From Dale - BFCSA Member
August 29 at 6:50pm
I want Westpac and Suncorp in front of a Royal Commission after our income figures were exaggerated by both Banks to get our loan across the line for the same property. Guess what the exaggeration was similar but one Bank slightly higher because we needed more money from one than the other so the percentage of fraudulent figures were changed to suit the required percentage to have the loan approved. After an extended period of pursuing ASIC over the banks NON prudence in the way they had conducted their verification process we finally gave up and took the FOS avenue.
They are very Bank weighted but we did have both Banks found guilty of maladministration in lending. The thing I find most interesting in the FOS findings is that they had found both Banks had committed the same offence and yet our case at COSL against our Brokers was thrown out COSL found the Brokers in no way responsible.
So with the Brokers completely exonerated then the same crime in our loan by two separate Banks means that the ways the lending is decided by all Banks follows the same criteria. If the criteria being used by all Banks is Imprudent or the practices lead to Maladministration loans then this would indicate that it is a general across the board practice so you would say SYSTEMIC the very thing that our regulator ASIC vehemently denied.
The Royal Commission into the Banking and Finance Industries is essential not only to bring our out of control Banks to account but to also get to the bottom of how our very limp wristed regulators control these industries also how they so poorly conduct their own business. ASIC's intelligence of Brokers and Fund Managers etc that are trading without the required education or qualifications and the fact that many run nothing but Ponzied Pyramid businesses and are broke and have shifted client funds well and truly before they attract the regulators attention needs review.
There is far too many anomalies in our system and far too much decent people's money being stolen and shifted into untouchable or untraceable accounts that it not only leaves many decent people broke destitute and without a roof over their heads but is now dramatically affecting our entire economy.
High time for our present government to throw out the window their very seriously loving relationship to the Banking and Finance Industries and bring all operating outside the law to profit from their crooked practices to account. A Royal Commission into the Banking and Finance Industries and for that matter include the decisions that are being handed down from our Regulators, so we certainly need the widest terms of reference.