Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook

facebook3           facebook2 


What BFCSA Does...

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.


Articles View Hits

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"


Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

FOS Determinations paid for by Bankers, Run by Bankers and "Expert Bankers" $5000 per "Determination." What a corrupt bunch!!!

Posted by on in Corrupt Regulators
  • Font size: Larger Smaller
  • Hits: 3391
  • Print

FOS repeatedly have stated "The FSP is not liable for the conduct of the Broker!  Even though FOS agree that a  payment of commissions has been made to the Broker, and the Brokers assistance with the submission of LAF - but they agree with the FSP, that the Broker is now classified as a "MORTGAGE ORIGINATOR", and that any other factors, as stated above, are irrelevant and insufficient to show that the Broker was acting as the FSP's agent.  Total disregard for the many Court Decisions and precedents already validated.

Further, FOS, agreed with our complaint to St George Bank, that the loan in excess of $400,000 should never have been approved, had the FSP acted responsibly when it advanced the loan.  We quote "FOS found the FSP did not comply with good industry practice when it approved the loan.  If it had done so, it would have realised that the information about the Applicants income, upon which it was relying was incorrect and that they could not afford the loan".

OKAY, WHAT HAPPENS NEXT!!---------YOU GUESSED IT-----NOTHING: Quote "The Determination is substantially in favour of the FSP, as the FSP is not required to PAY any compensation to the Applicants because they did not incur any financial loss in refinancing their loan with the FSP".

HOWEVER, and GET THIS...FOS then determines that St George Bank pay compensation to the Applicants $500.00 (yes five hundred dollars) for NON-FINANCIAL LOSS!

Well, we are suffering huge financial losses keeping this loan going each month, from savings, sale of our share, sale of furniture, sale of our car, etc. and the value of the house is now some $90,000-$100,000 less than when we purchased it in 2007.  That, in our minds, is a huge financial loss".

Get really serious Senators please and fight for a Royal Commission urgently into all facets of Banking, as well as the so called Regulators - ASIC and FOS


Last modified on
Rate this blog entry:


  • Duped
    Duped Monday, 08 September 2014


    Well that decision is abhorrent, i reckon the bank seconded lawyer would have been up all night thinking of ways to get the bank off the hook. What a disgrace, just goes to show how poorly their judgements are becoming. Government needs to step in and declare that FOS is biased and unworkable in their decision making. Lost the plot completely.

  • organza
    organza Monday, 08 September 2014

    Bank seconded staff and lawyer involved in EDR determinations should be outlawed. One cannot think of a more appropriate meaning for conflict of interest, doubtless being very well paid to get banks off the hook! The entire EDR system has become a complete joke. If we are the only victims of bank mortgage fraud why has not anybody has the sense to admit so call it computer error and wipe out the loans and compensate those forced to sell them? Just knowing plans are afoot to sell off the ASIC register which was a big part of the crime scene in itself is highly suspect not to mention how the National Land Registry was closed down earlier this year minus any fanfare. I smell something very evil and it's a whole lot worse than just the smell of methane gas!

    Reply Cancel
  • NABbed Nanna
    NABbed Nanna Monday, 08 September 2014

    The FOS has actually gotten worse over the years. In 2010 we had a maladministration Nab case with FOS which lasted just over 12 months before a determination for NAB. Nab consistently held up the process and requested extensions of time. NAB REFUSED, LOST CONCEALED FILES AND DOCUMENTS THROUGHOUT THE COURSE OF THE CASE which of course were beneficial for Nab not to produce, but I have to say at least FOS made regular contact with me and kept me informed. Our case manager was an ex Bank Manager and in a phone conversation patted himself on the back many, many times. The minute I heard this info I felt totally deflated. The info lost by Nab was crucial to the case and I don't believe FOS took an active enough role in retrieving it. I gave FOS enough info including, dates times and names of employees involved but FOS did not follow these leads up so the whole case was left wanting answers. There is NO way FOS could have provided an unbiased decision. I was disappointed in the FOS. I was originally referred there by ASIC who initially were interested in my tales of fraud but went cold and shuffled me off to FOS. The whole banking, EDR's ASIC smell of something rotting in the rubbish and need a good burn off like we do in the bush to clear the stench. Bout time the Government picked up there act and stopped hiding in the corner. A Royal Commission is vital to Australia. Since 2009 I have been subjected to Nab's distaste of me through their bully boy tactics, their Barristers, there CEO the Supreme Court on several occasions and it still continues some 5 years on even after the repossession of our home. The Mortgagee agents, the real estate agents trespassing, the new owners (light fingered druggo ferals)Intervention orders having to be taken out, abuse from the neighbours from hell, it just goes on and on. My story could be put into a book and I doubt there would be a dull moment. Sad and sick really, all because of Nab's fraud and greed. Well done Nab you Bastards.

    Reply Cancel
  • Denise
    Denise Monday, 08 September 2014

    Tell us YOUR determination horror stories and FOS and COSL dastardly experiences. [email protected]

    Reply Cancel
  • kddeed
    kddeed Tuesday, 09 September 2014

    I really feel for you NABbed Nanna, it's sounds a horror of a story. I agree they are all bastards!

    Reply Cancel
  • Rob
    Rob Tuesday, 09 September 2014

    FOS have told me that client manager is going to inform onbudsman that she has found maladministration with line of credit CBA gave me, They tell me at COSL the case regarding the ADELAIDE bank that FOS flicked to COSL only one week ago, was better dealt with at FOS !! but now because there is a court judgement against me to be heard on the 22nd of this month by the way, FOS have said that under there TOR 5.1, they cant deal with my case. I have asked if they can look at 4.4 of the FOS TOR as there is provisions for exceptions so long as both parties agree. Lets see what happens now.

    The have found maladministration with the CBA. Adelaide bank is the same complaint, they WILL find maladministration with them also, IF ONLY THEY WOULD STOP AND LOOK!

    Reply Cancel
  • Jetfighter
    Jetfighter Tuesday, 09 September 2014

    If only they would stop and look, none so blind as those who choose not to see Rob and this will only favour the banks. FOS claim they are not a court and so rules of evidence do not apply, what this really means is that the banks can lie through their teeth and just say things without any evidence to support what they are saying and it will be accepted as being true where if the applicants say anything it must be supported with evidence, talk about a one sided argument.

    Reply Cancel

Leave your comment

Guest Friday, 14 August 2020