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

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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."

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  • 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


    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

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