GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
728074

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Lee Doyle

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: What real "expertise" do our FOS / COSL case manager's have? Does anyone know?

Posted by on in Corrupt Regulators
  • Font size: Larger Smaller
  • Hits: 2020
  • 4 Comments
  • Print

I was reading FOS Circular Issue 12 - Summer 2012 - Disputes about low doc loans.    It got me thinking ....  can we really "trust" FOS or COSL staff to have the necessary expertise to deal with such SERIOUS matters raised in our COMPLAINTS, which we have lodged against their own members?

"What happens when the dispute comes to FOS?"

This type of dispute is managed by staff with expertise in credit-related matters, who will consider whether it was appropriate for the lending institution – the Financial Services Provider (FSP) – to have lent the money. If we conclude that it was inappropriate, we will consider what loss the applicant has incurred as a result of being lent the money. Our aim will be to put the applicant in the position they would otherwise have been in, had the credit not been granted. To do this, we will consider the purpose of the loan, how the loan funds were used, and any additional costs that were incurred. We will take into account any benefit the applicant obtained while owning the property; for example, not having to pay rent (or, in the case of an investment property, any rent received from leasing the property), and any claimed tax deduction. We will also take into account the applicant’s actions (or those of the applicant’s agents) and we may apportion liability between the parties."

http://www.fos.org.au/centric/the_circular_12_home/fos_news/disputes_about_low_doc_loans.jsp

Last modified on
Rate this blog entry:

Comments

  • doyla66
    doyla66 Friday, 05 April 2013

    Our FOS case was handled by an ex bank manager. I remember distinctly our case seemed to take a turn for the worst. I had made comment on how our Broker was an ex Nab bank manager and our case was againt Nab. It was then that this case manager got on his soap box about his ex profession. I was surprised at his reaction. In hind sight I know think I should have requested he be taken off our case as he may have been biased. I did not ask for his credentials at all. He was patting himself on the back I felt. His previous career cannot have been to good when he was now at FOS.

  • doyla66
    doyla66 Friday, 05 April 2013

    FOS,s statement "if we conclude that it was inappropriate" that is to lend . Wow isn,t fraud ie. Altering incomes, forging signatures, acting without authority to assess, breaching privacy laws etc. Inappropriate. If these established facts are not enough to establish the imprudent lending practices then can someone please explain what is INAPPROPRIATE. Perhaps Mr. Clyne could provide the answers to this question in our case.

  • doyla66
    doyla66 Friday, 05 April 2013

    FROM COSL’S POSITION STATEMENT Issue 7 2012

    4 What we do when we identify a systemic issue or serious misconduct

    4.4 Except in exceptional circumstances, we will not identify the Member in relation to whom a finding of a systemic issue has been made. ASIC may nonetheless require us to provide it with information and documents relating to the systemic issue, including the name of the Member.(15)

    (15) Section 33 of the ASIC Act 2001 (Cth) and section 267 of the National Consumer Credit Protection Act 2009 (Cth)

  • doyla66
    doyla66 Friday, 05 April 2013

    No wonder ASIC says there are no systemic issues - when COSL does not have to identify their member/s

Leave your comment

Guest Friday, 14 August 2020