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ASIC,FOS & COSL time to clear out your desks!

Posted by on in Australian Securities & Investment Commission
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Dear members

There comes a time when one says how long can this go on, the madness has to stop, where are the authorities? I have just read submission no 56 on the Senate website and if I didn't see it with my own eyes you wouldn't think it plausable. Thankfully the person involved is a fighter and is dug in and prepared for the long fight.

Submission  no 56 basically boils down to identity theft, a whole new financial life was developed around this persons name. Everything from complete false tax returns to non existent financial status and as well the good old LAF, a complete false financial package built up without the persons knowledge or consent until the POLICE hauled them off on six counts of deception on loan papers. For two and a half years they went through this charade before the police dropped proceedings four days before court proceedings commenced.

Not once did the lender contact the borrower to check out the information on the LAF. This person has been doing the right thing and sought help from everyone from the police and all the different regulators they did everything they were advised to do and now COSL say stop calling us we will call you when we're ready.It is a SHAM a complete and utter SHAM and as far as I'm concerned none of them at ASIC,FOS,COSL and everyone else who has given this person the run around deserves their job, its time for a reality check, if you can;t do your job you don't deserve it.

The one thing about the Senate website is its a huge window for the world to see what a pumped up, jumped up useless system Australians have as a regulatory body. ASIC will be monitoring this website as well and they don't like their laundry or performance ( or lack of) being publicly aired. Its one thing to tell Parliament there are no systemic problems in the Australian banking industry but it hard to deny it when numerous individual cases with proof start appearing on a government website. There is an old saying "every dog has their day" well members ours is fast approaching. Thanks Neil T.

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  • doyla66
    doyla66 Thursday, 08 August 2013

    How is it the police can haul the victim of deception on loan papers off and charge them while the brokers and the bankers get off scott free

  • doyla66
    doyla66 Thursday, 08 August 2013

    That's right Neil and when they realize it's the banks fault they drop the charges on the borrower, who did they charge?
    No one of course. Why didn't they take the banks on...... too hard?
    Instructed by ASIC not too?
    Something stinks with the whole thing!

  • doyla66
    doyla66 Sunday, 11 August 2013

    Response extract from ING bank to submission 50 Senate Inquiry into ASIC
    ..."Generally however, I can confirm that ING DIRECT has in place robust internal dispute resolution
    processes that apply to all disputes of this type and would have applied in this case. As part of this
    internal dispute resolution process customers are informed of their ability to refer the matter to
    external bodies for resolution. We then work with these external bodies and the customer to achieve
    a fair and reasonable outcome for all parties.
    ING DIRECT prides itself on being a customer centric business and is amongst the highest in terms
    of customer satisfaction..."
    This is not good enough ING. Another bland attempt to show customer care... NOT !

  • doyla66
    doyla66 Sunday, 11 August 2013

    ING Bank$ter says "We then work with the customer to achieve a fair and reasonable outcome for all parties."

    Change, ING-sub50 a joke; My FOS case ING gave FOS sham-doc to gain right to sues me same time as FOS Dispute (referring doc to police); ING tells FOS 'their' agent assessed home 'vacant' Jan/Feb2013 so it "took vacant possession", but I hold irrefutable proof tenant occupied property at that time and I retain legal possession while Gadens continue to harass tenants but they will not be ejected, staunch.... I'LL submit a rebuttal to ING-sub50---thanks for alerting me.

  • doyla66
    doyla66 Tuesday, 13 August 2013

    ING, EDRs, ASIC and all Banks and lenders cut and paste from their manuals: Dispute Resolution for Dummies
    No real commitment to the synthetic environment of dispute resolution protocols.
    Just parroting the rules of the game. Those who challenge this in plain English are considered to be stupid and uneducated and inferior. Similar to Law - another game.
    We have every right to spit sparks at them until they get it. Before this latest trend in dispute resolution there were many other time honoured ways of sorting it out.
    What comes out of EDRs is imperfect, limited, involves humans who have diverse competencies, should always be challenged and questioned and should not have the power that it has to create harm which has been caused by the limited skills, experience, age and attitudes (causing "blindness" and "blinkering") attempting to create fairness in an environment of widespread corruption and dissent.
    Basically they're trying to put a silk bow on a pig to make it beautiful.

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