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BFCSA now calls on FOS TO RE-OPEN all cases closed and for banks to lift TIME LIMITS!!!! KIRK

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One of our members has already picked up this gem from from KIRK - ASIC on the stand for the Senate Hearings into ASIC.  

Transformation- Posted on Friday, April 11, 2014

 

Did anyone pick this up during the Inquiry:
KIRK: "One of the things we (ASIC) did towards the end of last year was to make sure that they made it unambiguously clear to the remaining people with contested claims that not only could they go to FOS to have it resolved but CFP would waive any jurisdictional limits in that process. Some of those problems are under limited jurisdiction or they are disputes about whether there had been a previous agreement and there was already a binding deed of release and such. We got them to clarify for all of those customers that they were willing to waive those things."
Does this mean that FOS waived the jurisdiction limits?
How could borrowers get FOS to waive limits on loan compensations and write offs?

HEAPS OF GEMS LIKE THIS.  Every member must read the entire transcript...............................

http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22committees%2Fcommsen%2F0f3b88f3-7994-43a0-ad24-fb43a13d0e5f%2F0000%22

download the PDF

Proof Committee Hansard

SENATE

ECONOMICS REFERENCES COMMITTEE

Performance of the Australian Securities and Investments Commission

(Public)

THURSDAY, 10 APRIL 2014

CANBERRA

 

This is an uncorrected proof of evidence taken before the committee.

 

It is made available under the condition that it is recognised as such.

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Comments

  • doyla66
    doyla66 Saturday, 12 April 2014

    Senator John Williams has a Facebook page, please leave him a comment on how you feel about ASIC
    and their waffle at the hearing, and their cover ups etc.

  • doyla66
    doyla66 Saturday, 12 April 2014

    Here is another gem re FOS compensation limits waived

    page 17
    Mr Berrill: The targeting was so systematic and so measured—but actually it was the opposite of measured—it was so full on. You could see from the way the things went and the fact that it transpired that there were a number of people involved. It was a sort of boiler room, Amway-Mary Kay public forum style, 'I've sold the most. I've hooked in the most people.' There was undoubtedly an environment which was quite toxic and which created the problem that we have here. Is there a lesson to be learned here, and have CFPL copped a whack and learned a lesson? I think they have, it is pretty clear that they have. Is it going to moderate the behaviour of others? I think it has and I think it will. That feeds into things, like the FOFA reforms and whatever, as to how that plays out in the future. With the regulator quick action is important and resourcing is always an issue in these things. Our firm sees a lot of financial advice problems and issues involving ASIC.

    Senator WILLIAMS: Do you?

    Mr Berrill: Oh, yes, where ASIC gets involved as a regulator. We are at the compensation end of it and deal with that. I am not saying litigation is the be all and end all; far from it. I WAS ON THE BOARD OF THE FINANCIAL OMBUDSMAN SERVICE AND ONE OF THE CONSUMER REPS ON THE PANEL, so I have dealt with financial disputes for many years now. THIS IS NOT A NEW PHENONOMEN; THIS HAS BEEN GOING ON FOR A LONG, LONG TIME. THE COURTS ARE NOT THE BE ALL AND END ALL: THE OMBUDSMAN SCHEME HAS A VERY IMPORTANT ROLE TO PLAY. We had a number of cases that went to the Ombudsman and were resolved there. That has an important role to play. One of the things that was put in place was that people, potentially, could go to the Ombudsman if they had an issue, BUT THERE ARE MONETARY CAPS ON THE OMBUDSMAN'S SCHEME WHICH WERE WAIVED APPARENTLY. We had a number of people who did go through that process. That was good. Looking at the compensation arrangements I think that to put CFPL back in charge of the retrospective auditing process was flawed, and I think that is a lesson to be learnt for the future.

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