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Complaints about money

Complaints about banks

You should be familiar with your bank accounts and know the fees and charges that apply for services like using an ATM. You must also have a full understanding of the terms and conditions of your accounts.

Most banks have complaints processes. You should try to resolve your problem with the bank first. If you are unhappy with the outcome, the organisations listed below may be able to help:

  • The national Financial Ombudsman Service (FOS) (link below) deals with complaints about financial services including banking, credit, loans, general insurance, life insurance, financial planning, investments, stock broking, managed funds and pooled superannuation trusts.

    FOS provides free accessible dispute resolution for consumers and some small businesses who are unable to resolve a dispute directly with their financial services provider. External dispute resolution processes can help to resolve disputes through negotiation or conciliation as an alternative to court proceedings and can make decisions that are binding on participating financial services providers.
  • The Australian Securities and Investments Commission (ASIC) deals with complaints about misconduct or illegal activity by companies and the financial services industry. This includes complaints about insurance companies, insurance brokers, superannuation funds and financial advisers. ASIC's MoneySmart website (link below) explains how to complain about different issues.

Credit and debt complaints

The organisations listed below may be able to help:

  • The Credit Ombudsman Service Limited (COSL) provides consumers with an alternative to legal proceedings for resolving disputes about credit with COSL members. The COSL website (link below) has a list of its members.
  • The Victorian Civil and Administrative Tribunal's (VCAT) Credit List hears applications made by debtors and credit providers, such as banks and finance companies, about consumer credit contracts. The majority of cases are requests for repossession orders.

    Contracts may involve mortgages over homes or goods, or may be continuing credit contracts, such as credit cards. They can also include disputes about credit statements, compensation claims and reviews, and changes in interest rates or fees and charges.

    There is a fee for making an application to the VCAT Credit List. This fee varies – details are available from the VCAT website (link below). Legal representation is allowed.

    This area is very complicated. Get legal advice as quickly as possible.
  • Australian Securities and Investments Commission (see ‘Complaints about banks’, above).
  • Financial Ombudsman Service (see ‘Complaints about banks’, above).
  • The Insolvency and Trustee Service Australia (ITSA) (link below) administers personal insolvency laws. If you are bankrupt and you have a problem with a decision made by your bankruptcy trustee or administrator you should first try to resolve it directly. If that fails, ITSA can review that decision.

See the agencies’ websites for contact information and details about their complaints processes.

More information

Credit

Debt

Insurance and compensation complaints

Related publications

Debt problems: the law, your options

Weighing it up

Related websites

ASIC's MoneySmart – How to complain

Credit Ombudsman Service Limited

Financial Ombudsman Service

Insolvency and Trustee Service Australia

VCAT Credit List

How we can help

Victoria Legal Aid doesn’t give legal advice about money-related complaints, but Legal Help may be able to give you some information over the phone. We may also be able to refer you to another organisation that can help you. You can speak to a legal information officer in English or ask for an interpreter.

Phone (03) 9269 0120 or 1800 677 402 (country callers), Monday to Friday from 8.45 am to 5.15 pm.

To find out more about any of our legal services see What we do.

Who else can help?

Consumer Action Law Centre

Consumer Action Law Centre gives free legal advice and representation to vulnerable and disadvantaged consumers across Victoria. If you are an individual consumer in a dispute with a credit provider, the centre can give you free advice on your rights and obligations.

Consumer Affairs Victoria

Consumer Affairs Victoria can help with initial information, referral and advice on how to approach the organisation regarding your credit contract. They can also refer you to a financial counsellor who can help with credit and debt problems and advocate on your behalf.