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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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BFCSA: Financial Ombudsman FOS skews Limitations to lock out consumers!

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The proof of the pudding I assume.........all of them so “non-transparent” re motives and interpretations “to suit” it’s mind boggling..........

Disputes in the Financial Ombudsman Service and the Statute of Limitations

 
Friday, June 21, 2013
 
Almost 5 years has passed since ASIC was first alerted to rogue financial advisors of the Commonwealth Bank of Australia. Seven financial advisors were formally removed from the industry for engaging in misconduct by forging clients signatures, creating unauthorised investment accounts and overcharging fees resulting in over 700 clients suffered loss totalling millions of dollars.
 
If you have received inappropriate advice from a financial services provider, such as your financial planner or advisor, you should be aware of the time limit you have to bring legal proceedings should negotiations with the financial services provider fall through or if the Financial Ombudsman Service is dealing with the dispute.
 
The Financial Ombudsman Service provides free services to consumers (and some small businesses) that are unable to resolve disputes with financial services providers that are members of the Financial Ombudsman Service. A financial services provider is a member of the Financial Ombudsman Service if they hold an Australian Financial Services License.
 
If you have engaged in negotiations with the financial services provider, or if the Financial Ombudsman Service does not make a determination in your favour, you should be aware that the maximum period of time you are allowed to bring legal proceedings is not paused or extended.
 
The Limitation Act 2005 (WA) provides a general limitation period of 6 years from the time a cause of action arises. Similarly, the limitation period for damages under section 82 of the Competition and Consumer Act 2010 (Cth) is 6 years “after the day on which the cause of action that relates to the conduct accrued”. This could be interpreted as either the date you purchased the inappropriate financial products or when you suffered loss.
 
However, different causes of action across various areas of the law have varied limitation periods. There is no limitation period that applies across the board..........
 
 
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