The Credit and Investments Ombudsman has announced an increase in the monetary compensation limit available to complainants to $309,000.
In a statement, the CIO – formerly known as COSL – revealed it will be raising the limit applying to each claim from 1 January 2015, in line with its obligations under ASIC Regulatory Guide 139.
The current monetary compensation limit for CIO claims is $280,000.
“A complaint may contain more than one claim, with each claim being separately subject to the monetary compensation limit,” the statement explains.
“In other words, separate claims by the same complainant will not be aggregated for the purpose of determining a maximum claim.”
The CIO aims to “provide consumers with a free alternative to legal proceedings for resolving their disputes with its financial services provider (FSP) members, having regard to relevant legal principles, industry codes of practice, good industry practice and fairness in all circumstances”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all