Determination - 29 November 2017 

Key Issues: Construction loan | Small amount lender | Unauthorised transactions | Not acting in line with good industry practice | Not acting within standards set out in Code of Practice

Case summary

    • The consumer’s complaint relates to a number of unauthorised transactions that were made from his account with the FSP.

    • We found that this claim was made out and recommended that the FSP refund the consumer part of the funds withdrawn from his account, being $56,011.95.

    • The consumer claimed that the FSP inappropriately allowed his ex-wife to conduct withdrawals from his account.

Follow this link for a full copy in PDF   Determination.