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Westpac Broking - Updates to Complaint Issues

22nd February 2008 - Letter Sent to BT Margin Lending

Through my Lawyer, we advised Westpac Banking Corporation & BT Margin Lending that I would not be paying the amount they were requesting by the due date. We also advised that, at their suggestion, the matter would be referred to the Financial Industry Complaints Service (FICS). We requested that BT take no action until the matter had been reviewed by FICS.

22nd February 2008 - Email Sent to BT Margin Lending

An email from myself was sent to Sandy Basten (Head of Credit, BT) advising that the complaint had been revised and offered to personally send him a copy. I also posed the question as to whether Westpac were still unwilling to negotiate any remedy to my complaint. In this email, I mentioned that all I was requesting was 'A Fair Go'.

23rd February 2008 - Complaint Sent to FICS

A formal complaint containing over 150 pages of well documented supporting evidence was posted to the Financial Industry Complaints Service.

25th February 2008 - BT Foreclose Loan

In reply to my email asking if Westpac were still unwilling to negotiate any rememdy to my complaint, Mr Sandy Basten from BT confirmed that Westpac were disregarding my complaint and without warning, advised that they had sold off my entire portfolio in order to cover their losses.

26th February 2008 - Complaint Sent to 'Appropriate Authority'

Personally convinced that Westpac were guilty of fraud, serious misconduct, harrassment, multiple breaches of the banking code, criminal activity and misleading or deceptive conduct (which affected a number of clients other than myself), the matter was referred to the 'appropriate authority' for investigation. The updates on this will remain confidential.

2nd March 2008 - Westpac Broking Still Ignoring Complaint

Westpac Broking have still not bothered to respond to my serious complaint (dated 21st January, 2008) which highlighted a critical technical error found while using their online web application software. A number of phone calls & requests for a reponse had previously been made to the staff member at Westpac apparently responsible for handling my complaint whom advised that he was waiting for a response from the compliance team.

2nd March 2008 - BT/Westpac Broking Advertise Job for Compliance Manager

Interestingly, we discover that a newly created opportunity has arisen to join the Westpac Broking Compliance team. This position at BT/Westpac Broking was found advertised on the internet.

10th March 2008 - Still no Response from Westpac Broking

Seven weeks after faxing my complaint through, Westpac Broking have still not responded.