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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.

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BFCSA: Bank Complainants to FOS Beware - YOU are part of a PILOT STUDY - A guinea Pig where you will lose your home

Posted by on in ROYAL COMMISSION URGENT
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Australia desperately needs a Royal Commission into Banking.  Our researchers have been busy!  Since July 2013 FOS have been treating Bank Complainants differently - yes we have noticed by the "take it or leave it DETERMINATION" and no right of reply!!!!  They also hired a Bank Expert seconded by Major Bank - so that the bank can view all your financial details!  Ughhhh.    Determinations by Ombudsman starting to seem like a cover up "YES we found Maladministration in Lending and offer $5,000 resolution and discount on current mortgage."  

What happened to the 75% decision the customer's way?  (see below) Reduction of 75% of mortgage as  a fair assessment.  In Colin Neave's time as Ombudsman, he thought 25% was fair for Maladministration in Lending by Banks..  I warned FOS of this in 2007 (as ABOS) and again in 2009.

So all those Determinations recommended by Bank Expert and Mates since July 2013 need a completely independent review.  Start by asking local MP to demand a review of all FOS Determinations as this new FOS "direction - PILOT" smacks of a further cover-up.  Why?  Now there are 30,000 complaints to handle and half of those are Credit Products and 92% of the half are:.....yes indeedy.......MORTGAGE HOME LOANS.  Well there's a surprise.  

In 2009 BFCSA started to warn members to state their loans are MALADMINISTRATION IN LENDING....and guess what....suddenly according to FOS Annual Reports there has been a massive 337% spike in the number of Maladministration in Lending cases and more flooding in the door.  So swamped with consumer complaints re banking products (85% Major Banks)

FOS had a fair system of RECOMMENDATION, and right to respond, then DETERMINATION and then if not considered fair by client, would then be transferred for final RIGHT OF REVIEW PANEL.......Now there is NO Recommendation, NO Panel of Review, NO right of response to FOS, nothing in writing from Case Manager and - you guessed it: The New Pilot Program devised by EXPERT BANKER seconded to FOS and hey presto NO JUSTICE for the consumer.  The expert phones the client instead and asks trick questions.  Must be a friend of Gadens.

Problem for FOS:  We keep a database and documentary evidence of all your actual DETERMINATIONS and we are happy to blog all  these outrageous decisions in sanitized form...............Judges place all their decisions on Austlii....why is FOS being so secretive?

Dear Mr Tregillis, please tell the Senate Hearing of this new PILOT and its outcomes and ask the Senators whether they think this is fair!  The Lenders have access to the complaint files?????  There is no right of reply??????   Even the smallest courts have a right to appeal decisions.  So your decisions from FOS by one man are final?  Aided and abetted by the Banker?

Not a good look is it Sir?  So are you going to re-open every file that has been bastardized by this Banker driven PILOT experiment?

Yes indeed:  BFCSA Members did not create this crime scene - FOS did not create this crime scene.  BUT FOS in July 2013 jumped into bed with the Banks to cover up the 337% rise in cases of Maladministration in Lending.  Maladmin problems and cases were flagged long before 2002 by both Colin Neave at ABOS and ASIC, but I think you were with ASIC then.  You all thought justice should be the client has a 75% reduction in loan.  This made banks shorten the lending process and swap dirty underwear with each other on a nasty little REFINANCING PROGRAM so FOS then helped the banks by closing more gates

You also call the Banks FSP's so they cannot be identified as which banks are involved.  Nice one, Mr Tregillis, but we can remedy that.  We know who the culprits are and are keeping tabs on all of you.  My suggestion is this: ditch the doomed PILOT program and stop treating the victims of bank fraud as if they are GUINEA PIGS.  This is their homes!!!   Send the Bank Expert back to his wretched Bank Master!  Do not phone the clients - ever - all communication to be IN WRITING.   BFCSA Members do not give you or your staff permission to ring them.  

You have a high turn over in staff?  I am not surprised as most cannot stomach the situation that is unfolding.  The workload of 30,000 complaints is tough and there is no fast track solution.  You Sir, ought to have spoken out about SYSTEMIC ISSUES IN BANKING in 8th August 2012, whilst you had the chance.  You were at the coalface of complaints and recorded the data in your annual report.  You stayed silent?   15,000 complaints re MORTGAGE HOME LOANS was not significant and you say they were not Maladmin?  Well you and/or your staff marked each file that was not a BFCSA member as "NO evidence of Maladministration."  That's a neat trick.

FOS is like the Police policing the Police.  Its flawed.  The cover up continues and we continue to expose the cover-ups.  The matter will not rest and we did warn that up to 100,000 people are most likely affected by the biggest Bank Scandal this nation has seen.

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Comments

  • doyla66
    doyla66 Tuesday, 04 March 2014

    The head honcho at FOS should be sacked on the spot and his job (and salary of course) given to Denise and immediately, for she is the only person capable of sorting this unholy mess out and justly.

    Denise does all their work for them and for nix while all they do it seems is amble into the office daily at leisure, make themselves a few cups of coffee, log into BFCSA and wait for her next blog and then head off for a nice expensive lunch with their partners in crime so they can collectively devise over good food and expensive wine what move to make next to prevent themselves from falling flat on their faces.

    Everything single move they make adds to the stench and creates further corruption so I hope Senator Williams and others read this and digest the content well for those regulators all need to be shredded immediately and all the slops fed to the pigs they work for!

  • doyla66
    doyla66 Thursday, 06 March 2014

    FOS and the Banks bedmates?
    If they like each other so much, why not make them gaol(jail)-mates so they can enjoy each others' company for years. :D

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