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BFCSA: ASIC using old 1996 methods of covering up for Banks - but NO SYSTEMIC in Banking says ASIC!

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Systemic issues still haunt the industry

3 February, 2014  Money Management

Denise's Comment:  A Touch of De Ja Vu and "here we go again!"

CHOICE found financial advice as "Downright Frightful" in April 1996 article, and now in 2014, FOS has found the same thing.............Choice also reported the same stories gleaned from "ASIC shadow shops" in 1998, 2001, 2003 and so on.  Kell said to me in 2004 "we are not doing that one again!"  Sorry Pete, here we all go again....protect the Banks if you must!    

This is a smoke screen story!  Blame the Financial Planners not the Banks/Lenders.  ASIC and FOS are still playing the same Games they were playing in 1996.  ASIC and its EDR, named FOS, roll out the same stuff every time consumer groups criticize THE BANKERS.  The Banks are the manufacturers of the misleading products sold by Planners.

YES there are Systemic Issues in BANKING!  BFCSA Members are telling the Government that is so.

Banks are manipulating the Nation, its People and the people's elected Government.  Hansard is riddled with these arguments. Time for a new Federal Consumer Protection Bureau!  

ASIC needs to be demolished and rebuilt from the ground up.  Urgently!

NOW READ THE STORY released yesterday by the Financial Ombudsman's Service (dictated by ASIC of course)

 Share on emailDespite the introduction of a new regulatory environment and the increased focus on compliance, systemic issues still seem to haunt the financial advice industry. 

Despite the introduction of a new regulatory environment and the increased focus on compliance, systemic issues still seem to haunt the financial advice industry. 

The Financial Ombudsman Service (FOS) has identified planner conduct and inappropriate claims handling as possible systemic issues during the December 2013 quarter, with record-keeping and compliance being the most prevalent issues. 

FOS released its January edition of The Circular - a quarterly online magazine distributed to members - in which it noted a number of disputes over the last quarter that all related to a single authorised representative. 

“The disputes appeared to raise similar issues relating to the classification of the customer’s investment style and the appropriateness of advice the authorised representative had provided,” FOS said. 

“Given the number of disputes we had received about the particular adviser, we wrote to the financial services provider to let them know there was a possible systemic issue.” 

This resulted in a review and an audit, after which FOS concluded that the conduct of the authorised representative in question gave rise to the possibility of inappropriate advice having been given to a wider group of customers, which led FOS to consider it a “definite systemic issue”. 

Inadequate claims handling and inappropriate charging of fees by some financial services providers were also identified by FOS as possible systemic issues during the December quarter. 

The ombudsman service stated it had reported new systemic issues to the financial services regulator, the Australian Securities and Investments Commission.

 

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  • doyla66
    doyla66 Sunday, 09 February 2014

    That is why at the recent Liberal Party luncheon - a deal was made between banksters and the Liberal Party to do a "discrete" investigation against FOS on behalf of the independent sector who claim that FOS is having a detrimental effect on them and leave them the ultimate person responsible... Sounds like we are being sold out by the government in order to protect corrupt corporations.
    Read the article - Govt to hear case against FOS- by InvestorDaily - 2nd Feb 2014... The article says it all!! Backroom, closed door deals being done...

  • doyla66
    doyla66 Sunday, 09 February 2014

    Where was the luncheon for consumers - aren't consumers stakeholders too?? ED: Good Point Observer - appears consumers do not count!

  • doyla66
    doyla66 Sunday, 09 February 2014

    Well well, why am I not surprised! All this cloak and dagger stuff makes me want to don a cloak and dagger myself. If this does not reek of guilt and corruption at high levels it must be me living in la la land! Discrete? What a load of baloney! Just now availing themselves it seems of a higher level of scapegoat! Senators must force Banksters to hand over the client files.

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