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Credit Ombudsman Service
The Credit and Investments Ombudsman (CIO) (until 2014 known as the Credit Ombudsman Service) was an Australian alternative dispute resolution or ombudsman that helped settle disputes between consumers and financial credit providers. The organisation was replaced with the Australian Financial Complaints Authority (AFCA) in 2018. History The Credit and Investments Ombudsman was first established as the Mortgage Industry Ombudsman Service Limited (MIOS) on 18 June 2003 as an EDR (External Dispute Resolution, known in other regions as Alternative dispute resolution (ADR)) scheme. It was established in 2003 as a result of the Mortgage & Finance Association of Australia ('MFAA') self-regulation, originally called the Mortgage Industry Ombudsman Scheme (MIOS). It later expanded its remit to include non-bank lending and other credit services, changing its name to the Credit Ombudsman Service Limited (COSL) in 2004 to reflect this broader jurisdiction. In November 2014 the scheme name wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited By Guarantee
A company limited by guarantee (CLG) is a type of company where the liability of members in the event the company is wound up is limited to a (typically very small) amount listed in the company's articles or constitution. Most have no share capital, although rare exceptions exist. The form originated in the United Kingdom, and now exists under the company law of the Australia, Bermuda, Gibraltar, Hong Kong, Gambia, and Ireland, and in the Canadian provinces of Alberta and Nova Scotia. It previously existed in New Zealand. It is used primarily but not exclusively by non-profit organisations (including charities) that require legal personality. Other uses include mutual insurance companies and quasi-governmental bodies. Characteristics In the UK, a company limited by guarantee can distribute its profits to its members, if allowed by its articles of association. However, in Australia this is not allowed. In many countries, a company limited by guarantee must include the suffi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Superannuation Complaints Tribunal
The Superannuation Complaints Tribunal was an Australian independent statutory body established by the Australian Government to deal with complaints about superannuation and certain life insurance annuities. It was superseded in 2018 by the Australian Financial Complaints Authority (AFCA). History The Superannuation Complaints Tribunal was established under the Superannuation (Resolution of Complaints) Act in 1993. It was established at the same time as a new prudential and disclosure framework was put in place under the Superannuation Industry (Supervision) Act 1993, protecting employees compulsory superannuation contributions (introduced in 1992). From 1 July 2018, the Australian Financial Complaints Authority (AFCA) replaced the Financial Ombudsman Service (FOS), the Superannuation Complaints Tribunal (SCT) and the Credit and Investments Ombudsman. Operation Prior to being dissolved, in order for the Tribunal to deal with a complaint, a member (former member or po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Regulatory Authorities Of Australia
Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. As a subject of study, is a field of Business Administration wich study the planning, organizing, leading, and controlling of an organization's resources to achieve its goals. Based on the scope of financial activities in financial systems, the discipline can be divided into personal, corporate, and public finance. In these financial systems, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. Due to its wide scope, a broad range of subfields exists within finance. Asset-, money-, risk- and investment management aim to maximize value and minimize volatility. Financial analysis assesses the viability, stability, and pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Ombudsman Service (Australia)
The Financial Ombudsman Service (FOS) was a member-funded Australian ombudsman service that provided external dispute resolution for consumers who were unable to resolve complaints with member financial services organisations. The Financial Ombudsman Service was superseded in 2018 by the Australian Financial Complaints Authority (AFCA). Prior to being dissolved, in 2016 the FOS had approximately 5,500 licensed member organisations that included banks, insurers, credit providers, financial advisers and planners, debt collection agencies and other businesses that provide financial products and services; together with an additional 8,000 authorised credit representatives. The Service was governed by its term of reference which allowed for it to hear matters within six years of the first knowledge of a financial loss and for the Service to award remedies capped at 309,000. In 2015–6, the FOS received 34,095 disputes and closed 32,871 disputes; a seven per cent increase on the number ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Determination
Determination is a positive emotional feeling that promotes persevering towards a difficult goal in spite of obstacles. Determination occurs prior to goal attainment and serves to motivate behavior that will help achieve one's goal. Empirical research suggests that people consider determination to be an emotion; in other words, determination is not just a cognitive state, but an affective state. In the psychology literature, researchers study determination under other terms, including challenge and anticipatory enthusiasm; this may explain one reason for the relative lack of research on determination compared to other positive emotions. In the field of psychology, emotion research focuses on negative emotions and the behaviors they prompt. However, positive psychology delves into determination as a positive emotion driving people toward action, leading to significant results like persistence and success. Etymology The word determination comes from the Latin word , meaning ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conciliation
