MEDIA RELEASE
AUTHORISED NMK SOLUTIONS PTY LTD: Contact Natasha Keys 0424863063 tashkeys@hotmail.com
Financial Ombudsman Accused of Bias in Storm Financial Cases
Recent criticisms of the Financial Services Ombudsman (FOS) by politicians Nick Xenophon, Bob
Katter and Peter Whish-Wilson is receiving support from victims of the Storm Financial crises.
Luke Vogel, committee member of the Storm Investors Consumer Action Group, said after being
denied access to the CBA’s Storm victims compensation scheme, he has had his case against the
CBA recently rejected by the FOS for the third time.
“Finally FOS accepted part of our dispute concerning a $200,000 regulated loan. After providing
evidence of fraudulent activity, CBA assessing our loan under low-doc guidelines without our
knowledge and the banker’s admission to lower than normal financial checks because we were
Storm investors the FOS is now saying I have to foot the bill to fight the CBA in court” said Mr
Vogel.
Natasha Keys, from NMK Solutions Pty Ltd, who is handling Mr Vogels FOS case said FOS’s
refusal was in contrast with its acceptance of previous cases for Storm Financial victims against
other major banks including Westpac and ANZ.
“I find it extraordinary that on the one hand FOS will investigate cases against banks in relation to
Storm financial when the customer has limited documentary evidence but on the other hand it
refuses to investigate cases with unquestionable evidence” said Ms Keys.
“The FOS is compromising any illusion of independence with this conduct. FOS’s main role is to
ensure customers have an alternative to court because the overwhelming majority cannot finance
court action against their bank. If FOS cannot cope or deal with a case when it is handed the
evidence on a platter why should they be trusted to independently investigate complaints where
that process is not transparent?” she said.
Mr Vogel said he had commenced legal action in the NSW Supreme Court but only so far as to
preserve his legal rights soon to expire under the Statute of Limitations Act. He was unsure
whether he was in a position to continue for the high cost of litigation.
Mark Weir, joint Chairman of the Storm Investors Consumer Action Group, also criticised the FOS
in relation to the handling of his own case.
“Our FOS case manager called us and said they were preparing their final recommendation and
that they had found that Westpac had granted the loans by way of maladministration. Suddenly the
case manager was replaced and the new case manager overruled in Westpac’s favour” said Mr
Weir.
Mr Weir said they rejected the recommendation and are now seeking restitution by way of a class
action against Westpac in relation to Storm Financial being run by lawyers at Levitt Robinson.
Ms Keys said that since 2014 she had complained of preferential treatment against clients
occurring in the FOS and that the FOS had continued to reject and ignore her concerns.
For Further Information - Contact Luke Vogel 0431 142 889; Mark Weir 0409 270 333;