All the striking force of the wettest bus ticket

Once again the Office of the Banking Ombudsman strikes with all the power of the wettest of bus tickets…

All we can do is continue to push back…eventually the weak link will give way…

Thanks, Nicola

I am concerned that the best time-frame your “Early Resolution Team” can deliver is three months, more so when ANZ is already trying to forcibly sell my home now.

Further, for the record, your office did not respond to my last complaint. You did not comment on the evidence presented to you of:

– ANZ’s quite deliberate deception and obstruction, including the blatant fabrication of evidence.

– ANZ’s acceptance of guarantees as forms of security enabling its obligation of disclosure under the Code of Banking Practice.

– ANZ’s reckless lending and failure to ensure, under the Code, that the – borrower was reasonably able to repay the loaned amounts.

– ANZ’s statements that it did have an obligation of disclosure, especially where additional lending might cause the guarantor to reconsider giving the guarantee or where that lending was outside the purpose for which the guarantee was originally given.

Even when directed by the chair of the Banking Ombudsman Scheme to review this case, your office deliberately restricted that review to the process and not the issues raised.

You have attempted to deflect inquiries to government agencies like the Privacy Commission, Commerce Commission, etc but in each case, these government agencies have referred the matters raised back to you.

Unfortunately for the banking public of New Zealand, your office remains the primary watchdog against predatory bank practices. It beggars belief that even after the two reports released by the FMA and Reserve Bank on banking culture and conduct (Bank Incentive Structures, Bank Conduct and Culture, that your office remains on protecting offending banks from the consequences of their poor conduct. It is the failure of the Banking Ombudsman Scheme that has allowed banks in New Zealand to take advantage of the vulnerable and disadvantaged.

Simon O’Neill