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BFCSA: FOS Nonsense 74% complaints resolved by agreement - BFCSA documents say that is false!

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An update from the Code team  (My comments in italics)



The Code Compliance and Monitoring team is a separate business unit of FOS. Our purpose is to assist the independent administration and monitoring of compliance with industry Codes of Practice in the financial services sector.

We assist in monitoring the Code of Banking Practice, the Customer Owned Banking Code of Practice.  There are 694 financial services providers that subscribe to these four Codes.

Code monitoring activities in the banking, customer owned banking  are overseen by Code Compliance Committees which comprise an independent Chair, a consumer representative and an industry representative. These committees operate independently of the respective industries and have powers and functions to identify and address non-compliance with Code obligations. FOS provides secretariat services to each of these committees.

Code of Banking Practice

The annual report for the Code Compliance Monitoring Committee (Banks) was published on 13 December. The annual report provides a summary of code-subscribing banks’ compliance with the 2004 Code of Banking Practice for the 15 month period 1 April 2012 to 30 June 2013.

The annual report shows that:

  • the banks self-reported 9,403 breaches of their code obligations, up 30.4% from 2011-12  (ie banks investigating the consumer cases of serious fraud in systemic environment)
  • there were 12 significant breaches of code obligations self-reported by the banks
  • 2,573 breaches of the Code were reported against Key Commitments and General Obligations, up 2.5% from 2011-12
  • 898,000 consumer disputes were dealt with by the banks, of which 88% were resolved internally by the banks within five days  (Yes bullying tactics and  threats by bank lawyers)
  • 270,000 requests for financial difficulty assistance were received by the banks, up 5.3% on the previous year (Yes requests for hardship where fraud would be obvious "incurred but not reported as fraud"  So banks arrange ASIC generated "hardship debt relief" - another sham within a scam)
  • two Own Motion Inquiries were undertaken (on Guarantees and Chargebacks)
  • 46 new Investigations were conducted, and an aggregated 84 alleged code breaches were considered  (Only 46 investigated by banks from 270,000?)
  • 29 Investigations were closed, including five by Determination or Recommendation, where 12 breaches of the Code were identified  (Rubbish!  FOS has found most csaes Maladministration in Lending - ie breaches of the code - thousands of cases)
  • 29 training sessions were conducted for consumers, external dispute resolution staff and banks.

A copy of the 2012-2013 Annual Report can be found here.

On 1 December 2013 Suncorp Bank became the first bank to formally adopt the revised 2013 Code of Banking Practice.

All of the other banks currently subscribing to the 2004 Code have confirmed their commitment to adopt the revised 2013 Code by the 1 February 2014 commencement date. A list of subscribers to the revised 2013 Code can be found here.

(what use is the Code if n-one is policing the banks and no-one enforcing the law.  S25.1 now 27.1 is all about AFFORDABILITY and is a REGULATION - A LAW) not just a Code that no-one adhere';s to.  The same Faulty Financial Products are still being sold.!

Customer Owned Banking Code of Practice

The Code Compliance Committee (Customer Owned Banking) published its 2012-2013 Annual Report on 4 December 2013.

The report shows that:

  • the increase in the number of reported breaches (152% increase to 917) was mostly due to an intensive code breach monitoring program established at one institution where 350 breaches were identified  (more likely 50,000 breaches based on 100% mortgage loans tampered with after app lodged with BANK!)
  • non-compliance with the Code’s obligations by code subscribers during the reporting year related primarily to training, chargebacks, account access and account suitability
  • there were 16 significant breaches identified where remedial actions were all completed or underway
  • code subscribers reported 14,393 customer complaints (a 38% increase), identified through internal dispute resolution processes.  (Yes and fraud by bank staff found on significant number - unreported.)
  • 74% of these complaints were resolved in favour of the customer or by mutual agreement  (Bollocks!  Its a bully boy take it or leave it agreement by IDR.  I have seen many of these post IDR and on to EDR.  Grossly deceptive information and not to be relied upon.)
  • 309 breaches of the Code were identified from internal analysis of customer complaints.

