your mortgage brokers listing. Click on the 'write a review' tab on their listing page, and fill in your thoughts. To follow is more information on the COSL, and their complaints service and procedures: The Credit Ombudsman Service is the ASIC complaint dispute resolution service. They are the largest external complaints service. They have provided relevant information and a process for consumers to follow when they have a complaint (For more information please go to 'Who is the COSL'). A complaint form can be downloaded. Please be sure to read the information carefully to ensure your complaint is handled correctly. If your mortgage broker or lender is not a member of the COSL, please contact the external dispute resolution scheme they are a member of (Most are a member of either COSL or BFSO). 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. Is my complaint covered by the Credit Ombudsman Service? Our Complaints Checker may help you to determine if your complaint is the type of complaint that is covered by the Credit Ombudsman Service. The Complaints Checker is a guide only. For full details of types of complaints covered by the Credit Ombudsman Service, please refer to the Credit Ombudsman Rules. In general, you can make a complaint to the Credit Ombudsman Service if you believe that the Member you have dealt with has: breached relevant laws breached the MFAA Code of Practice or other recognised Codes of Practice not met standards of good practice in the Credit Industry acted unfairly towards you. Complaints not covered by the Credit Ombudsman Service. There are some types of disputes that the Credit Ombudsman Service is unable to consider. These are specified in the Credit Ombudsman Rules. There are a number of reasons why your complaint may not be able to be considered by the Credit Ombudsman Service. Your complaint will not be dealt with in the following cases: if your complaint is about someone who is not a Member of the Credit Ombudsman Service at the time the matter occurred. if your complaint is about the actions of a Member that are not directly related to the services they are providing to you if your complaint is about a Member who is not obliged to comply with the Credit Ombudsman Rules because they are a member of another external disputes resolution scheme approved by the Board if you are claiming more than $100,000 compensation if any aspect of your complaint relates to acts, omissions, policies or matters concerning someone other than the Member you are complaining about eg. a Lender's decision to refuse your Loan application, Loan interest rates, a Lender's policy to require mortgage insurance if your complaint relates to the level of any legally permissible fee, charge or commission if your complaint relates to any transaction entered into outside Australia in the case of a secured Loan, where the security is situated or legally registered outside Australia or is governed by laws other than the laws of Australia if you are seeking compensation other than compensation for Direct Loss if you are not the person to whom the credit services in question were directly provided by the Member if the Member's act or omission you are complaining about occurred before the date of commencement of these Rules if you have previously made a complaint about the same Member which has been considered by the Scheme Manager or the Ombudsman, unless relevant new evidence is available if your complaint is already the subject of proceedings before a court, tribunal, arbitrator, other ombudsman or other Dispute Resolution Scheme, or is under investigation by any ombudsman - unless both you and the Member consent in writing to your complaint being considered by the Credit Ombudsman if your complaint has already been determined by a court, tribunal, arbitrator or ombudsman, or other dispute resolution scheme if the complaint is more appropriately dealt with by the courts or other procedure.
If you are unsure whether your complaint is covered by the Credit Ombudsman Service, you can contact the Scheme Manager who will let you know whether or not your complaint is one which can be dealt with. If your complaint is not covered, the Scheme Manager will write to you giving you the reasons why. If you are not happy with the Scheme Manager's decision to exclude your complaint, you can write to the Scheme Manager and ask that your complaint be referred to the Credit Ombudsman for a ruling whether or not your complaint is covered. You must do this within 14 days of receiving the Scheme Manager's notification that your complaint is excluded. The Credit Ombudsman's Ruling in respect of your complaint will be final and binding on you and the Member. The Credit Ombudsman Service is a free and independent dispute resolution service for the Credit Industry. We consider complaints about Members concerning the provision of credit products and services, such as mortgages and related credit products.
The COSL Handbook for Consumers may also help you to understand the COSL process. Can I make a complaint to the Credit Ombudsman Service? Is there anything I need to do first before making a complaint? What types of Complaint are covered by the Credit Ombudsman Service? How Do I make a Complaint? Will it cost me anything to make a complaint to the Credit Ombudsman Service? What happens when I make my complaint? What happens if I'm not happy with the response to my complaint? What happens if the dispute remains unresolved after conciliation?
The Dispute Resolution Process The Credit Ombudsman Service can help you with your complaint if you are a consumer and you have dealt with a Member of the Credit Ombudsman Service as: a borrower or prospective borrower a loan guarantor or prospective guarantor or have in any way sought the services of a Member in the ordinary course of their business in the credit marketplace. Before taking your complaint to the Credit Ombudsman Service you must first of all try to resolve your complaint with the Member concerned by contacting their Complaints Contact Person. Back Yes, before taking your complaint to the Credit Ombudsman Service you must first of all try to resolve your complaint with the Member concerned. Every COSL Member must have a dedicated Complaints Contact Person. In very small organisations this may be the person with whom you have been dealing. Some large organisations and franchises have dedicated (full-time) complaint handlers and your complaint may be referred by the Complaints Contact Person to one of these. Every Member must also have in place procedures called Internal Dispute Resolution Procedures or 'IDR Procedures'. The IDR Procedures require that a Member must: give you the name and contact details of their Complaints Contact Person before undertaking any services for you. give you a copy of their IDR Procedures if you ask for them give you a substantive response within 45 days of lodging your complaint with them (if there is a delay they must inform you of the reason).
If, after trying to resolve your complaint through the organisations IDR Procedures, you do not believe the complaint has been satisfactorily resolved then you may make a complaint to the Credit Ombudsman Service.
In general, you can make a complaint to the Credit Ombudsman Service if you believe that the Member you have dealt with has: breached relevant laws breached the MFAA Code of Practice or other recognised Codes of Practice not met standards of good practice in the Credit Industry acted unfairly towards you.
