Ombudsman raises compensation cap

John Kavanagh
The Credit and Investment Ombudsman has adjusted its compensation cap and now has a limit of A$309,000.

CIO, which changed its name from the Credit Ombudsman Service Ltd in December, must adjust its compensation cap every three years, in line with movements in the consumer price index. The previous cap was $280,000.

A complaint to CIO may contain more than one claim, with each claim being separately subject to the compensation limit.

CIO announced its name change in December, saying it was intended to be a better reflection of the organisation's membership, which includes financial planers and managed investment schemes.