BFCSA: FOS the Bankers and ASIC damaged pensioners by classification 'Sophisticated Investor'

The Financial Ombudsman Service is unfairly weighted in favour of the Banks. The fact that a consumer cannot utilise and probably not afford, a lawyer where the Bank is using full time staff who are dedicated to this line of work in submissions. The Bank also uses terms, such as Sophisticated Investor to denigrate or in the alternative alleviate the responsibility in lending excessive funds to some people. This is a term used to describe a specific amount of asset and income, just because a bank lends someone $2.25M does not automatically qualify them as a Sophisticated Investor, although the Bank will state this just to leverage a favorable outcome from FOS. FOS will state "it is not a court and therefore cannot take evidence under oath or from third parties" but it will believe and accept as truth, anything the Bank cares to state as fact whilst discarding any statement or evidence contrary to these findings. FOS is a sham and a shameful blight on the Australian economy covering up widespread and serious crimes perpetrated on the public by the Banking Cartels.

 DENISE COMMENTS on this one:

Yes Jetfighter, I met with Regional Director of ASIC in 1999 and we discussed this issue of 'sophisticateds' the ASIC Directors met twice per year in national 'talkfest." The Banking Industry wanted another exemption/loophole to change legislation set in stone by Parliament to protect EVERY consumer from parasitic bankers et al. Bankers argued to ASIC in previous meeting: To protect consumers is vital, but Kerry Packer (as example) is "big enough and ugly enough to look after his own money so we think ASIC should only bother with the poorer crowd and provide for exemption for Kerry and mates." ASIC lovingly agreed with the Bankers and said OK then: "what limits do we set for investigation." One million was he answer around the Directors Table: "if investors have a million cash to invest (not one million debt!!!!!) then exemption is granted for one million." The following phone call from the bankers: "No you twits, we are in control here, we want exemption to be only $500k .....in best interests of consumers of course." Parliament had not contemplated ASIC granting malicious exemptions for bankers to escape law and to intentionally crucify consumers whose "loans" were more than $500K. ASIC said: "awe shucks, but OK to $500k." I suspect kickbacks came in handy for the ring leaders at ASIC that we call the "friendlies." True story from the Director in WA who was present at this charade, as we met for quiet coffee. Minutes from meeting would be of interest to the Royal Commissioner. So most consumers were stitched up by Bankers who started approving more than $500k loans to pensioners. Bankers are a creepy crowd of goblins. Then Colin Neave at ABOS , later named BFOS and later FOS started throwing out all "sophisticated" pensioner complaints. Good one Colin! Oh and his little understudy Field said: "Yes Sir Colin, I can do that too....for the next 20 years!"
FOS Loves throwing consumers in the trash can.