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The ASIC and FOS Consumer DOOM LOOP run by Australian Banks:
We must have ROYAL COMMISSION into the BANKS and the nay-sayers and Turncoats need to STOP poncing about.
The best white collar crime PONZI is where the perpetrator of fraud is in CONTROL of the COMPLAINTS HANDLING system.
The EDR system is an evil mechanism for a second fraud perpetrated on consumers.
ASIC simply steers the bank victims into the DOOM LOOP vortex.
We know from our BFCSA collective data from members that FOS Determinations mostly show “Yes Maladministration in Lending.”
Yet FOS then do a series of maths (they are good at maths and calculators) that show $20k to $60k tops “compensation.”
It’s a bad joke. The average loss is around $300k = loss of investment Property but also then the loss of home.
I have also had hundreds of consumers write to ASIC and complain about Banks: the response is a buzz off letter AND go to FOS.
Around in the DOOM LOOP, FOS can then capture the consumer and deliver the bang over the head with a blunt instrument: Determination saying we say “fair” is a $20k discount on your mortgage.
That’s a discount on the $200k the bas make on each loan over five years.
FOS use a “bank specialist” seconded bank officer to look at the complaints against their own Cartel bosses.
Their legal advice comes from bank lawyers: Gadens and is bank biased due to contractual advantage Gadens have over the mortgage contracting business and repossession of homes.
FOS delivers a letter with the Determination to the haplessly stitched-up mortgage consumer saying in menacing bully-boy tones:
Sign and agree to take the “handout” or go to court. You have 30 days and then we will close your file.
CASE CLOSED. However if you agree Bank lawyers draw up a DEED which demands the consumer’s confidentiality re the amount of the “handout.”
There are even clauses that are non-enforceable and breach laws. The Banks do this to intimidate and because “they can.” Banks pay $5000 to FOS for each phony investigation." FOS receives $34 million per year from Banks.
Hundreds of people who sign these documents then complain back to ASIC re bullying unfair tactics by FOS.
ASIC respond with: We cannot look into the matter because THE OMBUDSMAN’s DECISION IS FINAL.
Bankers have won again and it’s called the ASIC & FOS Consumer DOOM LOOP
And that is why a ROYAL COMMISSION into Banks is critically important for Consumers.
What Warren Entsch and his Turncoat Cohorts have not mentioned is the Reports furnished to the Senate published in April 2016:-
I have actually written five pages in 73 page submission to Parliament re the ASIC and FOS Consumer DOOM LOOP
Also see the LF Economics Sub # 63 Report written by David Lindsay and Philip Soos
Denise L Brailey