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COSL vows to 'get tough' on compliance

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Australian Broker | 12 Dec 2011, 05:30 AM Agree 0
COSL has issued a position statement on responsible lending, claiming it will “get tough” on NCCP compliance among its members
  • ozboy | 12 Dec 2011, 10:08 AM Agree 0
    Mmm this will be interesting, no laws in place to confirm NCCP but COSL thinks it is above the law. If ASIC's attention wasn't raised before it should be now.
  • Country Broker | 12 Dec 2011, 11:50 AM Agree 0
    Very Interesting Position to have by COSL if the reports are correct! I thought ASIC were in charge of Compliance and ENFORCMENT !! COSL are have a role in disputes and claims which could not be resolved internally be members of COSL , is it reasonable to assume that COSL would refer breaches they discovered in the course of their work to ASIC? Is this a power play? or are COSL saying "we can do a compliance better than ASIC"?
  • Lynne Cox | 12 Dec 2011, 11:59 AM Agree 0
    Ultimate Power ULTIMATELY CORRUPTS!!!!
  • Marko | 13 Dec 2011, 05:53 PM Agree 0
    COSL is a dispute resolution scheme. . Their role is to facilitate thevresolution of a dispute nt act as a policeman. ASIC's role is to ensure compliance and enforcement if a compliance breach is discovered.

    COSL (and FOS) are exceeding their authority and are losing sight of their raison d'être. This is a major concern for the industry as there is no right of appeal against a decision by them - no matter how daft or unfair - for the member.
    ASIC needs to reign these schemes in and remind them that they are not the enforcement agency.
  • Mike | 21 Feb 2012, 11:02 AM Agree 0
    COSL IS MAKING AN AMBIT CLAIM TO EXTEND THE RANGE OF ITS COVERAGE. EXPANSION OF INFLUENCE BY THREAT OF ACTION DOES NOT EVIDENCE THAT COSL HAS A THE BALANCE TO DEAL WITH LENDERS/BROKERS AND CONSUMERS ON ISSUES BEFORE COSL. AS A SUBSTITUTE FOR IDR AS A PREREQUISITE TO REFERRAL TO COSL MEDIATION SHOULD BE A FORMAL ALTERNATIVE.
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