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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http://www.smh.com.au/business/explosive-claims-on-jp-morgan-conduct-20140525-38wq6.html Explosive claims on JP Morgan conduct BusinessBanking and Finance Michael West Date May 26, 2014 A technical support person who worked for JP Morgan in Australia claims the bank regularly misled its New York parent and the US Federal Reserve by failing to report losing trades.  The explosive allegations are contained in a submission by the person to the Senate inquiry into the performance of the Australian Securities and Investments Commission. BusinessDay has met the person and agreed to allow him to remain anonymous. He appears to be credible.  The person complained to ASIC and later went to work for the regulator, but he said the regulator failed to investigate his claims.  A spokesman for JP Morgan denied the allegations. "The claims are false and misleading," he said.  In his submission, published by the inquiry, the person said he was employed at the Sydney office of JP Morgan between 2004...
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This Group has been set up in the UK re SME complaints re NAB.  Someone needs to pay attention as to the misery these banks are causing globally  to ordinary hard working people.  Australian Banks are right in the thick of it..........................................we need a Royal Commission into Australian Banking System and its non active regulators.   He has similar problems:  "The banks here in England are in very weak condition at present and the government owns a stake in two of them. Unfortunately, the government controls the regulators." www.nabcustomersupportgroup.org  Perhaps you can offer your support or words of encouragement.......................... John has written to me re his support/campaign group for Clydesdale and Yorkshire Bank business customers over 18 months ago. He says: "We now have 102 members; 90 of which have been mis sold embedded swaps in their fixed rate loans which have crippled their businesses. Of these, 84 are customers of...
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Dear members Just saw the pro mo for Four Corners next week and its a full exposure of Commonwealth Financial Planning with interviews with the victims and the main whistle blower Jeff Morris. There was no mention in the pro mo for ASIC but logic and the presence of Jeff Morris would indicate that he will give them full exposure. Will the Commonwealth Bank or maybe Peter Kell reply as he did to James Wheeldons claims on the ABC? A fortnight out from an agressive budget and a call to cull a top heavy public service does not bode well for ASIC. At present this morning Friday 2/5/14 the government is gaugeing the public response to the Audit recommendations from yesterday trying to work out what to implement without committing political suicide at the next election. Dear members I ask you do you think anyone in Australia apart from the banksters...
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  • doyla66
    doyla66 says #
    It isn't numbers that need culling from the public service - it's ineffective staff, useless programs, excess committees and a gen
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'Dangerous situation' for broker who lost accreditation, says aggregator by Calida Smylie | 29 Apr 2014   Aggregators believe situations where lenders cancel brokers’ accreditation without giving a reason are unfair and dangerous – but unlikely to change.A Melbourne broker – who declined to be named for fear of reprisals – told Australian Broker he had hisaccreditation cancelled by a major bank without explanation why. The man’s aggregator had been slow to help, suggesting he get a court subpoena in an attempt to get the facts from the lender.The broker feels he has been unfairly treated as he has no chance to defend the cancellation – and two aggregators agree.AFG general manager of sales and operations Mark Hewitt said the broker has a right to know this information and the aggregator has a responsibility to obtain the details.“On the rare occasion it does happen [to AFG-aligned brokers], we insist on disclosure from the lender and then conduct our...
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 http://www.crikey.com.au/2010/12/09/bartholomeusz-cbas-competition-confession/  If they haven’t already, the members of the Senate committee should ask RAMS Home Loans founder John Kinghorn to appear before it to explain why RAMS, followed subsequently by most of the non-bank lenders, hit a brick wall and effectively collapsed at the very onset of the financial crisis.  RAMS was the first of the big non-bank lenders to be overwhelmed by the crisis because it had an unusually high — dangerously high, it transpired — reliance on very short-term funding. To a lesser degree, most of the non-bank lenders were also borrowing short in wholesale markets and also accessing securitised debt markets.  In its submission to the inquiry, lodged on Friday, Commonwealth Bank admitted that the major banks were also sourcing a growing share of their funding from those same markets before the crisis — in CBA’s case almost 30% of its funding in October 2007 came from short term wholesale markets, compared with about...
