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BFCSA: FOS and COSL are a FRAUD and must be closed down. Prime Minister must act

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BFCSA Members have been road testing the Financial Ombudsman's Service (FOS) and the Credit Ombudsman's Service ("COSL") for the past 4 years.  Lenny M has revealed in the previous BLOG what we users of FOS and COSL - the regulatory complaints handling system involving Banks and Lenders gravely influenced by Banksters.

Banksters are given 28 days to respond to FOS and COSL.  Consumers are given 7 days.  Too bad if you were away!  Banks Advantage.

Banksters are profiting from the fraud with zero investigations by FOS or COSL.  Banks Advantage.

Lately the EDR's are closing files at Case Management stage and do not advise consumers to "ask for" as investigation.  Banks Advantage.

FOS is telling consumers :"because you did not ask for Maladministration in Lending case is closed. Banks Advantage.

FOS is telling pensioners to investigate their own cases................. Banks Advantage.

ASIC, FOS and COSL are aware that the $280,000 compensation limit is woefully inadequate as the average scam loan is now $600,000Banks Advantage.

The problem is this:  Banks pay the two licensed External Dispute Resolution Services ("EDR's")  FOS and COSL: $5000 per complaint to enable serious consumer cases can be "properly" investigated.  The truth is the cases are not even reaching the investigations unit.  FOS and COSL are regularly doing lunches with banks and ASIC and each other and none of those meetings are in the consumers' best interests.

Oxford's explanation of FRAUD:  "a false misrepresentation.......recklessly in order to gain a material advantage."  The EDR system is advantaged by $34 million budget for FOS and I guess a similar amount for COSL.  The EDR's are advantaged by regularly clientele and a $5000 fee payable by the banks for each complainant.  

The Bank Masters that pay them are advantaged by the outcomes as The Ombudsmen have eluded to 55% and higher in favour of the Banksters, as a consistent condition.  The Bank Masters are advantaged by these outcomes.

COSL refuses to investigate anything fraudulent and asks the consumers: "do you think its fraud?" If the hapless and disadvantaged consumer says yes, then COSL immediately closes the file but COSL is advantaged by the fee from the Masters, to pay for efforts of "looking into the matter," and bringing forth consistent outcomes in favour of the Masters.

"CASE THROWN OUT" means the consumer has no funds to lodge a defence in court and, within 6 weeks, the Bankster Masters have moved in and taken the home by stealth.  The Bank Masters are advantaged by the outcomes and lack of probing into their nefarious activities. Case Closed.

The Government bestowed power on to the EDR's to manage consumer complaints and remain impartial.  The outcomes are biased in favour of the Banks.  The Australian Securities and Investment Commission (ASIC) created the license to have external agencies deal with pesky consumer complaints against Banks/Lenders.  ASIC is advantaged by not having to directly deal with this very serious matter.

ASIC granted the licences in order to transfer their own responsibilities relating to Consumer Protection.  ASIC has a duty to ensure the EDR system is in fact protecting consumers from predatory lending, false and misleading activities, and fraudulent conduct by the licensed inhabitants of the banking and financial planning units.   ASIC has effectively licensed the EDR's on the basis of covering up a FRAUD.  How else do they explain the actual covering up of the fraudulent mortgage loans, uncovered to date?

Consumers are completely disadvantaged by this very corrupt system of complaint handling.  Confidence in the banking and finance world is sinking to new lows and ASIC is responsible for consumer confidence.

Consumer Confidence in the markets is also a key platform of ASIC's responsibilities.

FOS and COSL are a FRAUD and must be closed down.  Prime Minister must act to restore confidence in our financial markets.  ASIC intended to obtain a benefit for themselves and knew consumers would be disadvantaged by the use of Bankster funded services looking into numerous complaints whereby fraud is present in spades.  Our evidence clearly shows  widespread Mortgage Fraud and the  abuse of low income customers by the express activities of the Bank Masters: the creators,master-minds, strategics and engineers in our own cub prime Low Doc Lending scandal.

That systemic condition constitutes a FRAUD ON A POWER and why the EDR system must be CLOSED DOWN immediately.  

The Prime Minister must grant a FREEZE ON ALL MORTGAGES.  Ms Gillard ignores this warning at her political peril.  A Freeze on Mortgage payments is the only option, pending the outcome of a wide Terms of Reference Royal Commission.

We have collectively stock piled four years of stupid response letters from the EDR's and ASIC.  We are happy to share those with the world.  Yes Prime Minister....people are fighting back against the Banks.

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  • Denise
    Denise Monday, 01 April 2013

    You now have my express permission to start laying into FOS and COSL. No holds barred. [email protected]

  • doyla66
    doyla66 Monday, 01 April 2013

    FOS Legal Counsel Corrupt to the Core - whatever it takes to "look-after" their FSP friends

    FSP flagrantly breached FOS rules, commenced-legal-action "after a complaint filed"; FOS Legal Counsel "covered-up" by fabricating a 'new' FOS complaint filing date - to coincide with FSP's dubious court filing date - otherwise the FSP's knowingly mis-step considered "serious misconduct" to the extent, ordinarily, the FOS MUST REPORT such ABUSIVE conduct IMMEDIATELY to ASIC.

    The FOS Legal Counsel's "corrupt" revisionist approach carried out in broad daylight, notwithstanding acknowledging having carefully examined a FSP letter affirming the "true & correct" filing date, further corroborated by Fax Send Report (recording time of fling) retained by the Applicant/FOS Complainant. Awaiting further shananigans!

    Go figure? I say, empirically, ----rotten to the core!

    FSP > Financial Service Provider:

  • doyla66
    doyla66 Monday, 01 April 2013

    Message for the Treasurer: Dear Mr Swan. Fraudulent mortgages are putting our country's economy in jeopardy. This is not just a problem for individuals. People losing their homes and ending up on welfare when they could have provided for themselves is causing a burden on the taxpaper. We need a proper independant authority to investigate these fraudulent loan claims and we also urgently need a Royal Commission into the Banking and Finance Sector. The present systems have failed.

  • doyla66
    doyla66 Monday, 01 April 2013

    Dear Prime Minister Gillard and Mr Swan, It's time you both acknowledged this banking scam which is currently sweeping Australia like a fast growing cancer and like cancer it will not stop until it's eradicated.

    We will not, and cannot go away as it is our duty to fight for our human rights our future generations and the future of our country.

    You must by now be aware of the hopeless situation with Fos, Cosl and Asic.
    They are closing cases instead of investigating the maladministration within the complaint.
    Nobody as far as i know have had any constructive results with Fos or Cosl.

    We all play the lengthy waiting game with Fos only to be told at the end of the long wait that they must close our file without examining the illegalities before writing us off.

    We urgently need an independent investigative body with unlimited powers to investigate every claim.
    A Royal Commission into the banking and finance sector with wide terms of reference is also urgently needed.

  • doyla66
    doyla66 Monday, 01 April 2013

    PREDATORY LENDING BIG TIME. We can't let them get away with it.

  • doyla66
    doyla66 Wednesday, 03 April 2013

    Wayne Swan appointed Medcraft without due process with special exemption given by Julia Gillard.

    Why? And why is ASIC given a license to cover up fraud? Why can ASIC lie to Parliament and nobody pulls them up?
    Whose interest is served?
    Our banks are too powerful.
    What did Rothchild say? "Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild ...1863

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