Commonwealth legislation

ASIC Class Order [CO 10/249]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This instrument gives official approval to two external dispute resolution (EDR) schemes that handle complaints between consumers and credit providers.

What it does ASIC officially approves:

The Financial Ombudsman Service Limited
The Credit Ombudsman Service Limited

Who it affects

Consumers who have disputes with banks, lenders, or other credit providers
Credit providers who must belong to an approved dispute resolution scheme under national consumer credit law

Why it matters Under the National Consumer Credit Protection Act, credit providers must be members of an ASIC-approved external dispute resolution scheme. This approval authorises these two services as official channels where consumers can escalate complaints for free, independent resolution if they cannot resolve them directly with their lender.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 10/249].

Enabling legislation

1. The Australian Securities and Investments Commission (ASIC) makes this instrument for the purposes of paragraph 11(1)(a) of the National Consumer Credit Protection Act 2009.

Title

2. This instrument is ASIC Class Order [CO 10/249].

Commencement

3. This instrument commences on the later of:

(a) the date it is registered under the Legislative Instruments Act 2003; and

(b) 1 April 2010.

Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

Approval

ASIC approves the external dispute resolution schemes operated by, and which cover the members of, the following:

(a) Financial Ombudsman Service Limited ACN 131 124 448;

(b) Credit Ombudsman Service Limited ACN 104 961 882.

Dated this 1st day of April 2010

Signed by Stephen Yen PSM

as a delegate of the Australian Securiti

as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

Enabling legislation Enabling legislation