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