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BFCSA: FOS is saying 85% of disputes with banks are via agreement in their 2013 Final Report

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FOS is saying 85% of disputes with banks are via agreement…………………What the??

Consumers are being railroaded into acceptance………………………………


Comparative Tables 2012–2013 final report


Download the report here


Page 12  #2. Consumer Loans 
Listed are the comparative tables for all 38 Financial Service Providers



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  • doyla66
    doyla66 Saturday, 07 December 2013


    Before the [fraud[ event: What if the client tells the solicitor about an offence that the client intends to commit? This may be quite different. See my Ethics columns of March 1998, November 1997 and December 1996.

    It is quite possible that criminal and disciplinary sanctions will be applied where you conspire with, assist or counsel a client over future offences such as tax evasion or other frauds on the Commonwealth or state revenue authorities.

    "So there are serious consequences if you ignore a clear obligation to disclose under s.316."

    Section 316(1) of the Crimes Act says:

    "If a person has committed a serious offence and another person knows or believes that the offence has been committed and that he or she has information which might be of material assistance in securing the apprehension of the offender or the prosecution or conviction of the offender for it fails without reasonable excuse to bring that information to the attention of a member of the Police Force or other appropriate authority, that other person is liable to imprisonment for two years."

    The Crimes Act defines "serious offence" in s.311(1) as an "offence punishable by imprisonment or penal servitude for 5 years or more or for life".

    February 2001

  • doyla66
    doyla66 Sunday, 08 December 2013

    FOS at risk of Bank & staff sabotage

    Good one, Andy. Lawyers are complicit in Bank Fraud. So are FOS, COSL, ASIC and certain parliamentarians who have also chosen to turn a blind eye to the bleeding obvious. Fraud is fraud. Of course the airheads at ASIC management would like to debate that over tea and tim tams for another 5 years on the public purse. I hope they're given real jobs instead: pick and shovel might sharpen their brains to reality on planet earth!
    As for FOS "agreement" - well, wouldn't it be nice if everyone went away all hearts and flowers. Unlikely when dealing with an Australian Big 4 Bank, of course. The stats belie the reality. FOS agreements are not watertight. FOS doesn't impose penalties on Banks - but they do impose them and judgements on borrowers, with impunity. As for agreements: an agreement with a Bank is when the borrower is too exhausted to fight any longer and the trapping and trickery by the Bank, their lawyers and the agreement to act as Bank agents by certain FOS staff ensure that the borrower is cornered and bludgeoned into giving in. FOS probably isn't completely corrupted but the gaming within their lower staff is going to bring them into sad disrepute when it is exposed soon in glorious detail. Their senior management may need a dose of salts to wake up: there are vipers in their coterie and some appalling errors and misjudgements have been and still are occurring. Back to law school for some of them: and off to Bank jobs for the rest, no doubt.
    Remember Banks still have a vested interest in seeing EDR abandoned and the old fashioned ways restored. No worries. There are sure to be plenty of reasons for Banks to be visiting court in the near future: as the defendants! We're so looking forward to that!

  • doyla66
    doyla66 Sunday, 08 December 2013

    ASIC would also have a grudge against FOS. FOS are held up as the best we have in EDR for Financial Disputes. People want FOS given more funding and raised limits to be able to function properly as an EDR. Also to be able to afford to employ and retain really good staff, especially Case Managers. No one would be surprised if ASIC "shorted" FOS to add to the pressure and protect the markets. ASIC apparently are known for vengeful conduct against those who oppose their dominance and influence. Better get used to it: ASICs spread of influence has failed to offset the tsunami of submissions against them. They will not be happy.

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