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MAKING NEWS

Thu, 18 December 2008
Ombudsman besieged with financial disputes
THE global financial crisis has caused a large increase in the number of customer disputes arbitrated by the Financial Ombudsman Service.

Complaints about managed investments and financial planning advice, along with a big jump in banking and finance matters, dominated in a 22.8 per cent surge in the number of new disputes received by the service in the year to June.

Chief ombudsman Colin Neave has outlined a broad cross-section of financial disputes, including aggrieved home buyers who had locked into fixed-rate home loans as variable rates dived.

There was also a 152 per cent increase in complaints about managed investments and a 55 per cent jump in financial planning disputes involving allegations of inappropriate advice and sub-standard service. Source: The Australian

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Buying a home when rates go up
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Buying a home when rates go up
When rates go up, opportunities abound. You see, many homeowners, builders, and developers, find themselves in more negotiable positions because of the laws of supply and demand. Surplus rises, and buyers slow down ... more

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