Resolving Bank Disputes for Over 15 Years

Bank Complaint – scandals and rip-offs

Bank Complaint - A string of scandals and rip-offs in the financial sector has led to the Government placing a levy on banks and increasing ASIC's surveillance powers to crack down on financial misconduct. See the link below or read the story here: Big banks to foot bill for ASIC…

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Bank Problem – ANZ reveals home loan fraud

Bank Problem - ANZ internal lenders defraud or misrepresent clients for $2.6 million. Click on the link below or read the story by Sarah Danckert here: ANZ reveals home loan fraud issue in inquiry submission ANZ has compensated nine clients, who were defrauded or given misrepresentations by internal employees, to the…

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Ombudsman Finance – preparing inaccurate file notes

Ombudsman Finance - preparing inaccurate file notes Following Dispute Assist exposing the Financial Ombudsman Service for preparing inaccurate file notes on ABC 7.30 Report, The Drum follows up on the story reporting that FOS "has failed to explain why a senior official in a quasi-judicial role would make file notes…

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Finance Ombudsman Service – preparing inaccurate file notes

Finance Ombudsman Service - preparing inaccurate file notes Following Dispute Assist exposing the Financial Ombudsman Service for preparing inaccurate file notes on ABC 7.30 Report, the Shanghai Daily picks up the story: http://www.shanghaidaily.com/AustraliaPlus/Calls-for-Financial-Ombudsman-Service-to-be-disbanded-over-credibility-issues/shdaily.shtml Independent Senator Nick Xenophon is calling for the Financial Ombudsman Service (FOS) to be disbanded and replaced…

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Ombudsman Finance – Ombudsman under fire

Ombudsman Finance - Ombudsman under fire. Following Dispute Assist exposing the Financial Ombudsman Service for preparing inaccurate file notes on ABC 7.30 Report, Politicians are demanding change. Listen to AM Radio story "Financial Ombudsman Service under fire as Politicians demand change": http://mpegmedia.abc.net.au/news/audio/am/201603/20160317-rnam02-fos.mp3 "Politicians are calling for the bank-backed dispute service…

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Services Ombudsman

Ombudsman for Financial Services

Ombudsman for Financial Services. Dispute Assist exposed the Financial Ombudsman Service for preparing inaccurate file notes. See ABC Online story "Calls for Financial Ombudsman Service to be disbanded over issues in Goldie Marketing court case" See story at http://www.abc.net.au/news/2016-03-16/calls-for-financial-ombudsman-service-to-be-disbanded/7250894 or read below: Independent Senator Nick Xenophon is calling for the…

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Bank Complaints – Mortgage bubble in Australia

Bank Complaints - Australia is likely to have an increase in bank complaints if the mortgage bubble in Australia bursts. See 60 Minutes story 'Home Groans' here https://www.9now.com.au/60-minutes 60 Minutes reports that investment expert, Jonathan Tepper, who predicted the mortgage bubble burst in Ireland and the USA says he has…

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Financial Ombudsmans Service – alarming divergence in FOS file notes – ASIC asked to explain

The ASIC has been asked to explain the alarming divergence in the Financial Ombudsmans Service file notes, to read Senator Xenophon's questions to ASIC and ASIC's reply, go to 92-96 in the link or see the questions below: http://www.aph.gov.au/Parliamentary_Business/Senate_Estimates/economicsctte/estimates/sup1516/Treasury/index Senate Economics Legislation Committee ANSWERS TO QUESTIONS ON NOTICE Treasury Portfolio…

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Dispute with Bank

Problems in banking – Housing market cools as property investor lending suffers largest fall in 7 years

Problems in banking by finance reporter Stephen Letts, see story at: http://www.abc.net.au/news/2015-11-10/housing-market-cools-as-property-investor-lending-suffers-fall/6928004 [caption id="attachment_393" align="alignleft" width="300"] Problems in banking - Housing Market Cools[/caption] The campaign by financial regulators to take the heat out of property investment appears to be working, with investor mortgages tumbling by 8.5 per cent, the largest…

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Problems in Banking – Dispute Assist Submission to Inquiry into Scrutiny of Financial Advice

To read about problems in banking, see the Financial Ombudsman Service creating misleading file notes in Dispute Assists submission to the Senate Economics Committees inquiry into the Scrutiny of Financial Advice go to submission number 134, page 7 and go to Case Example A on page 8: http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Scrutiny_of_Financial_Advice/Submissions If you…

