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BFCSA: Poor little FOSsers - $34 million not enough to handle 30,000 complaints against Banks. Systemic Mayhem

Posted by on in ROYAL COMMISSION URGENT
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Wonder if this happened?  Or is it still on the table?  26th November 2013.  Wish BFCSA could charge those fees to Bankers for cleaning up their mess.........Why didn't FOS suggest to Parliament that the ridiculously low compensation claim of $280,000 should be lifted to match the loans to pensioners of $4 million?  Unlimited Compensation to match their lending practices?  Start writing to the Senators.....banking is out of control!! 

FOS to double its membership fees

The Financial Ombudsman Service (FOS) is proposing to more than double its maximum membership fee to fund improvement of its services. 

In its Fee Review Consultation Paper, FOS proposed to increase the maximum membership fee from $11,000 to $25,000. 

“When the fee model was introduced in 2010, this was done so without detailed information on the numbers and outcomes of disputes under the new terms of reference,” said chief ombudsman Shane Tregillis.  

“The proposed changes to our funding arrangements are designed to support FOS’s Business Plan efforts to eliminate our backlogs and provide a more timely and quality dispute service going forward as requested by stakeholders in recent feedback.” 

Furthermore, FOS had a $1.7 million deficit in 2012-13 financial year and is forecasting an increasing deficit this year. 

“While our accumulated reserves are currently sufficient to cover the shortfall, successive years of deficit are not sustainable,” Tregillis said. 

“We know we need to contain costs as best we can, and secure a revenue base that allows us to meet stakeholder needs.” 

FOS members pay for its services through three payment types: membership levy, user charge and dispute fees. 

The ombudsman service is also proposing an increase to the user charge as a proportion of FOS funding by returning it to 2010-2011 level and by minor rebalancing of fees to be more aligned to costs. 

“These changes will allow us to respond to any increase in our operational costs, cater for the volatility of demand and increasing dispute and environmental complexity, while investing in efficiency and cost containment initiatives to meet the service needs of our members and the Australian public.” 

 

Call for a cap 

The Financial Services Council called for a capped maximum fee for conglomerate groups which own multiple Australian Financial Services Licensees (AFSLs). 

In acknowledging the size of the proposed increase, FSC’s submission to the consultation paper pointed out that this would be a particularly significant increase in total fees for large institutions, many of whom are members of the FSC. 

“Irrespective, particularly given the more than doubling of the maximum membership levy, we submit that FOS should consider an upper cap on the aggregate maximum levy applied across related entities (which are also FOS Members) forming part of the same corporate group,” the FSC submission read. 

“FOS may wish to explore or benchmark whether there are similar fee (capped) regimes in other external dispute resolution (EDR) schemes in respect of members of the same corporate group.” 

The FSC also pointed out that, where a member has no or negligible cases registered against them, the increase in the membership levy would represent a significant increase in their total FOS fees.

http://www.moneymanagement.com.au/news/financial-services/2013/fos-to-double-its-membership-fees

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  • doyla66
    doyla66 Monday, 03 March 2014

    Gfs246

    The cheek of them.....
    And here we lay crippled by TOXIC loans and unable
    to be free....
    The rules are one sided and not fair.....
    What if a FOSSY employee was caught in this TOXIC LOAN web?
    These people are just sitting at a desk following stupid rules
    and just want to get paid every week.....
    How do they sleep.....
    I am sure some don't, those who have any dignity and pride
    must know what they are doing....
    Can only imagine the lunchroom discussions at FOS offices....

    ED: Yes Victims in all types of jobs, even bank employees. Fossers are big readers of this site - same with COSL and ASIC employees.

  • doyla66
    doyla66 Monday, 03 March 2014

    Duped

    Yes Gfs 246 spot on, I suppose there are some good employees at FOS that realise whats going on and feel powerless to help. We were all basically trusting people caught up in a deceitful web of fraud spun by the lending institutions. What gets up my nose is the fact that these bank seconded lawyers have a say in peoples lives at FOS by being completely biased in the banksters favour. Off course they will say the lenders were right in their lending practices, justifying every dud, fraudulent point in laf's just to decimate and ruin peoples lives beyond repair but it's these cretins that have to be ignored and judgements made that are fair. If these people were to go home after work wondering what in the hell tomorrow will bring, feeling the reality of knowing you have lost everything you have worked for all your life, or if they could afford a basic item for their grand children, or not being able to sleep at night because there is constant fear and the feeling of failure just because you trusted the system, hot and cold sweats, then they may look at their behaviour in a different light. All we want is if there are laf's with major errors and untruths on them and you feel that this borrower has been duded, then help them by judging in their favour and tell these other jerk offs to take a back seat. It's time for decent fos employees to use their imagination and show some guts. If the system is different to what I am trying to imagine then send some kind of message explaining how you are being overruled or screwed yourselves. I watched a show on tv last night about the farmers in drought areas and while I was bought to cloudy eyes through most of the show, in the back of my mind I was also thinking that our stories are in some ways similar. I don't even know if this makes sense but that's how we feel.

  • doyla66
    doyla66 Monday, 03 March 2014

    Gfs246

    It's unfair to have several different case managers, it's unfair that we are even if this position.
    But to throw us from person to person is unjust.
    You spill your guts and emotions to the one who you think is going to help you and then your thrown to the wolf to be eaten.....
    It's cruel, unfair and unjust.....
    We are treated like the criminal.
    What a disgrace this country has become.
    I am ashamed to be an Aussie.....
    The banksters need to be jailed and it's coming.....
    It's not far away .... WE WILL NEVER GIVE UP....
    Report that back to your team leaders.........

  • doyla66
    doyla66 Monday, 03 March 2014

    It is do as you are told and keep your mouth closed among the Fosser/Tossers. Job security is a thing of the past now and I'm sure the Fossers are not going to jeopardise theirs bY putting up their hands to the atrocities they see coming through the disputes. It would be the most thankless job anyone could take on. I have no sympathy for these Fossers, they are as shady as the Lenders they represent, but money is money these days unfortunately for us.

  • doyla66
    doyla66 Tuesday, 04 March 2014

    Have just been catching up on reading the weekend newspapers to find an article in the SMH Businessday by Clancy Yates stating the bankster I would love to shoot darts at (Mr. Mike Smith of course who continues to ignore responding to my letters) has just sold $17.3m worth of shares to buy himself another mansion to add to his property portfolio AND he still has 932,826 ANZ shares left plus 856,320 in performance rights! Seems to me ASIC don't need to look into clouds and tax havens to find stolen loot for it's right under their noses! To add insult to injury every time I read any on-line articles these days up pops an ANZ ad inviting me to apply for a mortgage personal loan or credit card!

  • doyla66
    doyla66 Tuesday, 04 March 2014

    Yes Organza. It make you want to throw up when you read articles like these. The ads for the banks are coming thick and fast over the last few months. It appears to be a battle of the bully banks on the march. No doubt all as bad as each other. All in bed together, all in bed with Government, Asic, Fossers etc. Must be getting pretty crowded in that bed now. All trying to outdo each other. Trouble is none of them could lie straight in bed so you can imagine the goings on. Quite a sordid arrangement. YUK

  • doyla66
    doyla66 Tuesday, 04 March 2014

    Sure are coming over as thick and fast - thick as thieves if not thick in the head from taking the kind of risks they are now taking and leaving as fast as slithering rattlesnakes!

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