BFCSA Blog

Dear Vic,  This system of fraud by FOS and COSL will be exposed I can assure you. The Financial Ombudsman's decisions and that of COSL favour the banks.    We have been collectively road testing their decisions.  For 12 months FOS has been systematically bi-passing the recommendation stage and there is no longer a panel of review.  The investigators are seconded by the banks (as in the IFSA scandal."   There are two arrogant ex banker men making decisions and saying:- "My decision is binding, take it or leave it, yes it favours the banks, but you now have the chance to go to court with no money.  Yes there is Maladministration in Lending, no we will not name the banks because most complaints involve the Major Banks who pay us (FOS) $5000 per complaint.  ASIC condone what we are doing, the banks will grab your home when we close our...

Is it any wonder COSL does not want to investigate cases if there is FRAUD?  The Big "F" Word that no regulator wants to deal with.  ASIC knew it was the Lender Serviceability Calculator that created the FRAUD internal to the Banking Cartel.  We have the evidence in spades.  ASIC know it's a giant bank fraud and say: "what do you want us to do?"  "We could have acted under the old laws and didn't?"  So a decade of lost homes but who cares? Have a look at their BOARD and understand why: http://www.cosl.com.au/about/cosl-board/  Supposed to be preserving the INDEPENDENCE when he himself is conflicted?   No wonder there has been NO COSL decisions favouring consumers re Mortgage LENDER Fraud.  COSL is looking after its member lenders very well indeed.  Scanlon would be looking after Perpets - huge volume of victims there.................................................. The Treasurer Mr Hockey said in 2010, "I would not...

We need Bankers behind Bars.  As expected, the Banksters and ASIC Mates of Tregillis have finally and completely captured the Financial Ombudsman's Service............................COSL was captured by non bank lenders from the very beginning. STAFF at FOS are in danger of concealing major criminal conduct in the Banking Sector:  Staff could be charged as being an accessory after the fact. Everyday, FOS staffers see files littered with the crime of fraud and forgery by Bank Staff and are not reporting instances to Police.  Yes there is a Construction Cartel but there is also a Banker Cartel and has been since de-regulation of banks.  Money breeds corruption.  Big Money creates an even bigger Cartel. FOS is consistently buckling under pressure from Banks and ASIC Mates.  COSL was always under the non lender's thumb but, for two years FOS seemed to lift its game regarding investigations into Bank Fraud and Maladministration in Lending, meaning imprudent banking decisions, exaggerated...

Dear Mr Treasurer, Hon. Joe Hockey We know by experience COSL (Credit Ombudsman's Service to its own Members: Non Bank Lenders), needs to urgently have their EDR licence revoked.  They are incapable of handling consumer complaints and we both know the reason.  FOS will start to deal with a case regarding a Major Bank and then miraculously, the dirty toxic loan time-bomb is hand-balled over to a non bank lender whereby COSL will bury the bodies and even dig the graves. I recall a Hogans Heroes joke where Sgt Schultz announced new underwear, explaining Barracks A would change with Barracks B................And so the Major Banks in Australia are developing the same trail of deceit:  Hand-balling TOXIC LOANS TO EACH OTHER TO AVOID SCRUTINY,  as a ploy to be paid for stealing people's homes via TOXIC LOW DOC PRODUCTS which the Major Banks engineered in the first place. People are being tossed...

We copied this from COSL Case History File on PREDATORY LENDING.  The case highlights why asking for a mortgage from a NON BANK LENDER is deadly high risk territory........................ This is the problem with COSL:  Facts of the case The complainants responded to an advertisement by the financial services provider, a broker, who professed to specialise in bad credit loans. They were looking to refinance their existing home loan and borrow a little extra to convert their garage into another bedroom. Their existing loan was in arrears and they were about to lose their home. The complainants were both unemployed and on Centrelink payments, with four children and another on the way. The Broker was aware of this.   Nonetheless, the Broker arranged two new loans for them one for $110,000 at 8.95% (plus 3% on default) and the other for $72,317 at 23.60%. The loan was repayable in twelve months...