BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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From My Window

These are blogs which are not specific to any other categories

Subcategories from this category: Time to Relax, COURTS & LEGALS

Recent posts from this category

  • BFCSA: PS CEO WARS - APRA rejects claim it needs to do 'a better job', blames ASIC

    Posted by Denise - 0 Comments
    APRA rejects claim it needs to do 'a better job', blames ASIC Australian Financial Review Mar 28 2018 12:56 PM James Frost   Australian Prudential Regulatory Authority chairman Wayne Byres has denied his organisation was unable to keep the banks in line and said there is little evidence of a lending free-for-all. After more than an hour of questioning of about revelations of lax lending standards from the Hayne royal commission, he told the House Economics Committee  that while there was a small cohort of borrowers who would have difficulty servicing loans when rates move higher there was no sign of a broader problem. "We are still dealing with an environment in which arrears are not particularly high, they are higher than they have been for a while, but if lending was a free-for-all in the way that some are suggesting I think arrears rates and other things, indicators of financial...
    Mar 28 Tags: Array
  • BFCSA Members sent in 400 letters and evidence of fraud to CORRUPT ASIC re 2012 Mortgage Fraud.

    Posted by Denise - 0 Comments
    BFCSA Members sent in 400 letters and evidence of fraud to CORRUPT ASIC re 2012 Mortgage Fraud.  ASIC told Parliament in evidence: NO SYSTEMIC issues in banking and mortgages.................................................. BFCSA Members AGREE that ASIC cannot be trusted to handle consumer complaints.  Collectively we have amassed mountains of evidence of the corruption if ASIC, sustained over 8 - 10 years.  ASIC protected the Bankers and demonised Consumers and Borrowers.  I personally had over 30 meetings with ASIC executives for over 19 years.  The Commissioners have been fully briefed.  ASIC should have been asking BFCSA/RECA discover the Australian Bankers Control Fraud and Mortgage Fraud.   BREAKING NEWS.....TODAY! ASIC have told the Senate committee on Wednesday that it's finally decided to 'look into' mortgage fraud and see for themsleves "how wide spread it really is!!!"  This is despite ASIC's blatant lies to the Senate, time and again: "we can see no evidence of systemic issues!" CORRUPT ASIC have sat on a mass...
    Jun 02 Tags: Array
  • FBAA defends commission model to Senate inquiry

    Posted by organza - 0 Comments
    FBAA defends commission model to Senate inquiry   1 May 2017   Annie Kane   https://www.theadviser.com.au/breaking-news/36012-flat-fee-model-could-lead-to-poor-consumer-outcomes-fbaa   The industry association has defended the current broker commission model to the Senate economics references committee and warned that switching to a flat fee model could lead to “extremely poor consumer outcomes”.   At a public hearing in Sydney last week, the executive director of the Finance Brokers Association of Australia (FBAA), Peter White, was questioned on the Australian Securities & Investments Commission (ASIC) report into remuneration and whether there were any poor consumer outcomes happening in the broker sector.   Touching on the ASIC recommendation that lenders “change their standard commission arrangements so that brokers are not incentivised purely on the size of the loan”, the senate questioned whether fees for service, rather than commissions, would be a suitable alternative.  However, Mr White told the senators that this would not be in the best interest of the...
    May 01 Tags: Array
  • Record numbers under mortgage stress

    Posted by organza - 0 Comments
    Record numbers under mortgage stress   1 May 2017 Duncan Hughes http://www.afr.com/personal-finance/record-numbers-under-mortgage-stress-20170501-gvw2vt Record numbers of Australian households face mortgage stress as large loans and rising interest rates start to bite, according to detailed analysis of lending, repayments and household incomes. Affluent suburban postcodes feature among an estimated 1000 households a week expected to face mortgage default over the next 12 months, the analysis reveals. "Debt stress momentum is unprecedented," according to Martin North, principal of research firm Digital Finance Analytics, who has been doing the survey for more than 15 years.  "This is not just about mortgage battlers. It is also hitting the households with bigger incomes and more leverage. It is worrisome," Mr North said. Numbers of borrowers in severe distress has increased by about one-third to about 32,000 in the past 12 months, he said.  Concern that 767,000 households – or one-in-four across the nation – are facing financial distress...
    May 01 Tags: Array
  • ASIC admits product manufacturers try to shift blame

