Submission 418 Credit Ombudsman Service LimitedEXTRACTS:Under...

Submission 418
Credit Ombudsman Service Limited

EXTRACTS:

Under the law, persons engaged in financial services and credit activities are required to be members of an ASIC-approved EDR scheme, external dispute resolution.

COSL is one of only two EDR schemes approved by ASIC (the other being the Financial Ombudsman Service FOS).

To maintain this approval, COSL is required and continues to meet the stringent conditions prescribed by ASIC’s Regulatory Guide 139, including:

operating independently of the sectors of industry that fall within its jurisdiction and that provide its funding,

acting impartially and fairly in its decision-making and having an overseeing body (board of directors) comprised of an equal number of consumer and industry representatives and an independent chair,
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BxxxxxxxxxCKS!!!
How on Earth (mine Earth) is such INDEPENDENCE GUARANTEED if both get their funding from their Patron Industries?
Irrespective of Independent Chair.
Statistics show majority of Applications were declined, as in my case,
Sour grapes for sure, even though FSR themselves admitted the docs on my file were fraudulent and submitted after the date of my signature on Application.

This is a good paragraph for inclusion in a Submission to Financial Inquiry which I am now cooking with leftover energies from PIF battlefields.

Posted for your awareness: COSL and FOS conjured from the same rib tickled by ASIC.

Regards,