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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Banks & lenders supress self damning evidence, FOS & COSL must punish.

Posted by on in Bankers A Law Unto Themselves
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Dear members

I get very disgruntled reading how FOS & COSL operate, they are toothless tigers who seem to play into the banks hands. When we have to provide in short time all documentory evidence to substantiate our claims and the said banks being privvy to everything we pass on but like naughty school children saying my dog ate my homework they deny the existence of requested documents. Thanks to Denise we now know what to ask for, to say they don't exist or are lost is proposterous.

In a court of law if you impede in the course of justice isn;t that a chargeable offence, seeing most of FOS & COSL come from legal backgrounds why should the rules be different for us.

The termonology has to be amended, it is not disputes as defined by ASIC but fraud as it would have to be in a normal court of law. A dispute is a quarrel, we do not want a fight we want justice and the truth to prevail.

Imagine if we had a "dispute" with the A.T.O. and said we have lost or can't find requested documents the A.T.O. requires what would be the consequences? Would the A.T.O. say thats alright we will take your word on anything you tell us, hell no! Then why is it FOS & COSL don't  come down hard on the banks and lenders. In this electronic age everything is backed up ,put in storage and cross referenced because of the number of people involved there is a trail of evidence out there. The banks should be given a time limit to track down all relevent information and be penalised heavily for non compliance.

One of my biggest gripes is when a bank or lender is legally forced to pay out or compensate a victim, they then come out with the statement " just because we are paying out doesn't mean we are admitting culpability" even getting caught with their grubby hands in the cookie jar they wont admit to their greed. I was taught as a youth in the navy if you stuff up, admit it , learn by your mistakes and move on. Ah what ever happened to good old principals and values? Thanks Neil T.

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  • doyla66
    doyla66 Tuesday, 16 July 2013

    Court Marshall and "keel-haul" all the regulator/EDR scheming pretenders who have abandoned ship!

    ASIC, FOS & COSL collectively cover-up massive bank$ters mortgage fraud as evidenced by wilful dereliction of duty = "keel-haul", ---dishonourable discharge of stautory obligations and/or duties.

  • doyla66
    doyla66 Tuesday, 16 July 2013

    Gosh Neil reading your post it likes looking into a mirror of my and probably everyone else's experience with FOS. Why is it that FOS just play with us. If FOS had had enough gumption to demand the correct documents and stop the banks utilising excuses like LOST FILES. I mean in this day and age what kind of excuse is that. If the Nab, in our case cannot provide evidence to the extinguish the facts and my allegations then it is up in the air as to the correct decision. What happens then? Do FOS's legal counsel make a decision and based on what or do they just ignore facts and allegations. Nab actually made a botch in our FOS investigation. Nab indicated that they had "lost a file after extensive search could not locate either hard or electronic file" Nab forwarded documents to FOS which were from the lost file. This was distinguishable by different loan amounts included on the business plan we had supplied. The first submission had a larger amount than the second submission. Didn't matter though FOS just went ahead and took the word of Nab. Why is it that Nab can get away with the ploy LOST and FOS do not act on that. I believe that if you, I and everyone else who has a legitimate case of fraud and maladministration against their banks and we had had a responsible, legal competent system in place which is totally open, accountable and not biased we would not have lost our homes. The banks powers and deceitfulness of concealing the truth is deplorable and is destroying people's lives aided by ASIC, FOS, Lawyers, Mortgagee Agents, Courts etc.

  • doyla66
    doyla66 Tuesday, 16 July 2013

    All the bank/lender has to say to FOS when questioned about anything not complied with is to say it was an oversight or
    misunderstanding. So it doesn't matter if you are right FOS still sticks up for the lender.
    I even sent FOS email from lender as proof, I needn't have bothered.

  • doyla66
    doyla66 Tuesday, 16 July 2013

    In the real world if you don't perform you get the sack. Why should these lazy non performing heads of FOS & COSL live the good life at our expense? These people at FOS & COSL would of gone to uni and know or worked with alot of the banks senior lawyers in the past. What marvellous conversations they must have over a glass of expensive red at our cost, as it stands the arrangement between FOS,COSL and the banks is to close. We need an independent unbias arbitrator with no affiliation to the banks, unfortunately like the old saying money talks.

