BFCSA Blog

FOS complains members aren’t paying their determinations:  One Third of determinations not met by the Banks. 9 April, 2014 Jason Spits 0 comments  The Financial Ombudsman Services (FOS) has stated that the failure of some FOS members to pay determinations is “emerging as a structural issue in our investments jurisdiction” after more than $8.3 million is still to be paid to consumers.  FOS Chief Ombudsman Shane Tregellis said the figure related to 18 financial services providers who have not complied with determinations made against them by FOS during the period from 1 January 2010 to 1 January 2014.  Tregellis said while the failure to pay determinations involved a small minority of the 4900 FOS members, the $8.3 million represented a third of all determinations made in FOS’ investments jurisdiction.  The $8.3 million is owed to 99 applicants to FOS, with all the unpaid determinations - except one - involving financial advisers. FOS is required...

Mortgage dispute case total mounts By IAN KIRKWOOD March 23, 2014, 10 p.m. CHARLESTOWN woman says the “huge response” to her call for a royal commission on mortgage fraud and sub-prime loans shows the problem is far greater than authorities will acknowledge.   CAUGHT: Michelle Matheson, with her mother, Delys, has been battling to keep her home. Picture: Darren Pateman   A CHARLESTOWN woman says the “huge response” to her call for a royal commission on mortgage fraud and sub-prime loans shows the problem is far greater than authorities will acknowledge. Michelle Matheson, a single mother of three, has been fighting for seven years to keep the home she bought with a “low-doc” loan through a mortgage broker. In her struggle, she has found many other “ordinary Australians” in similar situations and is working closely with Western Australian activist Denise Brailey, founder of the Banking and Finance Consumers Support Association....