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BFCSA: Financial Ombudsman about to mislead Parliament, I fear Victims drowning in Debt by fraudulent banking practices

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Medcraft is very clever at delivering misleading information, deceiving Parliament, suggesting there are no systemic issues and then asking FOS to bury the true statistics of 90% EDR decisions re consumer complaints favour banks, and yet FOS released in its annual report that 85% of complaints re Low Docs are resolved by "agreement."  

No doubt Medcraft (after chats with Banksters) must have ordered FOS to cut out the RECOMMENDATION process and the Panel of REVIEW process to just have one "take it or leave it" offer/solution.  The complainant is then bullied into accepting a totally unfair "solution" or as FOS say in writing: "you can take the matter to court and we will close our file."  Dine and dusted!!!  FOS KNOW the client has no funds for a lawyer that's why they use that free service.  The Financial Ombudsman's Service ("FOS") is licenced and under the thumb of ASIC.  At least two FOS investigators are seconded by the bank for 12 months so the bank can view all the files????  BFCSA has been road-testing this system (the only one offered by Government) since 2009.

The Banks have been controlling the EDR's with a $5000 fee for every case the EDR''s look into.   FOS collect $34 million a year for their "budget" - we wish!

ASIC and its Banking Mates are all on damage control.  That is obvious!  Victims of Bank Fraud are drowning in DEBT!  GADENS move in for the kill.

Neither FOS nor COSL decisions favour the victims of bank fraud.  How is a $58k reduction in the mortgage, when $220k gouged as fees on a loan riddled with fraud and unaffordable at the time, advantaging the victim complainant?    The fees are PROFIT.  

Since when can the banks be permitted to PROFIT FROM A FRAUD?

FOS admits in its reports to individual consumers that Maladministration in Lending is present in most cases, so bank cannot profit from a fraud.

Advantage to the consumer would be $220k reduction.  Advantage to the bank would be $58k.  

Read what FOS are saying in my next two blogs.............................    This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Sunday, 09 February 2014

    The Senators need to look at the evidence and not fall for Medcraft's lies. His lies do not hold any evidence.
    The evidence is right here at BFCSA.
    If Medcraft were telling the truth then why are there more than 400 Submissions containing horror stories and stories of complete devastation, stories of illegal home evictions, brought onto families because of the non existence of Asic regulation and the refusal to investigate laf maladministration.
    The refusal is no doubt due to the close relationship (corruption) of Asic and the banks.

  • doyla66
    doyla66 Sunday, 09 February 2014

    What is evident in the articles about FOS recently, (just google FOS) -banksters are putting the pressure on FOS to side with them against the consumer. Read tbe article about the recent Liberal Party luncheon that was had!! - Govt to hear case against FOS.. Apparently FOS is having a detrimental effect on the independent sector because it leaves them as the ulimate person responsible..!! Funny that - if you did fraud, broke laws and code of conduct etc - why should you not be accountable..?

  • doyla66
    doyla66 Sunday, 09 February 2014

    Oh, by the way - Mr Sinodinos has recieved representations on the matter from across the country and the government is following up those complaints in a DISCRETE way.. In other words - The liberal party and these banksters are joining forces to undermine FOS and consumer rights!

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