Who pays the “costs” of the Credit Ombudsmans Determination?
In addition to the Annual Membership Fees, Members are charged a Service Fee for complaints received about them. There are five fee categories based on the stage at which a dispute is resolved. If a complaint goes to a hearing each party bears its own legal costs and expenses. In general, the Credit Ombudsman will not make an award of costs. However costs may be awarded against a Member if a hearing has been held in relation to a complaint because the Member specifically asked for it. In that case, the Member will be required to meet the reasonable costs of the consumer attending the hearing, including travel and accommodation.