There are some types of disputes that we are unable to consider. These are also specified in the Credit Ombudsman Rules. There are a number of reasons why your complaint may not be able to be considered by the Credit Ombudsman Service, including: if your complaint is about someone who is not a Member of the Credit Ombudsman Service at the time you make a complaint if you are not the person to whom the credit services in question were directly provided by the Member if you are claiming greater than $100,000 if your complaint is being, or has previously been, dealt with by a court, tribunal, arbitrator or other dispute resolution scheme if the complaint is more appropriately dealt with by the courts or other procedure.
If you are unsure whether your complaint is covered by the Credit Ombudsman Service, you can contact the Scheme Manager who will let you know whether or not your complaint is one which can be dealt with. If your complaint is not covered the Scheme Manager will write to you giving you the reasons why. Back Before taking your complaint to the Credit Ombudsman Service you must first of all try to resolve your complaint with the Member concerned by contacting their Complaints Contact Person. If you are not satisfied, or the dispute remains unresolved, you may make your complaint to the Credit Ombudsman Service by: writing to the Credit Ombudsman (contact details below) completing and returning the attached complaint form Click here to download Complaint Form ringing the Credit Ombudsman Service on 1300 78 08 08 and giving details of your complaint to the Scheme Manager. You will also be asked to set out your complaint in writing.
When you make a complaint you do not need to use any formal or legal language, however you must: state what corrective action you want taken give a copy of all documents that are relevant to your complaint give consent to the Credit Ombudsman Service to send a copy of your complaint and documents to the Member you are complaining about.
If you have any difficulty in presenting your complaint, the Scheme Manager will help you prepare it. In doing so the Scheme Manager will not be taking sides but will simply help you present your complaint as clearly and concisely as possible. Credit Ombudsman Contact Details: Credit Ombudsmen Service Limited Level 6, 50 Park St Sydney NSW 2000 Tel: 1300 78 08 08 Fax: 02 9267 3125 Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Website: www.creditombudsman.com.au
There is no fee for individuals or small businesses when making a complaint to the Credit Ombudsman Service. Some complainants do have to pay a fee but the Scheme Manager will let you know before dealing with your complaint whether you will be required to pay a fee. Back Before taking your complaint to the Credit Ombudsman Service we encourage you to first try to resolve your complaint with the Member concerned by contacting their Complaints Contact Person. If after contacting the Member you are not satisfied, or the dispute remains unresolved, you can make your complaint to the Credit Ombudsman Service. Once we have received your letter or your complaint form, we will contact you to confirm whether we can consider your dispute. If we cannot assist you, we may refer you to another organisation that can. If we can consider the dispute, we will send a copy of your complaint and accompanying documents to the Member concerned. The Member must give a response to your complaint to the Scheme Manager within 21 days of receiving the complaint. We will send you a copy of the Member's response as soon as is practical. If you are not happy with the Member's response to your complaint you may ask the Scheme Manager for help to resolve the complaint through a 'conciliation process'. In order to do this you will need to notify us within 21 days of receiving the Member's response to your complaint. During the Conciliation Phase the Scheme Manager can: facilitate informal negotiations between you and the Member conduct alternative dispute resolution processes, such as mediation make recommendations to you and the Member about resolving the dispute prepare a 'Conciliation Settlement' if an agreement is reached at this stage.
We try to complete this process within 45 days, however in some cases this can be extended to 90 days. If your complaint is not resolved by the end of the conciliation phase then we will refer your complaint to the Credit Ombudsman for determination. The Credit Ombudsman will decide what procedure to adopt in determining the complaint, in a manner which is fair to both you and the Member. This usually involves considering a complaint based on the documentary evidence supplied or in exceptional cases by holding a hearing. If a hearing is conducted the Credit Ombudsman may give direction as to how the hearing will be conducted and as to whether legal representation is required. The Credit Ombudsman may also request relevant information or documentation be provided. Once the Credit Ombudsman has proposed a Determination Settlement both you and the Member have one month in which to accept and sign an agreement. If you choose not to sign at this stage we may declare your complaint closed without resolution. If the Member fails to sign within one month the Ombudsman may make a binding Award in terms of the Determination Settlement. Any Determination Settlement or Award made by the Credit Ombudsman will be in writing and will include a statement of reasons. You will need to determine whether your complaint is a type of complaint that is covered by the Credit Ombudsman Service. The Complaints Checker is a guide only. The COSL Handbook for Consumers may also assist you. For full details of the types of complaints covered by the Credit Ombudsman Service, please refer to the Credit Ombudsman Service Rules. Before taking your complaint to the Credit Ombudsman Service you must first of all try to resolve your complaint with the Member concerned by contacting their Complaints Contact Person. If you are not satisfied, or the dispute remains unresolved, you may make your complaint to the Credit Ombudsman Service by: writing to the Credit Ombudsman Service (contact details below) completing and returning the attached complaint form ringing the Credit Ombudsman Service on 1300 78 08 08 and giving details of your complaint to the Scheme Manager. You will also be asked to set out your complaint in writing.
When you make a complaint you do not need to use any formal or legal language, however you must: state what the problem is and how you would like it fixed. give a copy of all documents that are relevant to your complaint. give consent to the Credit Ombudsman Service to send a copy of your complaint and documents to the Member you are complaining about. If you have any difficulty in presenting your complaint, the Scheme Manager will help you prepare it. In doing so the Scheme Manager will not be taking sides but will simply help you present your complaint as clearly and concisely as possible. You can also enter feedback and voice your complaint on the MortgageBroker.com.au website. Each registered Mortgage Broker has a feedback area on their information page. Nothing speaks louder than an unhappy consumer! |
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