Hello fellow members,

I've raised a dispute with FOS on behalf of my parents against multiple loans advanced by ANZ. ANZ's business banking manager preyed on my cashflow/asset high parents and extended multiple business lines of credit. The loan applications were done via a business which never got off the ground. ANZ kept increasing the credit facility when the company defaulted on its loans and set up new loans to repay themselves - thereby increasing the debt amount. A time came where I became aware of what was happening and put a stop to the predatory lending and asked for the last loan in 2008 to be reviewed and all interest and charges be reimbursed. ANZ were generally agreeable and assured me that they would look into the matter promptly. In 2012 after many attempts at resolving the dispute I finally lodged a complaint with FOS.

We have just had correspondence from FOS advising that they are going straight to determination, with no right of appeal. They have advised that whether maladminstration was at play or not, there will be a residual amount that will need to be paid as some monies were drawn down from the account. This means that either way my parents will need to sell their home and will never be able to afford a new one.

I sent a few questions to FOS via email to keep things in writing however today received a phone call where I was very clearly told that 'FOS is not obligated to answer any questions" "We are not an inquisitory service and do not allow fishing expeditions" "you cannot ask us questions, FOS asks the questions to obtain the information it requires to make a determination, everything else does not matter"

I think they forget that we are just ordinary people, not everyone is out to get information, etc. we just want a fair go and a fair understanding of what the process is. ANZ is providing a lot of false and misleading information to FOS to cover up their own fraudulent activities...and unfortunately it seems FOS is leaning the Banks way. We have been fighting for over 4 years now and are loosing our conviction. 

I am confident that Maladministration will be concluded as there is very obvious signs that my parents could not service loans (they were defaulting on their previous loans and were in a situation where debt kept rising). Is anyone aware if we can make an argument to FOS to reduce the amount repayable - ie. make a case that my parents should not have to pay back monies that should not have been lent to them in the first place?

Does anyone have any tips on how to respond to FOS's letter which is clearly leaning towards the banks? How do we get them to see things from our perspective?

Good luck with your own pursuits as well.

 ED: BFCSA solicitor can write on your behalf if you are a member.