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    doyla66 says #
    Shock ... horror! Slashed tyres the talk of exclusive north shore beach club More grist to the mill - Kate McClymont on Kinghorn a
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Whistleblower claims the existence of 100 CBA rogue advisers   Monday, 24 March 2014 12:35pm   By Laura Millan  |  In Financial Planning   Former Commonwealth Financial Planning adviser and whistleblower Jeffrey Morris has "no doubt" that a proper investigation by the Australian Securities and Investments Commission (ASIC) would reveal at least 100 current or former rogue CBA advisers. In a submission to the Senate inquiry into the regulator's performance, Morris said that ASIC and CFP's claims that there were only seven rogue planners within the organisation were "simply inconsistent." "ASIC did virtually no investigative work of their own but basically just added what CFP gave them to what the whistleblowers did," Morris said. "I have no doubt that a proper investigation would reveal at least 100 current or former planners of CFP whose clients should be compensated for dodgy and or just plain incompetent, advice." The 39-page document offers a detailed account of...
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  • doyla66
    doyla66 says #
    All ASIC do is provide get out of jail free cards. Do not give a hoot for the plight of consumers or if they do (and I will give
  • doyla66
    doyla66 says #
    Bureaucrats have an interesting way of assisting others in crime and wrongdoing. Mostly they ensure that their own backsides are s
  • doyla66
    doyla66 says #
    ASIC was helping with the fraud they knew was happening within the banking sector, so why would they investigate anything.
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CBA execs grilled over Nguyen departure Friday, 11 April 2014 | Tim Stewart   http://www.investordaily.com.au/35340-cba-execs-grilled-over-nguyen-departure       Today's News Global players set to enter advice market AMP Capital departures spark ratings concern AVCAL lobbies for SIV expansion Converge with planners, accountants told Regulation hindering product innovation: ASFA Market neutral funds reduce volatility: Pengana     inShare   Senior CBA executives have faced questions about the removal of banned Commonwealth Financial Planning adviser Don Nguyen in July 2009. The publication of allegations about Mr Nguyen in InvestorDaily on 22 June 2009, one month before the Commonwealth FP decision to lodge a breach report with ASIC on 27 July 2009, was a major sticking point in a public hearing yesterday.  CBA group executive wealth management Annabel Spring, CBA general counsel/group executive corporate affairs David Cohen and CBA executive general manager wealth management advice Marianne Perkovic appeared before the Senate inquiry into the performance of ASIC in Canberra. Responding...
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  • doyla66
    doyla66 says #
    Caught red-handed yet promoted so he could fob off client complaints? If that does not reek of guilt and cover-up of gigantic pr
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YEEEEEEHAAAAAA     another country gets wise to the the Rothschilds parasitic banking system and boots them (the IMF) out ,and its high time that we  all as conscientious patriotic Australians follow their lead ,starting with the  peaceful  removal of the corrupt, unlawful administration   which is a private  corporation registered as "THE AUSTRALIAN GOVERNMENT " with the united states securities and exchange commission , this is nothing short of an invasion and takeover without having to use warfare  and the Rothschilds are just the tip of the ice berg of the whole sinister affair , what we believe to be our commonwealth ministers ,dedicated to managing our public funds, national assets and natural resources, are nothing more than instruments for the parasitic banking cartels ,to liquidate our country and funnel all of our wealth to their bosses, the world banks which are at the helm of this despicable and...
