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.