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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: FRAUD by Banks/Insurers at EPIDEMIC levels 32,000 per annum: FOS numbers expose the PROPERTY BUBBLES

Posted by on in ROYAL COMMISSION URGENT
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Investor Daily exposes the true statistics re consumer complaints - showing around 32,000 per year trend against BANKS.  We hope the industry stops calling banks the "FSP's."  Banks are Banks and have become PENSION DAY LENDERS.  Our Banking System has become worse than Bikie Networks for Organised Crime.  Organised Lending Crime - rife for past 15 years.  There is a price to pay for this folly of WILLFULL REGULATORY NEGLECT.

 

 

 
 
 
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The number of complaints received by the Financial Ombudsman Service has increased by nine per cent in the first quarter of 2014.

In its most recent circular, the ombudsman revealed it received 8,081 complaints in the March quarter – up from 7,391 in the December 2013 quarter.

Total disputes received in the March 2014 quarter were up six per cent on the same period in 2013.

Disputes about credit and general insurance took up the bulk of the complaints, with investment and life insurance disputes making up nine per cent of total disputes (355 and 354 complaints, respectively).

FOS ‘accepted’ (that is, began taking an ‘active role’ in attempting to resolve the dispute) in 5,933 disputes during the March quarter (up nine per cent on the December 2013 quarter).

The ombudsman closed 7,919 disputes in the March quarter. Of those, 54 per cent were resolved by the financial services providers (FSPs); four per cent ended in a decision in favour of the applicant; and five per cent ended with FOS finding in favour of the FSP.

The FOS Circular also laid out the ombudsman’s approach to calculating loss in financial advice disputes.

Under its terms of reference, FOS can award consumers $280,000 per claim for direct financial loss and up to $3,000 for loss that is not a direct loss.

“If an FSP has breached their duty to a consumer, we will consider whether compensation is appropriate,” said FOS.

“The purpose of compensation is to place the consumer in the position they would have been in had there been no breach of duty,” said the ombudsman.

“We will look for an alternative portfolio of investments with the correct mix of defensive and growth assets.”

But in some cases it is not clear what the consumer’s position would have been if the breach of duty had not occurred, said FOS.

In those disputes, FOS looks at how the consumer’s money was invested immediately before it was invested in the disputed investment; whether the consumer was satisfied with their investments immediately before they made the disputed investments; whether the consumer actively sought the financial adviser’s advice or had responded to an invitation to obtain advice; if the consumer had actively sought the advice, the reason why they had done so; and whether the consumer had told the adviser that they had any investment preferences.

 

http://www.investordaily.com.au/35503-fos-complaints-up-in-2014

 

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  • doyla66
    doyla66 Thursday, 15 May 2014

    "The ombudsman closed 7,919 disputes in the March quarter. Of those, 54 per cent were resolved by the financial services providers (FSPs); four per cent ended in a decision in favour of the applicant; and five per cent ended with FOS finding in favour of the FSP."]

    What happened to the rest of the disputes (37 per cent) ?
    "What does 54 per cent were resolved by the FSPs" mean? Were the consumers forced into selling? Did they give up under pressure? Or did they get a good offer from the FSP and decide not to pursue the dispute for some reason?
    The findings in favour of applicants are very low - is there a reason for this? Has this changed from previous years?
    Far more depth is required on these stats for all stakeholders - especially consumers - to get a true picture of what FOS does and what to expect from FOS going on actual Case results.

  • Denise
    Denise Friday, 16 May 2014

    Hi Transformation, I suggest you write to Philip Field and ask him to qualify those reports and stats. Ask for easy access to a copy of the complete report I think its online? Its time to start asking those tough questions of the heads of these departments and institutions. Ask: Please explain what happened to all other cases? Were the friendly settlements whereby people bullied into accept or we close the file tactics? db

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