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BFCSA: Credit Ombudsman Raj Venga: not one decision favouring consumers. ASIC NEEDS TO ACT

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Too many complaints back from our members that COSL are not even attempting to investigate claims.  In two years of testing COSL there has not been one satisfactory outcome. NOT ONE!  COSL is a sham.  ASIC licences COSL to be a miserable excuse for looking after the interests of non bank lenders.  

The problem is this: they have no powers according to them.  They cannot ask brokers for a copy of the Loan Application Form as they may be shredded.  Now where have we heard that before?

How can we at BFCSA, as Australia's foremost advocacy service on bank fraud, in good conscience  suggest people try COSL?  That's what ASIC do in letter dated 14th February, knowing COSL only favour the banks.

Its a sham EDR service.  The COSL Licence ought to be cancelled immediately for this reason:

ITS A SHAM IF PEOPLE BELIEVE AND EXPECT THEIR COMPLAINTS WILL BE PROPERLY HANDLED and the service is recommended by ASIC in their letters to complainants   This means that anyone dealing with a NON BANK LENDER IS AT RISK.  There is nowhere in Australia to take your complaints to.  Consumers of financial products and service, engineered by a corrupt and crooked banking system ave been left utterly unprotected by the Australian Government.

People have been given a false expectation by the Federal Regulator

Why is it that ASIC then refer CONSUMERS to what they know to be a SHAM?

All people are getting is excuses as to why COSL has no powers and why it cannot conduct simple investigations and why it cannot make sensible determinations.  Our Members do conduct their own investigations and COSL turn the other way.

Please write to your local MP and explain why ASIC must revoke COSL licence and must desist from recommending COSL as a consumer complaint handling service.  

All Banks and Non Bank complaints must be under one roof.  Since the Non Banks and Banksters are regularly swapping loan books its vital that one EDR has the entire picture.

The FOS limits must be raised to $1 MILLION per claim.  The average loan loss is now sitting at $600,000.  In two years it will climb to $800,000.

There should be only one External Dispute Resolution Service "EDR."  Why we have no Commonwealth Criminal Complaints handling service in Australia is beyond belief.  The Low Doc, Full Doc and No Doc market is a crime scene.

Here the cases of fraud and forgery are being handled by dispute officers.  These cases are not mere disputes!

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Maria's letter of response to COSL

Therefore my question to you and your board is: Why COSL is advertised as a dispute resolution centre as it is so obvious it has no power to conduct a fair investigation. Sir, if I would be a criminal I would like to belong to COSL and be one of your members as I this would ensure me no one can touch me while hiding behind COSL's banner. Therefore because of useless regulators such as COSL crime amongst  non bank lenders is thriving and victims have no protection whatsoever. Who has hundreds of thousands of dollars to take these mongrels to court? Let me tell you Scott not many innocent people have that sort of money and that is why we are pining our hopes on organisations such as COSL to bring these lenders to justice yet you legalise their conduct by siding with them on a technicality. NO POWER TO QUESTION THEIR FRAUDULENT ACTIVITIES.

So again, could you be so kind and explain to me what is COSL's role beside legalising the brokers misconduct?


Waiting to hear from you,




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  • doyla66
    doyla66 Friday, 22 February 2013

    Mr Medcraft from ASIC definitely knows how the banking system works and is playing games with his buddies at our expense. ENOUGH IS ENOUGH!

    In our 5 page letter from ASIC it states in part under ASIC Consideration '".. Given that your loans were entered into between May 2007 and January 2009, the responsible lending provisions under the Credit Credit Act do not apply to your loans'.... ' to the extent that your concerns relate to allegations of fraud, we note that fraud offences are contained in general criminal law statutes of the states... 'As such, you may wish to raise your allegations of the fraudulent conduct with the New South Wales Police '... 'As a regulator, ASIC does not resolve disputes between parties and does not have the power to extinguish loan agreements or to award compensation."... and so on and so on.

    So ASIC, cancel COSL's licence AS THEY HAVE NO POWER EITHER and save us from wasting our time and energy and STRESS.

  • doyla66
    doyla66 Friday, 22 February 2013

    ENOUGH IS ENOUGH. These CORRUPT regulators and their CORRUPT executives need to be investigated for CRIMINAL conduct. Bribery must have taken place on a large scale to ensure that ALL of our complaints are covered up, in my opinion.
    How else can they explain the fact that, out of thousands of complaints, not one single complaint has been found in favour of the consumer in over 2 years?

    Come on politicians, get a grip, stop this blatant corruption from carrying on, for gods sake!

  • doyla66
    doyla66 Wednesday, 27 February 2013

    Maybe COSL will prove us wrong ?? Just heard back from COSL again. Our Case will now move to the NEXT STEP - Conciliation and Investigation phase

    ' Complaint regarding ARREE and La Trobe Financial Asset Management Limited We have received your response indicating that you are not satisfied with La Trobe Financial Asset Management Limited’s response to the issues raised in your complaint.

    Next Step

    The complaint has now been moved to the Conciliation and Investigation phase of the Credit Ombudsman Service process.

    A copy of your response has been sent to La Trobe Financial Asset Management Limited and your case will be reviewed again.

    Please let us know if La Trobe Financial Asset Management Limited contacts you at any time with an acceptable proposal for resolution....'

    Note - August 2012 we initially complained to COSL online ... We want to be reimbursed all the interest, fees, and commission paid by us, up to the day it was discharged.

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