  • doyla66
    doyla66 Tuesday, 16 July 2013

    Agree, Neil.
    You're obliged to keep books of account as a sole trader - even more so a company.
    Company records are covered in statutes and regulations, from memory.
    These records surely would include something about the loan book.
    As the loan book is subject to audit (either internal or external, or both) then there must be the paper and/or digital records to back up the loan book for audit.
    Thus the bank/lender must have the records. If they keep up this "dog ate my homework" juvenile bs I wouldn't be at all surprised to learn that Wikileaks decided to hack their computers and retrieve all borrower files, communications records and audit stats ...
    Definitely in the national interest!
    That said, it follows logically in the interests of all Australians, the integrity of the commonwealth audit system and the prevention of crime which would adversely impact the markets, ASIC should be requesting a copy of every borrower file in its entirety, without delay, for every loan fraud/maladministration case .... unless they've already done that as part of their data harvesting?

  • doyla66
    doyla66 Tuesday, 16 July 2013

    These links are interesting ... for anyone wanting/able to read some background.
    What I'd like to know is who set up and/or agreed to the deal with the Australian Banks that denies us, as borrowers, full justice under ASIC/FOS/COSL in contravention of the existing Australian statutes?
    1. Australian Competition Law http://www.australiancompetitionlaw.org/overview.html
    2. Bank competition in the post-crisis environment http://www.treasury.gov.au/PublicationsAndMedia/Speeches/2010/Bank-competition-in-the-post-crisis-environment
    3. Regulatory Reform pos GFC http://www.apec.org.au/docs/11_CON_GFC/Regulatory%20Reform%20Post%20GFC-%20Overview%20Paper.pdf
    4. The watchdog's last bite (ACCC) http://www.theage.com.au/national/the-watchdogs-last-bite-20110406-1d4fs.html
    ... and there's plenty more like that online ...

  • doyla66
    doyla66 Tuesday, 16 July 2013

    Not sure how unbiased or historically accurate this is - gives an historical framework ... http://www.abc.net.au/money/currency/features/feat3.htm and begins to answer some of the "why's" about our present situation ...

  • doyla66
    doyla66 Tuesday, 16 July 2013

    ABC program discussing Booms and Busts, Reserve Bank and deregulation.
    http://www.abc.net.au/money/vault/programs/prog3.htm

  • doyla66
    doyla66 Tuesday, 16 July 2013

    The guy who investigated our case was an ex Bank Manager. Dont' know how long he had been out of the crime scene though. He appeared to be proud of the fact. Wow, wonder how he feels now with all BFCSA members bringing out the many fraudulent atrocities of the banks. I think I would be pulling my head in if I were him. FOS have a lot to answer for. Many of us like myself have been treated in a biased manner and have lost our homes. Wake up FOS. Stop just shuffling papers and looking for excuses to justify your decisions. Look into the real cause and do the job you are all employed for " Looking after Consumers" not the banks. Didn't think of this before, maybe the FOS employees are on some sort of commission, freebie list for helping the banks. Money speaks all languages!!!!!

  • doyla66
    doyla66 Tuesday, 16 July 2013

    They don't give us enough time hoping that we don't answer in time so they can close our cases.
    Isn't that obvious? And they claim to be helping the consumer.......yeah right!

  • doyla66
    doyla66 Thursday, 18 July 2013

    Received a letter from FOS yesterday asking for all receipts for which I am claiming. They have got to be joking, I do have them but there are literally boxes of them! Needless to say the bank (which bank you may ask?) had requested copies of my tax returns for the last 7 years which I also copied to FOS. I did ring today and said I would be happy to provide them if, and when an amicable settlement is reached. Tax returns will have to suffice at this stage. I also asked how the bank can get away with losing my file whilst you want me to provide documentation for a loan that should never have been written. It seems to me to be all one sided. The bank has 2 weeks to answer FOS so it will be interesting to see if they ask and get another extention...

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