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Brokers only a tiny proportion of COSL complaints

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Australian Broker | 28 Oct 2014, 08:00 AM Agree 0
Brokers formed only a small portion of the complaints directed to COSL last year by consumers, a new report has revealed
  • Bottom Line | 28 Oct 2014, 10:43 AM Agree 0
    Yet my annual cost of being a member went up by $100?
  • Marko | 28 Oct 2014, 11:46 AM Agree 0
    This is quite misleading as it is not comparing apples to apples.
    If you break down the numbers and eliminate those complaints that are not related to the origination of the loan (because brokers do not usually play a significant part in the management of the loan) then you will see a different story.
    Most of the complaints that I see about the origination of the loan relate to the actions or inactions of the broker not the lender.
    When a borrower is in trouble on their loan they will generally complain to COSL about the lender not the broker, because it is the lender that has the deepest pockets, and that complaint will see all action against the borrower put on hold.
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