The September 2006 Bulletin from the Banking and Financial Services Ombudsman contains an extract of the presentation given by Diane Carmody, General Manager BFSO, to the International Alternative Dispute Resolution Conference in August (see also her conference handout).
In the paper she said:
Between September 2001 and June 2006 BFSO has investigated and resolved 70 systemic issues. Some of the causes of the systemic issues are:
- Failure to disclose information about the operation of an account or facility
- Ambiguous and misleading disclosure
- Computer programming errors
- Human intervention
- Complex product packages
- Mergers and acquisitions
- Contract and calculation errors – fixed rate loans
