Tag Archives: External Dispute Resolution Schemes

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IDR and EDR Thoughts

Industry has expressed two significant concerns about the operation of EDR schemes. Are the concerns justified?

Before discussing the issue, I must record that I am a director of Credit Ombudsman Services Limited (COSL) and the comments in this document are mine and do not reflect the view of COSL or the COSL Ombudsman.

There are two main External Dispute Resolution schemes (EDRs) used by businesses regulated by the National Consumer Credit Protection Act (NCCP Act) – namely FOS (Financial Ombudsman Services) and COSL. Both EDRs establish rules which to a large degree are dictated by ASIC’s Regulatory Guides RG139 and RG165. More…

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