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Dispute with Bank

FINANCIAL ADVICE SCANDAL GROWS

The Financial advice scandal continues. We have seen the scandal with CBA's financial planning division, NAB, Macquarie Private Wealth and now IOOF joins the growing list. IOOF manages more than 650,000 clients with $150 billion of their money. Fairfax Media exposed serious allegations of misconduct by current and former members…

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Dispute with Bank

Reserve Bank Warning

Risks to household and commercial property sector. "Ongoing strong speculative demand would tend to amplify the run-up in housing prices and increase the risk that prices in at least some regions might fall significantly later on". "Importantly, a future fall in housing prices would reduce wealth and dampen spending for…

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Dispute with Bank

NAB financial advice scandal

During a Senate Committee hearing 6 March 2015, it emerged a total of 41 NAB advisers had either resigned or been forced out of NAB over the last five years. Since emerging as a whistleblower in the Commonwealth Bank Financial Planning scandal and previously having worked for ANZ and NAB,…

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Dispute with Bank

NAB financial misconduct – calls for a Royal Commission

Two Coalition Senators have said that a royal commission should be held into white collar crime, as a Senate inquiry heard evidence of financial misconduct within National Australia Bank (NAB). “ASIC doesn’t have the resources to properly investigate even these kind of scandals that we’re looking at now, how will…

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Dispute with Bank

Secret files expose NAB Bank staff of faking documents and signatures leading to 30 staff sacked

Leaked NAB documents reveal that NAB knew that some of its staff had falsified documents and forged signatures. In August 2014, NAB wrote "We have suspended, terminated or ensured resignations of 31 NAB financial planners and aligned advisers over the past two years due to conflicts of interest, inappropriate advice,…

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Dispute with Bank

Banks now have a new tool to help detect financial abuse of Australians

Capacity Australia, has released a simple online education and assessment tool to help bank staff combat rising financial abuse of vulnerable people. It is estimated that around 150,000 Australians over the age of 65 are subject to some form of financial abuse from family members or other people in their…

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Dispute with Bank

Appeal of Financial Ombudsman Service (FOS) Determination – FOS erred

We lodged a complaint with FOS on behalf of our client and FOS subsequently closed the complaint. As a consequence of FOS closing the complaint, this would enable the bank to commence legal proceedings against the business. The business sought an injunction against its bank restraining it from taking any…

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Dispute with Bank

Watering down of Financial Ombudsman Service (FOS) Terms of Reference (TOR)

Substantial changes have been made to the FOS TOR that came into effect 1 January 2015 (although some changes to insurance disputes do not commence until 1 January 2016). The most critical change is that if you are a small business with a dispute about debt recovery with a debt…

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Dispute with Bank

Happy New Year

We would like to wish our valued clients and the community a safe and prosperous new year. We hope that the new year is a positive one, just remember the saying “Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.”

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Dispute with Bank

Thank you and Merry Christmas

Dispute Assist staff would like thank all those who sent us Christmas wishes and gifts, your thoughts and kind words are much very much appreciated. We hope that you all have a safe and very merry Christmas!

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NSW Legislative Council – Hansard

The investigation into the Commonwealth Bank's employee Mr Edmonds "uncovered evidence that Mr Edmonds approved risky loans and found that he was complicit in the use of fake company seals, had forged signatures, and had opened accounts in fictitious names" and "Five years ago consumer advocate Bruce Ford informed Mr Macdonald's office of…

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Ian Macdonald linked to ‘crook’

Dispute Assists, Mr Bruce Ford's email to the Minister Ian Macdonald office reveals that his office "was advised five years ago that Grant Edmonds had been the subject of an internal Commonwealth Bank investigation into fraudulent conduct at the bank." The program reveals that "Edmonds is a man described in…

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The ABC’s Law Report – Bank Guarantees

See the media report where Dispute Assists, Mr Bruce Ford says "The dispute resolution processes provided by the banks are seriously lacking. It has a number of failures in that banks simply a) are not offering it as they should in accordance with the industry code, or b) even in…

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Banks play hard ball

Bruce Ford of Dispute Assist adds his weight to help recover $12,000 for one of his clients. Read the Money Magazine's appraisal of his effort. Banks play hard ball Solid evidence proves the point After ten years of helping consumers resolve bank disputes, Bruce Ford of www.bankdispute.com.au says: "More often…

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