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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: FOS dastardly unfair misuse of Proportionate Liability provisions. FOS the bully boys of Banking. We see the carnage FOS has caused.

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There has to be a Royal Commission into the Banking System, but also into ASIC and its EDR's namely FOS (Financial Ombudsman's Corrupt Service) and COSL (Cosy Lender related Ombudsman).  FOS dastardly unfair misuse of Proportionate Liability provisions of the ASIC Act 2001 relating to Big Bad Banks Unconscionable Conduct is the worst of corrupt banking ideology we have seen  in 20 years.

On all levels FOS has become the evil mate of the Banking System in Australia. Shane Tregillis worked for ASIC and then in 2009 was appointed to FOS as head honcho. This EDR needs a complete cleansing and better still complete demolition.  Why?  FOS loves blaming the consumers and saying they are 60% responsible for the BANKERS' FRAUDS on documents the victims had never seen.  As a puppet of corrupt ASIC officials, FOS decided to heap even more misery on those who dared to complain against Banks.

Proportionate Liability for "wrongdoer" suggest the victims of fraud were partly to blame for the fraud on documents that were altered by internal bank employees on orders from the top of the banking sector.  If you get bashed by the bank financially speaking - done over - you are as much to blame? That's what ex ASIC Shane Tregillis and ex banker PHILIP FIELD have been doing for the past 5 years and beyond.  

Time to revisit every FOS case by independent (non asic or bank related) reviewers.  All dud DETERMINATIONS must be RE-OPENED in the name of justice.

Question mark over liability in EDR cases

29 September, 2014

Jason Spits

Financial services providers may not be able to rely on proposed changes to proportionate liability laws in spreading the costs of damages in disputes, particularly where they are decided by external dispute resolution (EDR) bodies.

This is the view of The Fold solicitor director Charmian Holmes who stated that under the proposed laws, which will apply across Australia, proportionate liability would not apply in the event a dispute is taken to an EDR unless the parties expressly agree to it in the terms of any contract covering their business relationship.

However, Holmes said while clearly stipulating this arrangement in the contract was a solution for proportionate liability for those seeking alternative dispute resolution processes like mediation or arbitration it was inconsistent with arrangements outside EDR schemes.

"For those whose actions could be judged by an external dispute resolution body like the Financial Ombudsman Service, it seems extremely unfair that a dispute could be dealt with differently to court proceedings - especially when one party is legally required to submit client disputes to that body and has no influence over its terms of reference," Holmes said.

Proportionate liability, where responsibility for damages can be divided according to the degree to which each wrongdoer's actions contributed to the loss, has received more attention in recent months for the pressure it could place on professional indemnity insurance premiums for financial planners and licensees.

The most significant case in the past year has been that of WealthSure which was being sued for $1.7 million by two clients. In a ruling handed down in July, Wealthsure and the adviser involved David Bertram had damages against them halved under the proportionate liability conditions.


Holmes said that while the new laws are still yet to be finalised and will require each state and territory to amend their own laws to create a national alignment and recommended financial services providers involved with contracting seek legal advice around indemnities and dispute resolution clauses.


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