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: The HEM HPI Scam ASIC tallies Westpac’s responsible lending law breaches

    Posted by Denise - 0 Comments
    ASIC tallies Westpac’s responsible lending law breaches The Australian 12:00am May 7, 2019 Anthony Klan   Westpac broke responsible lending laws more than 260,000 times in just over three years, the corporate watchdog had told the Federal Court in Sydney this morning. Lawyers for the Australian Securities & Investments Commission said between December 2011 and March 2015, Westpac engaged in a “systematic approach” of ignoring the living expenses loan applicants had stated on application forms. Instead it relied on broad living expense “benchmarks”, which, if they were true, would in some cases have meant the loan applicant was already living on, or close to, the poverty line, ASIC told the court. ASIC said Westpac failed to properly verify the actual financial positions of borrowers a total of 261,987 times. In 154,351 of those cases, the bank also failed to use correct figures when assessing if borrowers taking out interest-only loans could...
    May 19 Tags: Array
  • BFCSA: Australian Banks say ASIC responsible lending crimps credit

    Posted by Denise - 0 Comments
    ASIC responsible lending crimps credit: ANZ and NAB John Kehoe  27 March 2019    ANZ Banking Group and National Australia Bank are at loggerheads with corporate cop James Shipton, who has slammed bankers for spreading a "myth" that the regulator's responsible lending crackdown is exacerbating a credit squeeze.    ANZ chief executive Shayne Elliot said bankers reacting cautiously to the Australian Securities and Investments Commission's more stringent application of lending standards meant some home buyers and businesses "will find it harder to borrow".  He also rebuffed ASIC chief prosecutor Dan Crennan's ambitions to lock bankers in jail, in response to questions from Liberal MP Tim Wilson about unintended consequences from a royal commission-inspired clampdown.   "People should pay the consequence of poor behaviour or misconduct or breaking the law," Mr Elliott said at a parliamentary hearing in Canberra.     "I would have thought the right outcome here is not how many people are in jail but do we have a fully functioning financial system that is responsible and generating good outcomes for our...
    Mar 28 Tags: Array
  • BFCSA: NAB axes controversial home loan referral program

    Posted by Denise - 0 Comments
    NAB axes controversial home loan referral program Sydney Morning Herald March 25, 2019 6.14pm Clancy Yeates   Real estate agents, lawyers and sports clubs will no longer be able to receive payments from National Australia Bank for helping sell home loans, in a move aimed at rebuilding trust after the bank's reputation took a battering at the royal commission. Acting chief executive Phil Chronican on Monday announced the axing of NAB's "introducer" scheme, to take effect from October, saying that scrapping the payments was "the right thing to do". Referral schemes, such as NAB's introducer program, are used by banks as a way of drumming up business. They involve paying a type of spotter's fee to people who refer customers to the bank if they end up taking out a loan. NAB made nearly $100 million in such payments between 2013 and 2016, offering commissions of 0.4 per cent of loans,...
    Mar 27 Tags: Array
  • BFCSA: Australian Big Banks' nice earners from DODGY LOANS are melting away. OR are they?

    Posted by Denise - 0 Comments
    The big banks' nice earners are melting away Australian Financial Review Mar 22, 2019 11.00pm Karen Maley   After months of crippling humiliation before the Hayne commission, the last thing the country's big four banks wanted was another portent of looming competition. But that's exactly what they got in September when the country's largest super fund, AustralianSuper, announced it was committing £230 million ($425 million) to finance a new office, hotel and residential unit development in London, known as One Crown Place. It was a logical next step for AustralianSuper, which had already lent some $1 billion to Australian companies, but almost always in tandem with one of the big four local banks. In contrast, there were no local banks in sight in the One Crown Place deal – which boosted AustralianSuper's international loan exposure to more than $2 billion. In that transaction, AustralianSuper found itself rubbing shoulders with major global banks. It was a...
    Mar 24 Tags: Array
  • BFCSA: Retail funds dominate in 50 worst-performing super investments Anthony Klan

    Posted by Denise - 0 Comments
    Retail funds dominate in 50 worst-performing super investments The Australian 12:00am January 19, 2019 Anthony Klan   EXCLUSIVE  Every one of the 50 worst-performing balanced superannuation investments over seven years has been operated by retail funds such as ANZ, Westpac and IOOF, with just one product offered by the for-profit sector making it onto the list of the top 135 performers. In revelations that categorically bring to an end the fierce three-decade dispute between retail and industry funds over which is superior, secretive and highly detailed industry data obtained by The Weekend Australian shows that regardless of the investment timeframe or level of risk involved, retail funds are unquestionably consistently at the bottom and industry funds are consistently at the top. Despite every worker being forced to divert a portion of every pay packet into compulsory super since it was introduced in 1992 — and the key choice most people face...
    Jan 19 Tags: Array
  • Show all entries from From My Window

Recent posts from this category

  • BFCSA: Palmer just like CBA Bank underpays 8000 staff after HR tech system failure

