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The ombudsman – formerly known as COSL – revealed it will be raising the limit applying to each claim from January 1, in line with its obligations under ASIC Regulatory Guide 139.
The current monetary compensation limit for ombudsman claims is $280,000.
“A complaint may contain more than one claim, with each claim being separately subject to the monetary compensation limit,” the ombudsman said.
“In other words, separate claims by the same complainant will not be aggregated for the purpose of determining a maximum claim.”
The ombudsman aims to “provide consumers with a free alternative to legal proceedings for resolving their disputes with its financial services provider members, having regard to relevant legal principles, industry codes of practice, good industry practice and fairness in all circumstances”.
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