BFCSA Blog

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...

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...

Tom is spot on:  Denise, As know FOS are now eliminating the appeal avenue from their decisions and going straight to determination effectively benefiting the banks and themselves.  By the time the Senate Inquiry into Lazy ASIC reports  in March FOS and COSL hope to reduce their over bloated case load.  The one they both pretend they do not have.   Our Banks and ASIC, reminiscent of the Nazi tactics in the latter stages of WW11: holding centres and send everyone to gas chambers before the Allies arrived.  This time its the Bank Case Manager executioners.  Naturally, it's in everyone's interest except consumers of toxic bank loans, to have ASIC lie twice to Parliament: "we see no systemic issues."  Industry Regulators and their Banking Buddies must be desperate to shred the evidence to skew the figures of case numbers. Yes Sir:  The most experienced INCOME FIGURE FUDGERS and Document Magicians with disappearing files living...