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FOS - Just doing their Job - editor

Posted by on in Reserve Bank of Australia
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Today we received our first response from FOS regarding one of the lenders we have borrowed money from - ANZ - Surprise, Surprise!!!

The response we got from FOS was not what we expected & infact very disappointing...Here is what their resolution is if the loan is proven to be maladministration...


'In order to put the applicant in the position they would have been in had the finance not been approved, any property pruchased with the funds from the loan must be sold, and proceeds from the sale must be applied to the debts.  This is because an applicant cannot retain the beenfit of goods purchased with a loan and at the same time claim that he or she should not be liable to repay the loan.

If the FSP (Financial Service Provider) should not have lent the money and the proceeds from the sale of the property are insufficient to repay the outstanding debt, the applicant may not be liable for any shortfall.  However, if the porperty is sold at a profit, the surplus would be used to pay the outstaning debt and there may no longer be a claim for loss.

I strongly suggest you make whatever payment you can while we are considering your dispute.  This will help protect your financial psosition because unless you make payments, interest & charges will continue to accrue & your debts will increase.'

Yours sincerely,


Financial Ombudsman Service.


Well there you have it everyone - FOS solution to the fraudery of ANZ.

Why on earth would i need to go through FOS if their resolution will be to sell the property?  I can do that already without the need for filing for a dispute.

And how is ANZ then liable for their deliberate maladministration?

And in their resolution there is not even a mention of reimbursing us for all the interest & charges we had to pay to keep this loan afloat also the fact we've had to use our LOC to keep these payments up.    And also if i sell this property as they suggest - what about the capital gains tax that we would have to pay?  Not to mention the conveyansor costs, real estate costs, etc.  Who will be paying for all that?  No doubt we would therefore how is this resolution putting us back in the position before this loan?  It simply doesnt.

So FOS you can take your resolution of sellilng our property & shove it because we will not be accepting it...

EDITOR: they are referring to an investment property.  If you bought the property with bank's money then we say hand over the property to the bank but they have to wear the resultant loss - caused by their own Maldministration in Lending. 

 You cannot expect to keep the investment property and have the debt written off - that means YOU profited from the fraud.  Think about this carefully.  You want to be placed back in a position as if you had never met the banksters.

I am not there to run your case, but merely stay in the background to keep an eye on things.  As a member you can always ask me questions.  This email address is being protected from spambots. You need JavaScript enabled to view it.








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  • doyla66
    doyla66 Wednesday, 22 August 2012

    Wow so what hope do we have if FOS won't act on fraud? Will be interesting to see what they come back with with my dispute. It's rubbish so Banks can profit from OUR Hardship and THEIR Fraudulant practices but WE can't financially gain after all is done? CRAZY!
    So for 4 years (in my case), ING have profited from all I've paid, $100k and $90k of that is interest... because they screwed up I was unable to pull out of the sale cause THEY had me dangling on a hook till it went unconditional, and then I was locked in at a higher rate on the day of settlement with out my knowledge (and this is only a small part of it). We as tax payers pay towards the contribution of the runnings of FOS and ASIC etc, yet its we as tax payers who are screwed time and time again, like Denise said fund her a Million Dollars a year and she would get MORE results for a fraction of what ASIC get allocated!

  • doyla66
    doyla66 Wednesday, 22 August 2012


    Maladministration in lending

    I read your paragraph on Maladministration in lending and would like to clarify several of your comments please.

    It is now obvious BANKSTER is involved in deliberate maladministration related to my Loan Application Form (LAF), when you glance at just a few the documents attached to my letter to BANKSTER, dated XXXX, CC’d to FOS.

    For FOS to say that any property purchased with the funds from the loan must be sold and applied to the loan, means that BANKSTER will be profiting from that deliberate maladministration and that I, as the mortgage holder will be punished financial and personally, through NO FAULT OF MY OWN and as a direct result of the BANKSTER’s unconscionable behaviour.

    Where does it say that I should not retain the benefit if I am a victim of the systemic and deliberate maladministration that BANKSTER has wrought on me without my knowledge, as an innocent member of the public?

    Despite repeated reasonable requests, BANKSTER have still repeatedly refused to hand over copies of specific loan documents that, as you know, I ought to have been given a copy of at the time of signing. In particular it is the Loan Service Calculator that is still missing, that BANKSTER refuseS to hand over, and which is the vital clue to whether my LAF has been ‘maladministered’ without my knowledge or authority.

    Instead, BANKSTER and their agents, Gaden’s Lawyer have been allowed to break and in fact flout, many banking, commercial and moral codes in their endeavour to rob me of my home and bully me into submission, by way of denial, obstruction and deceipt.

