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FOS: WHO IS THE BROKER WORKING FOR.

Posted by on in Reserve Bank of Australia
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JUST HAD A INTERESTING CONVERSATION WITH FOS.

I MENTIONED THAT I WANTED INFORMATION FROM THE BROKER. COULD FOS GET THAT INFO. NO I HAD TO GO TO THE CREDIT OMBUDSMEN SERVICE THEY WILL APPROACH THE BROKER.

I MADE THE POINT THAT THE BROKER HAD FILLED IN, INCOME THAT WAS DIFFERENT TO WHAT I HAD SUPPLIED HIM WITH.

FOS STATEMENT WAS WHO WAS THE BROKER WORKING FOR.

WHAT DO YOU MEAN I SAID.

WAS THE BROKER ACTING AS A AGENT FOR THE LENDER OR WAS HE ACTING AS A AGENT FOR THE BORROWER.

IF HE ACTS FOR THE LENDER THEN THE LENDER IS LIABLE 

IF HE IS ACTING FOR THE BORROWER THEN THE BORROWER IS LIABLE AS THE BORROWER HAS BASICALLY EMPLOYED THE BROKER TO ACT FOR THEM UNDER ANY CIRCUMSTANCE.

THIS IS FOS`s THINKING.

WHO PAID THE COMMISSION?. US OR THE BANK.

SO DOES FOS USES THIS AS ONE OF THERE DETERMINATIONS TO FLICK YOUR COMPLAINT.

THE SECOND QUESTION I ASKED, DOES FOS KNOW OF ANY SYSTEMIC APPLICATIONS TO THEM ABOUT THESE FRAUDULENT LOANS.

NO, BECAUSE WE TREAD EVERY CASE AS A INDIVIDUAL CASE.

THEN HOW WOULD YOU KNOW IF THEIR IS A SYSTEMIC PROBLEM THAT EFFECTS EVERY CASE

GOOD QUESTION. 

IF YOU DON'T UNDERSTAND THE WHOLE PICTURE FOS, THEN HOW CAN YOU BE FULLY INFORMED AND MAKE FULL ASSESSMENT REGARDING EACH CASE.

GOOD QUESTION.

SO FOS IF THE BANK GIVES YOU THE RIGHT INFORMATION, THAT THE BANK KNOWS FULL WELL WILL APPEASE YOUR CASE MANAGER THEN THE BANKS PROBLEM GOES AWAY.

BECAUSE WE THE BORROWER DO NOT GET THE ACTUAL QUESTIONS THAT FOS ASKS THE LENDER. WE NEVER REALLY KNOW WHY WE GET REJECTED.  

HMMMM

 

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Comments

  • doyla66
    doyla66 Wednesday, 29 August 2012

    Convenient FOS "we treat each case individually".Simple = ADD UP INDIVIDUAL COMPLAINANTS = SYSTEMIC or against FOS(bank) Policy I guess???

  • doyla66
    doyla66 Wednesday, 29 August 2012

    Hmmm!!! alright. Did you use a broker and did you sign application and authority docs with broker.
    Did you sign anything for the broker to receive a commission stating how much commision in % he would receive and whether it was an ongoing arrangement. Was he a registered bank finance broker or just a broker working for all banks/finance.?
    Ie: a Nab broker etc. Where did you get the application docs from The broker or direct from the bank.? Where did you return the docs to bank or broker? If the broker did you just sign blank docs?
    makes it easier to establish who was the fraudster if you know these things.

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