So if I understand this correctly, if your Australian bank assists in transferring money to international criminals (like Banc de Binary), the Aussie FOS will actually let you file a complaint against the bank for failing to notice that it's actively assisting scammers in robbing you???
If so, this ROCKS!!! (and also provides something some UK victims may want to try with their own FOS)
Exactly! All regulated banks must act in a prudent way. They must conduct their business with a duty of care to their customers. The general consensus is that the person conducting a transaction using a bank in Australia, that bank has due diligence and a duty of care on their conscience when processing the transaction to a KNOWN FRAUDULENT COMPANY.
If a company is on the list on ASICs MoneySmart website as a known scam, ASIC notifies all banks through email alert of the company name and known connected bank accounts. if the bank does not act to follow the alert given and stop transactions to those accounts, the bank is not acting with honesty, integrity, transparency and using information to protect their customers, then the bank is liable for the fraud.
IT DOES ROCK HEY!!!!! I wonder if the UK holds their banks accountable like this?