    Posted by Denise - 0 Comments
    CBA underpays 8000 staff after HR tech system failure Australian Financial Review Apr 17, 2019 12.01am James Eyers   Commonwealth Bank has underpaid about 8000 staff after its human resources technology systems failed to accurately calculate and process entitlements, forcing the bank to repay millions of dollars to current and former employees. The Finance Sector Union said it was notified by CBA about the issue, which the union is describing as a "blunder" relating to CBA's "antiquated computer systems".  CBA says it replaced the offending HR system last year and has apologised to affected staff. “This is a major stuff-up by the CBA and hard-working bank staff deserve an apology and a commitment from the CBA’s chair, Catherine Livingstone, and CEO Matt Comyn that this kind of pay bungle won’t happen again,” said FSU national secretary Julia Angrisano. Once compensation is repaid, including interest and additional superannuation payments, Ms Angrisano said...
    May 02 Tags: Array
  • 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   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   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   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 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
  • Show all entries from BANKSTERS

Recent posts from this category

  • BFCSA: Collapse of STERLING FIRST Group - ASIC Negligent once again

    Posted by Denise - 1 Comment
      STERLING FIRST Victims.     BFCSA is now gathering people from around Australia who are suffering loss as a result of the collapse of the Sterling First Group of companies run by Ray Owen Jones and Ryan Jones. The average losses seem to be around $250k - $450k involving LEASE FOR LIFE SCAM where people invested as Tenants, or Borrowers (Macquarie) or Share holders after listing on the ASX.   If you have issue with any of these 12 companies, please get in touch with:   Denise Brailey - President - 0401 642 344 This email address is being protected from spambots. You need JavaScript enabled to view it.  ASIC was informed of breaches in State and Federal Laws back in early 2017. They were formally reminding again in June 2018. Is their no end to the regulator's laziness? We are investigating those issues. If YOU wrote to ASIC, please send me letters or documents by This email address is being protected from spambots. You need JavaScript enabled to view it. or P O...
    Jun 10 Tags: Array
  • BFCSA: 'Everyone at the top of the banks is hurting': Anna Bligh

    Posted by Denise - 0 Comments
    'Everyone at the top of the banks is hurting': Anna Bligh Australian Financial Review May 17, 2019 4.18pm Misa Han   The banking industry's top lobbyist, Anna Bligh, says changing culture and accepting a higher level of professionalism means accepting lower growth levels in the financial services industry. The chief executive of the Australian Banking Association said the half-year results of the three major banks and the quarterly results of the Commonwealth Bank reflect the cost of "short-termism". "Every one of those banks is reporting to the market significant amounts of money have been set aside as provisions for remediation," she told a panel at the Australian Securities and Investments Commission annual forum on Friday. "If you say you're changing and it doesn't hurt, then you're not changing. "And I think everybody at the top of the banks is hurting and I think they understand there's some more pain to come."...
    May 20 Tags: Array
  • BFCSA: ANZ pulls plug on key advice service as Hayne fallout continues

    Posted by Denise - 0 Comments
      ANZ pulls plug on key advice service as Hayne fallout continues Sydney Morning Herald May 17, 2019 3.17pm Clancy Yeates   ANZ Bank will stop offering its flagship financial advice service, as the industry grapples with the fallout from the fees-for-no-service scandal and the royal commission's scrutiny. In the latest change by a major bank in the advice sector, ANZ on Friday said it would phase out its "prime access" offering, which involved various services including an annual financial review. Instead, the bank will charge for advice on a case-by-case basis, meaning that more complex advice will lead to higher fees. Customers will also be given the choice of how frequently they want a review of their financial plan, rather than the current practice of annual reviews. The overhaul was announced as it also emerged that ANZ would have to hold more capital for "operational risk" in its New Zealand...
    May 20 Tags: Array
  • BFCSA: RBNZ hints at more actions against ANZ

    Posted by Denise - 0 Comments
    RBNZ hints at more actions against ANZ Australian Financial Review May 17, 2019 3.23pm James Frost   ANZ Banking Group's relationship with the Reserve Bank of New Zealand has deteriorated after it was penalised for running an unapproved model for its rainy day reserves, and the central bank flagged it may be just the tip of the iceberg. The bank suffered a humiliating blow on Friday after the privilege to run its own operational risk reserve was revoked by the RBNZ when ANZ admitted it had been using a rogue model for almost five years. New Zealand’s central bank has, however, rejected claims the move was payback for ANZ’s inflammatory remarks about withdrawing from the country in response to increased capital weightings. The RBNZ said the bank changed its approach to calculating the size of a rainy day fund known as operational risk capital reserve in 2014 but did inform the...
    May 20 Tags: Array
  • BFCSA: Banks dodging capital crisis with negative equity FIDDLE

    Posted by Denise - 0 Comments
    Banks dodging capital crisis with negative equity fiddle MacroBusiness 12:00 pm on May 17, 2019 David Llewellyn-Smith   Macquarie has dug into the bank’s negative equity reporting and found, guess what, chaos: ANZ’s negative equity data was the highest of the big four at 5 per cent, or 4.25 per cent when offset accounts are factored in. Macquarie said ANZ’s approach – which used combined customer debt secured by property divided by property value – was the most granular and the most “conservative”. CBA uses a similar methodology for arriving at its figure, but unlike rival banks its published figure disclosed the number of loans rather than overall value. Benchmarking against the RBA data, Macquarie suggested negative equity could be as high as 4.2 per cent across the book. NAB used a state-based pricing index “which in our view materially understates the extent of the issue”, Mr German said. Macquarie found...
    May 20 Tags: Array
  • Show all entries from ROYAL COMMISSION URGENT

Recent posts from this category


    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
    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