BFCSA Blog

  THE EXTERNAL DISPUTE RESOLUTION SERVICE system namely FOS and the CIO, are captured by Bankers financially feeding funds into a corrupt banking and finance sector.  The Bankers/Lenders control this system.   THE INTERNAL DISPUTE RESOLUTION system ("IDR") is even more evil with its "Consumer Advocate" nonsense.    This is the problem "neither complaint handling system is a government department" which is what the people expect the Ombudsman Service to be.   Having a private Company determine if a person has been wronged by the Banks or an Insurance Company when the Banks have to subscribe to the Ombudsman Service and pay them fees when an investigation is conducted is a massive conflict of interest. From a layman's perspective or a person of sound mind this conflict of interest denies natural justice or impartiality to a complainant, to put it bluntly there is no principle of equality of arms for the...

  Dear Prime Minster and Treasurer The reason for this request: I recently had cause to review my loan documents, related to our mortgage I with the banks. During that process I discovered several serious anomalies in copies I have of the loan Application Forms. (LAF’s) that our bank used to approve our original loan. These seem to constitute serious corporate maladministration. The Loan Serviceability Calculator ‘is the crucial document that the banks use to determine affordability and therefore approval, and as such, by law I ought to have been given a copy at the time of signing. In fact the calculator’ would have been attached to the signed application form, because the bank instructed is brokers to ensure the calculator was part of the faxed bundle off documents required for the loan approval. Without these crucial documents the loan could not and would not have been approved and processed in...