    Posted by organza - 0 Comments
    ASIC admits product manufacturers try to shift blame   1 May 2017   Mike Taylor   http://www.moneymanagement.com.au/news/financial-planning/asic-admits-product-manufacturers-try-shift-blame   The Australian Securities and Investments Commission (ASIC) has acknowledged that product manufacturers have too often blamed distributors such as financial planners when product failures have occurred.   ASIC deputy chairman, Peter Kell has told the Senate Economics Committee inquiry into consumer protection in the banking, insurance and financial sector that such instances have occurred over many years.   Explaining why ASIC was pursuing a product intervention power, Kell said there had been an unwillingness on the part of product manufacturers to take responsibility.   Related News:   ·         Investment leaders need to transform their business   ·         Average 3.8 days for approval to go off APL   “… one of the problems we have typically encountered over many years in this sector is that if something goes wrong you often have the product...
    May 01 Tags: Array
  • Show all entries from From My Window

Recent posts from this category

  • BFCSA: What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know

    Posted by Denise - 0 Comments
    You wouldn’t want to have your money tied up in Australian bank's   shonky hydrid bonds!    No wonder it’s back to re-financing and securitisation!    What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know by Wolf Richter • Feb 7, 2017    http://wolfstreet.com/2017/02/07/what-would-it-cost-a-country-to-leave-the-euro-thats-what-everyone-suddenly-wants-to-know/   It’s the closest the Eurozone has come to falling apart. Marine Le Pen, the leader of the National Front, will get enough votes in April during the first round of the French presidential election but will be defeated in the second-round runoff in May, according to the polls. So at least hopes the French political class, and by extension the European establishment. They’re hoping Le Pen would be defeated because she is campaigning on taking France out of the euro (after holding a referendum) and re-denominating the entire €2.4 trillion pile of French government debt into new franc....
    Feb 09 Tags: Array
  • BFCSA: UK Bank fraud victims - Banks pick and choose which victims to compensate via FOS

    Posted by Denise - 0 Comments
    Sound familiar In Australia?  Doesn’t take much to know why our banks now all have internal customer advocates to control what suits them to investigate internally and what suits them to be investigated by the FOS!   Hope for bank fraud victims: 'We were robbed of £47,000 – but the ombudsman took our side' 3 September 2016 http://www.telegraph.co.uk/money/consumer-affairs/hope-for-bank-fraud-victims-we-were-robbed-of-47000--but-the-omb/   In what could be a breakthrough ruling for victims of banking fraud, the financial ombudsman is to order a high street bank to repay an elderly couple who lost tens of thousands of pounds in a conveyancing scam. The ombudsman, which settles disputes between customers and financial services firms, will tell Lloyds Bank to repay £47,508 plus interest to Donald Kelly, a retired professor, and his wife, Patricia. Its decision was based on what Lloyds knew about the fraudsters. Banks are supposed to check the credentials of all customers when they open an...
    Dec 05 Tags: Array
  • BFCSA: Complete list of Wall Street CEOs prosecuted for their role in the financial crisis

    Posted by Denise - 0 Comments
    Bad business decisions are not a criminal offence but selling stolen goods off the back of a truck is...i.e. the real crime is securitisation...   This is a complete list of Wall Street CEOs prosecuted for their role in the financial crisis   By Neil Irwin Wonkblog September 12, 2013   https://www.washingtonpost.com/news/wonk/wp/2013/09/12/this-is-a-complete-list-of-wall-street-ceos-prosecuted-for-their-role-in-the-financial-crisis/   Five years after Lehman fell, taking the global economy along with it, a roll call of Wall Street CEOs serving time for their role in the crisis looks something like this: Thanks, Dangerz0ne.   So, yeah. Zero Wall Street CEOs are in jail. But we did promise you a list:   1. No one. 2. LOL. 3. Wall Street's lawyers are amazing. 4. Etc. Etc. It's not that federal government tried to prosecute a bunch of them but lost the cases. There were no serious efforts at criminal prosecutions at all. Which isn't to say nobody is in jail....
    Nov 22 Tags: Array
  • BFCSA: Standards and Poor admit: pursuit of profits to bias its ratings. People Risk ignored

    Posted by Denise - 0 Comments
    Does the S&P Settlement change EVERYTHING? 16 February 2015 https://peopleriskmanagement.com/2015/02/16/does-the-sp-settlement-change-everything/ The S& P saga rumbles on. Having been hammered by the US Securities and Exchange Commission (SEC) in January [1], S&P has received a knock-out blow, and a $1.375 billion fine, from the US Department of Justice and 20 State governments [2]. And in what might the first of many private actions, S&P also reached a separate $125 million settlement with the huge pension fund California Public Employees’ Retirement System (CALPERS) [3]. What has received little publicity, however, are the implications of the S&P settlement with regard to Corporate Governance, in general, and Codes of Conduct in particular. In justifying the huge fine, the Justice Department said that “as part of the resolution, S&P admitted facts demonstrating that it misrepresented itself to investors and the public, allowing the pursuit of profits to bias its ratings”. In the many fines against banks,...
    Oct 31 Tags: Array
  • BFCSA: Wells Fargo CEO resigns amid "a “criminal enterprise” while dodging any accountability.