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NAB JUST LOVES DEBT.....it wants to own each and every Australian and mire them in debt..............................beware of banks saying "we will save you." http://www.newsnow.co.uk/h/Industry+Sectors/Banking/Australia/National+Australia+Bank this site is full of NAB articles - just click on the link http://www.prnewswire.com/news-releases/national-australia-bank-subsidiary-clydesdales-tailored-business-loans-are-hurting-scotlands-youth-poor-homeless-and-abused-according-to-scottish-charity-destiny-church-252489981.html National Australia Bank Subsidiary Clydesdale's 'Tailored Business Loans' are Hurting Scotland's Youth, Poor, Homeless and Abused, According to Scottish Charity, Destiny Church GLASGOW, Scotland, March 26, 2014 NAB owned Clydesdale Bank has seriously hurt Destiny Church's work with the homeless, disadvantaged and women suffering from domestic violence. The Church has incurred substantial 'break costs' on loans it claims were mis-sold by Clydesdale Bank sales staff. The net effect is that Destiny Church has had to severely curtail it's charitable work with poor and vulnerable people. Destiny Church ironically owns Clydesdale Bank's former Headquarters in Glasgow which it now cannot afford to redevelop into a Community Centre, Church and Nursery. The loans sold by...
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  • doyla66
    doyla66 says #
    The depths Nab will go to to feed their greedy habit is astonishing. Seems that Nab are riff raff mess really, ongoing from the b
  • doyla66
    doyla66 says #
    Just wonder how much of this was associated with sub prime loans and securitisation? They probably had to buy back the securities
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Home Lending Report fails to address Debt Pushing crisis       Monday, 17 September 2007   The House Economics Committee on home loan lending has failed to address the problem of debt pushing by the big four Australian banks, choosing instead to target predatory lending practices from fringe lenders.  FSU Policy Director Rod Masson, representing 55,000 finance workers, welcomed the report but said it had failed to acknowledge that inappropriate sales targets set by the major banks are playing a dangerous role in undermining lending standards. "The inquiry has been short and sharp, but has not delved into the level of detail required to fix the crisis, in particular it has failed to address inappropriate sales targets for finance workers. "Bank workers and consumers are looking for more than just a political quick fix on the issue" "Major banks talk a lot about their sustainable lending, but their pay structure for staff and...
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Hot topic of the week: Clawbacks Australian Broker News http://www.brokernews.com.au/news/breaking-news/clawbacks-not-okay-says-broker-185672.aspx#latest http://www.brokernews.com.au/news/breaking-news/hot-topic-of-the-week-clawbacks-185724.aspxby AB | 24 Mar 2014   Friday’s article on the unfairness of clawbacks attracted a huge amount of commentary from you in a short space of time, signalling intensity of broker feeling and highlighting the importance the industry should be placing on addressing the issue.Many interesting and constructive opinions were expressed; with the overwhelming response being clawbacks are unjust punishments on brokers for something they largely have no control over.“The banks simply eat brokers to the bones if they could,” said VIC Broker. “Of course it is UNFAIR! Brokers are only ones who suffer in the end.”Anne questioned what other professions apart from mortgage broking give a free marketing, sales and process operation. “It is manifestly unjust and would be deemed immoral for a large industry to expect unpaid workers to share the risk of what should be the cost of the lenders doing business.”Brett Perth said: “How professional...
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BFCSA; NAB and grab - PRIESTLEY The Farmers Story      Posted by CHANGE on Thursday, 25 July 2013 in Banks Behaving Badly          NAB – PRIESTLEY The Farmers Story                                                                 26/7/13 - UPDATE from Claire - the farms were taken over three weeks after the close of tender by our neighbors and we have not been advised of the sale price. Chris and Claire Priestley are siblings from Carinda near Walgett in NSW. They are third generational farmers, having been in the Carinda and Brewarrina areas for over 100 years.  Carinda is the little outback town featured in the David Bowie song “Lets Dance”  They grew up on the family farm “Salt Glen” that was part of five adjoining properties, a mixed farming business of beef cattle, cotton and wheat.  In 2004 they purchased three of these properties from their father located on the lower Macquarie river where the Barwon and...
