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Fact 001
A BANKING Ombudsman or a BANKER'S Ombudsman?

A Banking Ombudsman or a BANKER'S OMBUDSMAN ?

The intrinsic appointment of any Banking Ombudsman worldwide is for the sacred protection of consumers against the undesirable practices of powerful Financial Service Providers . Of greater necessity is the requirement of impartiality and this position must not in anyway whatsoever even appear to be a creature of an infallible, arrogant, predatory and abusive banking cartel. Any eminent and distinguished attorney with a history of successful consumer representation against deep-pocketed banks can better serve this office in the Public's Best Interest, than a pillar of the banking system having in the past, defended banks in court, even in sworn affidavits.

We quote media interviews:

•  “We will accept complaints based on events after January 1, 2003. We agreed with the banks on this”

•  Of the maximum $500,000 to be awarded consumers for banking malfeasances “It is a big limit. I hope I don't ever have to call on it”.

•  “It was a case of getting together with the commercial banks to agree on my terms of reference. These are the terms of reference that I now operate on”.

•  “You cannot come to me and say that the interest charged by this bank is more than they should be because as I see it, when you have a relationship with a bank, it is a contractual relationship”.

In the stark absence of a facilitative secondary financial market and a credit grading system, what choice does the poor consumer have? Where else can they go but to enter the gates of piranhas when they desperately need a loan for medical, education, car, mortgage, taxi, or small business? Where else?

Of greater concern to PIRG : If banks are paying for this office it would prove itself irretrievably tainted and totally ineffective in meeting the required needs of consumers whose clarion calls demanded this protection in the first place.

PIRG recommends you call us for a listing of attorneys and undertake litigation against your bank if you feel spited in any way, be it breach of confidentiality, wrongful bouncing of your Cheque, commercial pressure to cause your demise, wrongful seizure, discriminatory lending practices, predatory pricing, erroneous advice causing you financial or other losses, fraud, libel and slander, and all other banking misfeasance and malfeasance.