    Posted by organza - 0 Comments
    Wells Fargo CEO resigns, bank president succeeds   Published time: 12 Oct, 2016 21:59 Edited time: 12 Oct, 2016 22:06   https://www.rt.com/usa/362564-wells-fargo-ceo-john-stumpf-resigns/   Chairman and CEO of Wells Fargo & Co. John Stumpf has retired under pressure amid a scandal involving fraudulent sales tactics. Some two million accounts were created without customers’ permission. President and COO Timothy J. Sloan will replace him.   Stumpf stepped down from both of his leadership posts Wednesday, the Wall Street Journal reported, citing a person close to the situation.   Wells Fargo, which until recently had been the most valuable big bank in the US for years, settled a lawsuit with regulators and a city official last month for $185 million.   To meet sales quotas, the bank created accounts for unwitting customers, some of whom paid fines and fees on them. It is estimated that millions of customers were impacted. More than 5,000 Wells...
    Oct 13 Tags: Array
  • Show all entries from BANKSTERS

Recent posts from this category

  • BFCSA: Credit curbs and falling prices: New home sales fall 4.2pc in April

    Posted by Denise - 0 Comments
    Credit curbs and falling prices: New home sales fall 4.2pc in April Australian Financial Review Jun 6 2018 3:38 PM Michael Bleby   New home sales fell at their fastest rate in seven months in April as every mainland state suffered a decline, Housing Industry Association figures show. The 4.2 per cent decline in sales of new standalone houses, triggered mostly by falls in WA, NSW and Queensland, pulled the monthly total to 5188, the lowest since September, when a 4.5 per cent drop cut total sales to 5045, the industry association's latest monthly report showed on Wednesday. The effects of falling prices in Sydney and Melbourne – which prompted investors to put their money into alternative assets – and tighter credit curbs over the past year were now also at risk of being reinforced by the royal commission into bank lending and other practices, HIA principal economist Tim Reardon said....
    Jul 03 Tags: Array
  • BFCSA: Scott Morrison says regulators are ‘no light touch’? On whose planet?

    Posted by Denise - 0 Comments
    Scott Morrison says regulators are ‘no light touch’ The Australian 10:16am June 6, 2018 Remy Varga   Treasurer Scott Morrison has downplayed the role of the royal commission and said the “very focused, very determined” government regulators are already addressing issues within the banking and financial sector. Six of Australia’s most powerful investment bankers were charged over alleged cartel conduct yesterday following an investigation by the competition watchdog. The charges came a day after Austrac hit the Commonwealth Bank with a record $700 million fine. The Treasurer declined to comment on whether the whopping fine was intended as warning to other banks and financial bodies, but said it was proof the regulatory agencies effectively kept the sector in line. “Whether it was the BBSW [Bank Bill Swap Rate] issue that was taken through the banks … whether it was criminal matters … whether it was the CBA with Austrac … under...
    Jul 03 Tags: Array
  • BFCSA: Criminal CARTEL charges laid against ANZ, Citigroup and Deutsche Bank

    Posted by Denise - 0 Comments
    Criminal cartel charges laid against ANZ, Citigroup and Deutsche Bank 5 June 2018 Citigroup Global Markets Australia Pty Limited (Citigroup), Deutsche Bank Aktiengesellschaft (Deutsche Bank) and Australia and New Zealand Banking Group Ltd (ANZ) have been charged with criminal cartel offences following an investigation by the ACCC. Criminal charges have also been laid against several senior executives: John McLean, Itay Tuchman and Stephen Roberts of Citigroup; Michael Ormaechea and Michael Richardson formerly of Deutsche Bank; and Rick Moscati of ANZ.   The charges involve alleged cartel arrangements relating to trading in ANZ shares held by Deutsche Bank and Citigroup. ANZ and each of the individuals are alleged to have been knowingly concerned in some or all of the alleged conduct. The cartel conduct is alleged to have taken place following an ANZ institutional share placement in August 2015. “These serious charges are the result of an ACCC investigation that has been running...
    Jul 02 Tags: Array
  • BFCSA: 'Why me?' Allan Fels scolds ANZ Bank after cartel charges. "The law applies to everyone!"