    Four important things to remember about this case:

    • To sell off the property and have the funds applied to the debt means BANKSTER will profit from ‘maladministration’, and is therefore being rewarded for their unconscionable behaviour. If this happens, it would seem that FOS is on the side of the banks and not the victims that FOS have been charged to protect, against maladministration in lending practices,
    • If FOS does not compel BANKSTER to waive the debt as a remedy, but rather wants to apportion blame to me as the innocent applicant/victim, then it seems that FOS is definitely on the side of the banks and not interested in any true justice for the public sector, that as an agent of FOS you have been commissioned to protect
    • Both FOS and ASIC receive ENORMOUS amounts of taxpayers money in funding (ie MY MONEY) to deal with the millions of complaints about the rampant, widespread maladministration in the Australian banking sector, yet only 200 complaints have been dealt with. Again, it seems that FOS is on the side of the banks and not the people they have been charged to protect
    • It is MY WILL that BANKSTER’s actions and maladministration practises be investigated to the full power that has been given to FOS, and that is your duty to perform

    This article was in the Herald Sun 21st August 2012: “INDEPENDENT MP Andrew Wilkie believes the voluntary code of conduct used by the banking sector is a "toothless device" and must be changed to support consumers and small business. The Tasmanian MP says that since 2004 there have been 2.5 million complaints made against Australian banks but under the current code only 200 have been investigated. "There is clear evidence the current voluntary code of practice, which has been set up by the banks, run by the banks, overseen by the banks, frankly, it just doesn't work," Mr Wilkie told reporters in Canberra. He will introduce a private members bill into parliament to establish a mandatory banking code of conduct and give the Australian Prudential Regulation Authority (APRA) additional powers to "name and shame" banks that don't follow the code. It would also be able to fine banks that are repeat offenders.“

  • doyla66
    doyla66 Wednesday, 22 August 2012

    oh wow STM - this is just an incredible well put together letter that i just may use to send back to them.

    I will just wait for Denise's input as i have just sent her a copy of the letter as well...

    But really i couldnt have put it together better myself...Thanks :)

  • doyla66
    doyla66 Wednesday, 22 August 2012

    OMG we do have same FOS Dispute Officer...what good do I expect then..FOS resolution is for doubt..

  • doyla66
    doyla66 Wednesday, 22 August 2012

    OMG we ALSO have been contacted by the SAME FOS dispute officer Christa..

  • doyla66
    doyla66 Wednesday, 22 August 2012


    Should the word mal-practice be used instead of mal-administration and then suggest to the FOS that the contract is void and so should be extinguished.Does calling it FRAUD put the matter out of the FOS hands?
    The banks have not carried out their duty of care,have been imprudent in lending,and have used duress in dealing with borrowers, all breaches of the Banking and Finance Industry Code of Practice.
    A contract between two parties must be entered into equally to be binding; once again I would suggest that in the majority of cases the Banks had the upper hand........they even thumb their nose at the Reserve Bank these days.

  • doyla66
    doyla66 Wednesday, 22 August 2012

    The initial responses from FOS are all pro forma type stuff. Don't be too disheartened yet. I was concerned that everyone lodging to FOS would become confused when no immediate action was taken in regards to their claim, and have posted advice on previous comments. the process will likely take many months. You will have a reply from the bank, to which you can respond. You will write your own response to this saying you disagree with tue bank. You will then go in a queue for a second round of negotiation. The same thing will happen again before you get a case manager who is actually qualified to look at and assess your claim. we are at that point but have been waiting 4 months and no idea of how much more time till the complaint is looked at.
    FOS apparently will take a case to the courts to test a new or unusual situation which is outside of previous cases and determinations they refer to. I would imagine that these new complaints will trigger that event. That is something that everyone needs to push for.

  • doyla66
    doyla66 Wednesday, 22 August 2012

    collective 'pro-action'. . High Court has spoken. . FOS must now echo that Case Precedent. . !!!

  • doyla66
    doyla66 Wednesday, 22 August 2012

    Please pay attention. FOS are not useless. They have a role to play and I have achieved good outcomes through this process. The initial letters are of a generic type. Please start working out your claim by using the template devised by BFCSA re Benefits to me etc..... Yes if you have spent the money on your self you have a debt owed and that is your debt and cannot be waived. If you spent bank's money on interest fees and charges, the bank has to consider dropping all of these as they cannot profit from a fraud. We switched from complaining to the banks to registering with FOS as they have specific powers that can assist each one of you and cause the banks to hand over the documents they have been refusing to date and also to keep them at bay from taking legal action. FOS are registered and licensed with ASIC. When the banks started suggesting they wanted the Police Statement I have switched everyone immediately over to FOS for obvious reasons: its called Bank Wars. They are playing their own version of Bankster Olympic size Games right now.

    Do not start trying to make enemies of everyone, that is a defeatist plan. Bankers are the bully in the playground and we all loathe bullies.

    Those who need to go to COSL, do not mention fraud or they will immediately reject you - use words such as exaggerations...imprudent lending etc. Tell them you are a member of BFCSA (Inc). They handle Non bank lenders such as La Trobe, Liberty Legacy and the now infamous PEPPER HOME LOANS who pruchased a mountain of GE MONEY Loans. GE have contacted me to tell you that ALL DOCUMENTS were handed over at sale to PEPPERS. If you have trouble with Peppers let me know and I will deal with them.

    I am preparing a list of lies the banks have been telling - its already a long list and I love the constantly overused words: "this is standard industry practice...." we know!!! We do indeed and maggotted to the core.

    We are shoving it up the banks - want to join us?

    [email protected]

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