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  • doyla66
    doyla66 says #
    Much as we would like to believe the Government can or will assist us, the reality is the probably neither are true. If we have t
  • doyla66
    doyla66 says #
    disgusting and appalling, unaustralian and UNBELIEVABLE!.. then again, not so unbelievable now that we know that we borrowers have
  • doyla66
    doyla66 says #
    So much of the Priestleys story is a repeat of our own. Both the Priestly's and us have been Nabbed good and proper. The Nab leg
  • doyla66
    doyla66 says #
    Looks like criminal conduct and legal malpractice, in our unqualified opinion. Where will the Priestley's find an honourable lega
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Friday, 7 March 2014 For farmers, drought not the most dangerous predator on the horizon Amanda Gearing Federal Lack of water can be the least of a farmer’s worries in times of drought. Predatory banks can be just as deadly to a farmer’s livelihood. Former Queensland farmer and grazier Lynton Freeman has become increasingly anxious about the financial tightrope being walked by Australian farmers as the record floods of 2011 have given way in only three years to savage drought. He fears for hundreds of family farmers at risk — not from lack of water, but from lack of knowledge in how to manage their businesses through the drought and keep their heads above the financial water that will threaten many before this drought breaks. Freeman’s concern is born of experience. During the 1990s drought, his farm was declared viable and qualified for the federal government’s drought assistance package. Freeman was granted an interest...
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Wheatbelt farmers on back foot with banks JESSICA HAYES Sat, Mar 22 2014   BANKS are likely to turn up the heat on embattled central and eastern Wheatbelt farmers in the coming season. According to Rural Financial Counselling Service representative Chris Wyhoon, the good season in 2013-2014 did not make a positive difference to most of his clients. Mr Wyhoon attends to central, north and eastern Wheatbelt clients, and said banks were more keen to sell properties in areas where it was perceived there was an improved chance of a sale on the back of a good season. "There is a bit of activity out there but largely our clients are in the same spot and there is a lot of stress at the moment," Mr Wyhoon said. "Obviously they didn't enjoy that good season to start with, but their problems are more complex. "It isn't just one or two bad years;...
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To catch a Fraudster you need to look no further than the Board room of the Major Four Banks and their 85% share of Low Doc FRAUD.   In reply to the article below:   No-one really takes anything ASIC, GADENS or the MFAA take seriously....brokers or borrowers..........................Peter KELL of ASIC believes a "crack down" is when BFCSA start throwing documents into Parliament.... Denovan and his crystal ball suggests  "number of mortgage fraud incidents drop".  Getting yer stories in sync guys? KELL was still saying "no systemic issues," and now changed to a "significant decline in fraud."  Well Mr Kell that's very comforting to the victims! Then Kell suggests: "In a majority of cases, these matters concern loan applications to ADIs which have been identified and reported by the industry."  Oh so only a few hundred thousand is not endemic?  For the uninformed ADI's means FOUR MAJOR BANKS have 85% ownership of...
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  • doyla66
    doyla66 says #
    If they're going to try to bury FRAUD like that they'd better get their stories in line. Apparently Jon Denovan had to reach for
  • doyla66
    doyla66 says #
    When you read these reports it's almost laughable, they will blame everyone but themselves. We are talking big money here and with
  • doyla66
    doyla66 says #
    As for fraudulent LAFS... I can (and FOS and RAMS) clearly see that in house fudging of my information was done after my signature
  • doyla66
    doyla66 says #
    So FOS is under the pump.... We knew this..... But so much that they have 2 administration positions advertised on seek......
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Does this mean that NAB will clean up the debris?  Pay out Compensation to everyone its hurt financially? OR are the NABBERSs planning to "cut and run."  clueless NAB says no impact for customers....................what about the financial destruction of people's lives this has caused? It means the fourth pillar of the banking world simply says its STAR product is "unpopular!"  YES BFCSA members have kept up the public pressure over products you Nabbers engineered, manufactured, promoted and profited from.  Yes NAB, you have been publicly exposed for selling a deliberately fraudulent loan system that kept you in BIG FAT BONUSES, whilst you kept your customers IN THE DARK like bleeding mushrooms!   So MR CAMERON CLYNE, in the recent Board Room Meetings I hope you have a very big COMPENSATION BUDGET put aside for the longer suffering NAB customers to benefit from.................................Oh and I believe Homeside ran similar products in the...
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  • doyla66
    doyla66 says #
    They'll just rename low doc loans to "NO LOANS REFUSED JUST LET US FILL IN THE INCOME FOR YOU LOANS".