    Posted by Denise - 0 Comments
    'Why me?' Allan Fels scolds ANZ Bank after cartel charges Australian Financial Review Jun 4 2018 11:00 PM Patrick Durkin   Former competition head Professor Allan Fels AO has backed the Australian Competition and Consumer Commission's criminal cartel case against ANZ Bank, Deutsche Bank and Citigroup as experts said the banks were likely to argue they didn't know they were allegedly breaching the law. The Commonwealth Director of Public Prosecutions (CDPP) confirmed on Monday that court attendance notices were issued out of Sydney's Downing Centre Local Court on Friday with the banks and senior staff including ANZ's group treasurer Rick Moscati expected to be served with criminal charges as early as today. The first hearing of the case will be on July 3. The Australian Financial Review revealed on Monday a recorded video conference call between ANZ and its investment bankers was expected to show the parties negotiating how 25.5 million...
    Jul 02 Tags: Array
  • BFCSA: The toughest cop on finance beat -AUSTRAC Nicole Rose

    Posted by Denise - 0 Comments
    The toughest cop on finance beat The Australian 12:00am June 5, 2018 Pamela Williams   With one hand on the throttle of a record-breaking $700 million fine against Australia’s biggest bank and one foot on the throat of criminal syndicates that ran rings round the bank and shovelled millions through its accounts, Nicole Rose has had a good week. As the new chief of Austrac, Australia’s small but intense ­financial intelligence regulator, Rose has been an uncompromising new cop on the beat, steering the organisation’s breathtaking Federal Court action against the Commonwealth Bank into a huge and mortifying settlement that may have drawn tears from hardened bankers. After signing a heads of agreement early yesterday with CBA chief executive Matt Comyn, Rose and Austrac achieved the distinction of striking the biggest financial settlement in Australian corporate history. Face-to-face negotiations since May 21 between Rose, Comyn and their legal teams stretched into...
    Jul 02 Tags: Array
  • Show all entries from ROYAL COMMISSION URGENT

Recent posts from this category

  • BFCSA: AUSTRALIAN BANK DRIVEN MORTGAGE FRAUD on TRIAL. Time to FIGHT BACK

    Posted by Denise - 0 Comments
    I hope you managed to purchase a copy of this very important magazine article. A five page feature on MORTGAGE FRAUD.  Bank Rolled AUSTRALIAN MAGAZINE Greg Bearup & Anthony Klan Saturday 30/6/2018 The most FAQ:  HAVE YOU EVER WONDERED HOW and WHY HAYNE WAS PREVENTED FROM CALLING DENISE BRAILEY TO THE STAND?  Given my extensive background into the Mortgage Fraud complaints during the past 18 years people ask why I have not been called to the Royal Commission which started with my pleading to Tony Abbott to call a RC in 2013.  Instead we were given a "Hockey Roots and Branch Fiasco" run by the head of the CARTEL David Murray who ha zero integrity in taking that position. In March 2016, I wrote 8 page letter on why consumers are desperate for a Royal Commission. Unlike Abbott, Shorten responded immediately.  His 2IC called me on a Sunday night (2nd April) and...
    Jul 02 Tags: Array
  • BFCSA: A little laugh for all whistleblowers

    Posted by doyla66 - 0 Comments
    YES FOLKS  Its illegal to expose the things that public servants and their puppet masters have been illegally engaging in.  If you are a public servant whistleblower and you try and expose your Mindless Masters for corruption and illegal activity, you will be the one hanged...................Should we bring back the STOCKS in Martin Place?  No not the ASX stocks..........................old fashioned naming and shaming in public square!...
    Dec 14 Tags: Array
  • BFCSA: Cartoon - Suspend Bank Licenses

    Posted by Denise - 4 Comments
    Suspend Bank Licenses
    If the Australian public's demands for a Royal Commission into the Australian banking sector are going to be ignored, the power to demand the truth will be felt at the coming election.   As the old saying goes, give them enough rope.... ...
    Mar 11 Tags: Array
  • BFCSA: Homeless People or Peopleless Homes?

    Posted by Denise - 3 Comments
    Homeless
    Is this really what we want to see across Australia? Royal Commission into the Australian Banking sector, with broad terms of reference!  
    Mar 08 Tags: Array
  • BFCSA: Cartoon #1

    Posted by Denise - 1 Comment
    3 Wise Monkeys
    We now have a resident cartoonist and will be sharing cartoons with you on a regular basis.  We all need a good LAF from time to time. "3 Wise Monkey" ...
    Mar 07 Tags: Array
  • Show all entries from PROPERTY MARKETS

Recent posts from this category

  • BFCSA; Brokers cry fowl after being caught out by PETTY CASH scammer.

    Posted by doyla66 - 5 Comments
    Dear members For once the shoe is on the other foot, in the online magazine 'The Advisor" ( just google it) brokers and advisors are whinging and bleating poor me after being caught out by a former financial industry person turned scammer. When I first started reading the article I assumed it must of  been large sums of money but no it sums of a thousand dollars or less. These poor souls are calling on everyone from ASIC to the police to act to bring this known fraudster to account, they are victims of fraud and want the courts to act. Well, well welcome to our world and we aren't talking little piddling amounts of less than a thousand dollars, we're talking in excess of a million dollars in some cases. The irony of this story is a lot of these people are the very people we trusted and yet they...
    Sep 27 Tags: Array
  • Show all entries from BROKERS & PLANNERS