The Committee was pleased to acknowledge initiatives introduced by institutions to improve Code awareness and compliance during the reporting year.

A copy of the report can be found here.

In 2013 an independent review of the Code concluded that the Code was working effectively and the Committee was viewed by stakeholders as a suitable oversight body.  (So who are on this glorified and friendly incompetent panel - more faceless ASIC gene pool bods?)  Recommended changes to the Code became effective from 1 January 2014.

A copy of the revised 2014 Code can be found here.

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  • doyla66
    doyla66 Saturday, 08 February 2014

    Pathetic isn't it. FOS the toothless tigers. I know my own experiences with FOS have been less than satisfactory. Lots of unanswered questions. Pathetically weak and insipid characteristics within the organisation. No accountability. Pretty neat job hey!!!!! What I cannot believe is how the Nab were allowed to lose vital documents. Complete files disappeared. FOS didn't seem to take into account the facts that theses vital files would have been destroyed and shredded or maybe just delete hit. Nab breached the Code of Conduct by not even reporting a declined loan which was then approved a few days later by the city branch. This declined loan file just disappeared off the face of the earth. My God, what kind of shambles Nab is. No not shambles SHAM/SCAM would be a better description. I still cannot believe it and given that the 2nd LAF is non existent either. Nab's words. FRAUD with a capital F.

  • doyla66
    doyla66 Sunday, 09 February 2014


    What a load of croc sh!t, anything can be made of figures to make yourself look good or to give the appearance that you are doing a reasonable job but we at BFCSA could make our own stats based upon FACT and documented evidence to say that nothing is going favourably for the borrower even when fraud is found. All contracts should be considered voidable, plus compensation for damages and suffering. Wouldn't surprise me if the Senate inquiry makes a similar conclusion when dealing with bank fraud.

  • Denise
    Denise Sunday, 09 February 2014

    Yes our own stats are the truth - we do not have to fudge figures to impress - we have more integrity than that!!! Our stats tell the truth and also expose the lies from FOS, COSL, ASIC and Treasury!! [email protected]

  • doyla66
    doyla66 Sunday, 09 February 2014

    FOS try to bludgeon you in a settlement

    FOS try to force you into accepting their recommendation and are prepared to 'doctor " the numbers to make it seem a good outcome , when in fact it favours the banks grossly, with me they provided a spreadsheet showing that they amount still owing if I accepted their recommendation , the real amount was $400k higher, Mr Field refuses to re-open the case that the bank mislead me and he also allowed the bank to charge exit fees and penalty interest

  • doyla66
    doyla66 Sunday, 09 February 2014


    Nanna, I know you can't tell us much at this stage but did you have a copy of the decline.
    ANZ..... Have sent me my decline.....thank you very much
    It was approved a few weeks later.

  • doyla66
    doyla66 Sunday, 09 February 2014

    What happened to those bank managers who broke the codes??? Or does different rules apply to them when compared to brokers?ASIC definitely gives that perception after looking at that data above. If anything - those statistics indicate lots of cover ups have been occuring for years and lots of issues and areas of concerns have been flagged and exposed...The numbers are alarmingly and very worrying...

