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...

Yes folks, its another ugly twist and the lengths our Greedy Bankers will go to gain an extra dollars profit.  Shareholders could be in for a huge falls in dividends when truth finally oozes out onto the footpath.   Bankers were not looking after shareholders, but looking after "selfie" monkey business. Parental guarantees on mortgages were approved without the legal requirements being met.....independent letters from lawyers to say they had been fully briefed on risk of losing one's home.  Even if the parents understood the risks – that even signing a document to this effect was still a breach of law, if the parents were to receive no benefit.....etc   Banks have defrauded guarantors in some cases by making them actual co-borrowers on paper… What a shocking state of affairs that is?   FOS had no idea until BFCSA pointed out these issues......wonder what happened to earlier cases that need to be re-opened and independently examined?...

 I was informed by FOS I'm responsible for signing LAFS, and that I should pursue with taking action against the broker. In other words the banks are not at fault for us signing forms not knowing what was  going to be added after signature obtained. And that I should have got a copy.I asked for copy and was told it goes to the bank. Ignorance doesn't win cases  he said. I told him it was a scam perpetrated by the banks against a lot of financial illiterate people like myself who relied on guidance from Brokers, not expecting to be done over  and ruined by their greed. I told him I speak with other people in the same situation who used other brokers and the same was done to them  in the same way, he said, we are starting to find this out. Basically what he was saying, his hands are...