The Credit & Investments Ombudsman has announced that it has excluded two credit repair companies from using its services.
Its decision was based on evidence that these third parties had pursued multiple complaints for an improper purpose within the meaning of its Guidelines.
CIO found that the excluded third party representatives had engaged in conduct of the following types:
• obstructing or unreasonably delaying its process;
• making unreasonable decisions on behalf of consumers; and/or
• otherwise acting contrary to consumers’ best interests.
The practical effect of CIO’s decision to exclude these third parties is that it will no longer discuss existing complaints about FSPs with them, or allow them to lodge new complaints on behalf of consumers.
Consumers can lodge complaints directly with CIO free of charge.