  • doyla66
    doyla66 Sunday, 09 February 2014

    We are all good Australians who have worked hard to build our country and live good law-abiding lives. We have all made many sacrifices along the way with the aim of owning our own home and rearing good children and instilling into them all needed for them to become good solid law-abiding Australian citizens as we are. Not one of us ever expected nor deserved to be treated like imbeciles yet that is exactly what has happened and is still happening. The authorised dream stealer called ASIC has ruined everything and is responsible for the theft of our homes, our life savings, our superannuation and in many cases our health and our sanity and not just for our generation who thus far have had to bear the brunt of their incompetence but for future generations who are the ones who will be responsible for dealing with all the home truths of what our Government Regulators allowed to happen. They are now set to inherit not what they expected and most certainly not what they deserve. How very un-Australian is that??? It’s downright disgraceful of course, criminal to put it mildly yet unbelievably still going on with ASIC doing nothing more than continuing to lie and cover-up for their own incompetence and still acting like the toothless tigers they have proven to be. What ASIC is guilty of doing and are still doing is so very evil I personally cannot even find adequate words to describe. In many cases it has seen some innocent victims have to endure the kind of torture that even hard-nosed criminals are not subjected to. ASIC have done the wrong thing by every single Australian citizen – past – present – future – AMEN!! Not just guilty of theft via fraudulent means but a whole lot worse than that - no excuses ASIC – no pretence either for proof is absolutely everywhere if you care to get your heads out of the clouds and do a bit of soul searching. Not a good look Mr. Abbott. How would you feel if your own mother was one of us and subjected to lies, theft, torture and the rot some victims have had to endure and see her chucked on the slag heap of homeless people through no fault of her own other than trusting in the Government and Government Regulators. We have been trying to warn you, trying to tell you something you seem to have forgotten re how the Government has the power to put a stop to what can only be described as silent terrorism on Australian citizens yet thus far all achieved has seen even more banging heads against brick walls, more homeless people and more drain on the government to provide housing and social security benefits – WHY IS THE MILLION DOLLAR QUESTION??? As Australian citizens, according to your own new Government rules, we do have the right to know don’t we or is the real truth you MIGHT NOT EVEN KNOW YOURSELF? If the latter is the truth I’m sure Denise would love to get a call from you to fill you in!

  • doyla66
    doyla66 Sunday, 09 February 2014

    Gfs246. No Nab could not supply a copy of the declined loan file. Neither the electronic nor hard copy could be found after weeks of extensive search. I provided FOS with a copy of what we gave to the Nab country branch, date time and name of Business Assessor.
    Phone records indicting phone calls to the branch which was a private number and not listed and it was not our usual branch but the closet business branch to the location only some 60 kms away from business being purchased. So FOS had the lot. Nab only had to check employee records, survey equip etc to verify me being there if that was the problem. FOS did not give a rats about Nab's LOST excuse.!!!!!!

  • Denise
    Denise Sunday, 09 February 2014

    NAB should be first on the stand for Royal Commission (and in the dock) to explain why they refuse to hand over client files.

  • doyla66
    doyla66 Sunday, 09 February 2014

    Forgot to put in this as well Gfs246. Nab could not locate the 2nd file the Broker LAF as well. So all up Nab could not locate either the declined loan or the approved loan files. Isn't that just amazing. Mr. Clyne of Nab finally emailed me telling me that the Broker file could not located again after 3 weeks of searching. GANGSTER/BANKSTER EMMY AWARD GOES TO "NAB" AUSTRALIA'S SLACKEST AND MOST DECEITFUL BANK.

  • doyla66
    doyla66 Sunday, 09 February 2014


    It's a disgrace.
    I guess it's in my favour that SILLY ANZ have sent me the DECLINE documents.
    May there be a showdown in my favour!
    What a pack of dirty banking bastards they are.....

  • doyla66
    doyla66 Sunday, 09 February 2014


    I never knew about the DECLINE
    If I only I was told, I wouldn't be here today going through this shit of a time.
    I hope they all ROT in jail

  • doyla66
    doyla66 Monday, 10 February 2014

    We were never given a reason for the decline just told NO. The assessor was completely familiar with the business we were buying. He even knew that the shop was a very cold shop in winter. He knew the business had changed hands and when this happened. He knew the shop had been extensively renovated etc and yet no file could be found. His recommendations re: the business would have been included and why the loan was declined. The 2nd Loan app was with the Finance Broker employed by the business franchises type business model. He had the loan approved in 3 days. The Broker provided the business plan and forward stats for the business. He trimmed the expenses making the business look pretty good. Nab never met with or spoke to any of us (4). The Broker we later found out was a buddy of the city based Nab loans assessor. The plot thickens. We would not have received the loan based on our experience and financial situation. The country was in drought and we were receiving drought benefits at the time. Lots and lots of deceit and manipulation on the part of the Nab. That 1st loan file would have conclusively had the reasons why we did not receive the loan but it magically disappeared.

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