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FOS finds Maladministration against ANZ and let's the bank charge interest and fees anyway.

Posted by on in ROYAL COMMISSION URGENT
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Hi all,

We received a determination against ANZ for maladministration - yay? no - FOS largely ignored many of the points we spent painstaking hours over 22 months trying to put forward.

The FOS determination does not make sense, is contradictory, relies on account statements for calculation and ignores the evidence that those very statement provide. ANZ lied during the investigation claiming that my parents made inter-company loans, where bank statements clearly show that the majority of the overdraft has been taken up by fees, interest and charges.

FOS repeatedly told us verbally and in writing not to provide further information!! Nice investigating... let's look at one side of the story. FOS also refused to provide copies of material supplied by ANZ that it relied on for their determination - where is the transparency and natural justice?

There are some relatively basic black and white facts which FOS has completely ignored.

Surprisingly the debt owed to the bank was $370,000 at the beginning of the dispute and after 2 years .... FOS finds maladministration and concludes that we owe the bank $370,000. The determination awards 60% of blame on the applicant and allows ANZ to continue to charge 100% interest on that loan- nice work FOS.

Where do you even go to from here....   oh... that's right FOS says get a lawyer and go to court.

#maladministration #ANZ #FOSdetermination

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  • Aries
    Aries Sunday, 28 September 2014

    FOS should be sued for mishandling an investigation and misconduct.

    Reply Cancel
  • Not_Happy_ANZ
    Not_Happy_ANZ Sunday, 28 September 2014

    Yes, I wonder if anyone has tried to sue FOS for their role in perpetuating the cycle.

    Reply Cancel
  • NABbed Nanna
    NABbed Nanna Monday, 29 September 2014

    Not_Happy our present FOS case has been ongoing for nearly 12 months now. Same as you "Do not send any further info" and the bit that really gets me being the same as you. FOS refuse to let us site Nab provided documents which they appear to have in their possession. I don't know about you but we have never had a phone conversation with any case manager. Sure we have a name but that is all. Wouldn't it be logical to phone and discuss the matter? How come FOS keep hiding information. No doubt classified as Commercially Sensitive. These documents would be discoverable in court so why is it FOS keep hiding them.

    Reply Cancel
  • Not_Happy_ANZ
    Not_Happy_ANZ Monday, 29 September 2014

    Sorry to hear that NN!
    I would suggest that you approach your local member and try and get them to intervene. But be quick though because they expedite things very quickly when they find out you are trying that route... we missed out because Wayne Swanns office called FOS without an authority form being filled in... and then things went very quickly to an unfair determination.

    Not sure how much help the MPs will be, but it might get you the information you need.

    We were stonewalled at every turn. I suggest you call the case manager and talk to them - at least make them a little bit accountable. Our case manager started off very rude and out right told us she didnt believe anything we were saying. When I pointed out that FOS had a copy of bank statements and they show clear evidence (and the statements were supplied by the banks)... she mellowed...but we still got a very unfair apportionment of the blame!

    Otherwise as Denise mentions... go to the media. Good luck NN!!

  • organza
    organza Monday, 29 September 2014

    The entire dispute process is an utter shambles. It's called how to string you out further out with weasle words while they try and find the missing paperwork before they get around to telling you to buggar off!!

    Reply Cancel
  • Aries
    Aries Monday, 29 September 2014

    That's strange N.N. that no case worker has spoken to you on the phone.
    I found that didn't matter what my case worker said, he was always siding with the bank.
    So really you're not missing much.
    They lie and collude either way.

    Reply Cancel

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