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.
CIO resolves disputes in a non-adjudicative means through conciliation, although the actual Ombudsman could make a decision which was binding on the member (a Determination).
Like all ASIC RG 139 approved schemes, Determinations could be made by the Ombudsman to bind Members but not complainants.
CIO's conciliation process was both inquisitorial and consensus-based and focused on producing a mutually satisfactory outcome.
The Credit and Investments Ombudsman covered complaints for consumers if they have dealt with a participating Member of CIO as: There was no fee for individuals or small businesses when making a complaint all costs were covered by the scheme members.