Conciliation is an alternative dispute resolution process whereby the parties to a dispute rely on a neutral third-party known as the conciliator, to assist them in solving their dispute. The conciliator, who may meet with the parties both separately and together, does this by; lowering tensions, improving communication, interpreting issues, and assisting parties in finding a mutually acceptable outcome. Unlike litigation or arbitration Arbitration is a formal method of dispute resolution involving a third party neutral who makes a binding decision. The third party neutral (the 'arbitrator', 'arbiter' or 'arbitral tribunal') renders the decision in the form of an 'arbitrati ..., conciliation is a voluntary, confidential, and flexible method aimed at resolving conflicts without the need for formal legal proceedings. The conciliation process has no legal standing and the decision made by the conciliator is not binding. The conciliator usually has no authority to seek evid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjudicative
Adjudication is the legal process by which an arbitration, arbiter or judge reviews evidence (law), evidence and argumentation, including legal reasoning set forth by opposing parties or litigants, to come to a decision which determines rights and obligations between the parties involved. Adjudication can also refer to the processes at dance competitions, in television game shows and at other competitive forums, by which competitors are evaluated and ranked and a winner is found. Legal processes Adjudication may be defined as "the legal process of dispute resolution, resolving a dispute. The formal giving or pronouncing of a judgment (law), judgment or decree#United States, decree in a court legal proceeding, proceeding; also the judgment or decision given. The entry of a decree by a court in respect to the Party (law), parties in a case. It implies a hearing (law), hearing by a court, after legal notice, notice, of legal evidence on the factual issue(s) involved; it may be equ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saving
Saving is income not spent, or deferred Consumption (economics), consumption. In economics, a broader definition is any income not used for immediate consumption. Saving also involves reducing expenditures, such as recurring Cost, costs. Methods of saving include putting money in, for example, a savings account, a pension, pension account, an investment fund, or kept as cash. In terms of personal finance, saving generally specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is a lot higher. Saving does not automatically include interest. ''Saving'' differs from ''savings''. The former refers to the act of not consuming one's assets, whereas the latter refers to either multiple opportunities to reduce costs; or one's assets in the form of cash. Saving refers to an activity occurring over time, a stock and flow, flow variable, whereas savings refers to something that exists at any one time, a stock and flow, stock variable. This disti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgages
A mortgage loan or simply mortgage (), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property (" foreclosure" or " repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complaint
In legal terminology, a complaint is any formal legal document that sets out the facts and legal reasons (see: cause of action) that the filing party or parties (the plaintiff(s)) believes are sufficient to support a claim against the party or parties against whom the claim is brought (the defendant(s)) that entitles the plaintiff(s) to a remedy (either money damages or injunctive relief). For example, the Federal Rules of Civil Procedure (FRCP) that govern civil litigation in United States courts provide that a civil action is commenced with the filing or service of a pleading called a complaint. Civil court rules in states that have incorporated the Federal Rules of Civil Procedure use the same term for the same pleading. In Civil Law, a "complaint" is the first formal action taken to officially begin a lawsuit. This written document contains the allegations against the defense, the specific laws violated, the facts that led to the dispute, and any demands made by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alternative Dispute Resolution
Alternative dispute resolution (ADR), or external dispute resolution (EDR), typically denotes a wide range of dispute resolution processes and techniques that parties can use to settle disputes with the help of a third party. They are used for disagreeing parties who cannot come to an agreement short of litigation. However, ADR is also increasingly being adopted as a tool to help settle disputes within the court system. Despite historic resistance to ADR by many popular parties and their advocates, ADR has gained widespread acceptance among both the general public and the legal profession in recent years. In 2008, some courts required some parties to resort to ADR of some type like mediation, before permitting the parties' cases to be tried (the European Mediation Directive (2008) expressly contemplates so-called "compulsory" mediation. This means that attendance is compulsory, not that settlement must be reached through mediation). Additionally, parties to merger and acquisit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ombudsman
An ombudsman ( , also ) is a government employee who investigates and tries to resolve complaints, usually through recommendations (binding or not) or mediation. They are usually appointed by the government or by parliament (often with a significant degree of independence). Ombudsmen also aim to identify systemic issues leading to poor service or breaches of people's rights. At the national level, most ombudsmen have a wide mandate to deal with the entire public sector, and sometimes also elements of the private sector (for example, contracted service providers). In some cases, there is a more restricted mandate to a certain sector of society. More recent developments have included the creation of specialized children's ombudsmen. In some countries, an inspector general, citizen advocate or other official may have duties similar to those of a national ombudsman and may also be appointed by a legislature. Below the national level, an ombudsman may be appointed by a state, lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
