The two financial sector external dispute resolution schemes, FOS and COSL, have come to an agreement about how they will handle any complaints that are also being dealt with by the other service. This situation arises most often when a securitisation program is involved.The Financial Ombudsman Service and the Credit Ombudsman Service Ltd have issued a notice to their members saying they have signed a memorandum of understanding that will guide them in handling such disputes.The issue arises in a securitisation program because loans used as collateral in a securitisation are held by a trustee, which is the "lender of record". The trustee may be a member of a different scheme to the counter-party (servicer, program manager or funder).According to the notice, issues that are, strictly speaking, the responsibility of the trustee are almost always delegated to the program manager, which will accept complaints about debt collection and legal proceedings, as well as financial hardship applications.A complaint or dispute about a credit facility which has as its lender a securitisation trustee should be directed to the counter-party's dispute resolution scheme.The complaint will, in certain circumstances, be referred back to the trustee's EDR scheme if the counter-party is unable or unwilling to deal with it. These circumstances include applications to vary a contract because of financial hardship; an application to postpone enforcement proceedings; an allegation that the loan terms or fees are unjust; and an allegation that a credit contract is unsuitable.