Letter to Adele Ferguson 5 Oct 2019      Defined Terms and Documents  

(b)       Posted on CDs to the Reserve Bank his Submission dated 8 Dec 2011 that beseeched the RBA to rely upon its Extensive Powers to require Credit Card Issuers in Australia to adopt the User Pays Principle because Transactors enjoy their Lines of Credit at virtually no cost and Persistent Revolvers that regularly possess poor Financial Literacy Skills and account for only 12.58% circa of Credit Cardholders contribute a whopping 80% circa of all Interest And Penalty Fees Revenue generated from Credit Card Products.  Section 8 of his submission to the RBA accords with recommendations within "RBA's Reform of Credit Card Schemes in Aust:  "A Consultation Document" – Dec 2001 in particular "A movement towards a “user pays” approach to credit card payment services would be consistent with the approach adopted by Australian financial institutions in pricing other payment instruments under their control."

(c)       Posted a Submission to Maurice Blackburn on 25 June 2017 (on DVD) asking it to run a Class Action representing 400,000 circa Eligible Persistent Revolver Plaintiffs against the Reserve Bank for breach of its Statutory Duty and Fiduciary Duty to the material detriment of those Eligible Persistent Revolver Plaintiffs. 

(d)       Maurice Blackburn response letter dated 14 July 2017 included:

"Conclusion

In our view there would be legal risks associated with a claim in relation to the circumstances outlined in your letter and for this reason the proposed claim does not meet our criteria for the pursuit of a class action.

Although it may be the case that financially vulnerable consumers are at risk when it comes to credit card products, we think that the concerns outlined in your letter would be best addressed by legislative or regulatory change that is designed to protect the interests of these consumers.  In this regard, we suggest that you contact your local Member of Parliament to continue your advocacy on behalf of vulnerable consumers."

(e)       Emailed his Public Submission sent 22 April 18 to the Royal Commission which was deemed ineligible because he had not personally suffered a financial loss.

(f)        Posted all requisite information to Dr. Peter Brandson, CEO, Bank Reform Now, PO Box 497, Batemans Bay NSW to justify a second wave of the Royal Commission (only two weeks of hearings and cross examination), specifically to address an alleged breach of Statutory Duty by Australia's Principal Regulator of the Payments System that has cost 400,000 circa Credit Cardholders across Australia (first identified as Persistent Revolvers by the Reserve Bank of Australia in its Submission to the Senate Inquiry into Matters Relating to Credit Card Interest Rates - Aug 2015 in Graph 7 titled ''Cardholder Payment Behaviour") because 400,000 circa Credit Cardholders -

 a)        have paid in excess of $20,000 each in Interest and Penalty Fees (charged at Usurious Interest Rates) over up to a continuous nine years period at an average Comparison Rate Over 18% Per Annum

b)        were misled by Predatory Advertising Targeted At Credit Cardholders With Low Financial Literacy Capacity that constitutes Unconscionable Conduct;

c)        have suffered Extreme Financial And Emotional Distress; and

d)        posses poor Financial Literacy Capacity (predominantly Level 1 or below, and some Level 2) as -

           (i)       identified and quantified by the Productivity Commission, the ABS and ASIC separate written reports (Chapter 1); and

           (ii)      evidenced on a daily basis by 500 circa Financial Counsellors employed by 44 charities/community organisations that collectively receive $43 million annually from the Commonwealth Govt. ($20m) and the State Govts ($23m) via Financial Counselling Australia (Chapter 7).