The Credit Union Dispute Resolution Centre (CUDRC) provides a free, accessible and independent dispute resolution service to individual and small business members of participating credit unions.
The CUDRC accepts written disputes from people in relation to financial services. The CUDRC's powers are set out in the Terms of Reference. A written dispute, which falls within the jurisdiction of the CUDRC, is sent to the relevant credit union to give them the opportunity to resolve the dispute. The CUDRC is able to investigate the dispute and reach a determination as to how the dispute should be resolved. Where the amount of compensation is $100,000 or less, the CUDRC's determination is binding on the credit union if its accepted by the member. Where the amount of compensation is over $100,000 the CUDRC can make a non-binding recommendation.
The CUDRC is approved by the Australian Securities and Investments Commission and has APPROXIMATELY 150 credit unions participating in the scheme.