  • doyla66
    doyla66 says #
    True or Easy Loans or Flexi Loans or Homesafe Loans or whatever their crafty marketing bods come up with. Dressing up a pig to loo
  • doyla66
    doyla66 says #
    I don't believe a word of what Nab are indicating. Come on Nab, this will not deter you from LOW DOC loans. What is the definiti
  • doyla66
    doyla66 says #
    I smell a brand re-badge of same foul product, Low Doc loans not popular any more so NAB pulled it??.. pull the other one NAB! Ke
  • doyla66
    doyla66 says #
    Finally an admission such loans are too hot for Mr. Cameron Clyne to handle! Wonder if NAB has done what banks have been doing in
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ASIC claim the emails I gave to their executives are "merely marketing by banks."  Dear Reader, I invite you to be judge and jury.  I have over 2000 emails between various Bank BDMs and Middle Management to Broker Channel - all brokers all states in Australia. In February 2013 I travelled 400km round trip to deliver to ASIC Commissioner a PACK OF 200 emails.  I placed all of these documents into my storage files in PDF form. I then placed them on to this website for the world to READ.  ASIC had their crack team of five investigators pour over these documents, including the SERVICE CALCULATOR FORMS and ICW worksheets.  ASIC kept these documents for 4 months.  I then travelled same distance to ask ASIC to hand back my originals.  These are in a SEALED PACK.  I have not opened the PACK - its in a safe house - waiting for...
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  • doyla66
    doyla66 says #
    Just another tosser who is another greed driven narcissist like the rest of them that are playing the cover up game-you penguins w
  • doyla66
    doyla66 says #
    Does an application to rent or lease an office to get back to work (or a tent space or caravan or shed when our homes are illegall
  • doyla66
    doyla66 says #
    Perth radio: 6PR spoke with an ASIC senior credit guru this morning in relation to the new credit check point scoring legislation
  • doyla66
    doyla66 says #
    Talk about blankety blank! Check this out - Senator WILLIAMS: Was your appointment advertised or were you just appointed to the
  • doyla66
    doyla66 says #
    I wonder if Greg Medicraft thinks he has FOOLED the good Senators? I don't think so Greggy boy...... Bad boys go to jail...... Tel
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You Can Bank on Another Crisis Written on 25 September 2013 by Vern Gowdie  MONEY MORNING The GFC brought into stark contrast just how vital the banking system is to the functioning of an economy. At the height of the GFC banks did not trust each other. And people did not trust the banks. Banks viewed each other with suspicion. Letters of credit were no longer accepted on face value. The shipping industry, which relies heavily on letters of credit, ground to a standstill. Customers lined up outside banks (some with suitcases) to withdraw their savings. Such was the demand for cash, the Reserve Bank of Australia came close to running out of physical notes. Modern commerce is a function of faith. When faith in the financial system is lost, chaos follows.  Banks are the Heart of the Financial System Money pumps in and money pumps out. The flow of money through the system is as vital to economic health...
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This week ANZ's denial of systemic issues really made me quite ill.  I hate lies.....so message for ANZ Luminaries:- Its time for ANZ Executives to stop poncing around and lying to the public and Parliament.  For any of their team to say "we have not engaged in predatory lending or unethical behaviour" is ridiculous and untrue.  Ask Martin Barter to show you all the files he has uncovered and then tried to justify to date. Where did Martin work before?  Ah yes.   Secret deals behind closed doors with forced settlements under a bullying process needs a mighty BIG cattle prod of a ROYAL COMMISSION into BANKING and; ANZ can appear center stage whilst I take a front row seat!   Do the Farmers in WA need documentary evidence?  I have a barn full.  These Banks need to wake up and smell the stench of their own handy-work!   The gig...
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  • doyla66
    doyla66 says #
    GFS I know what torment you are feeling. Love your line Never Lie "It will come back to bit you on the BUM". Your right, read my
  • doyla66
    doyla66 says #
    AGREE...... It's the one thing I have taught my 2 young children......NEVER LIE It will always come back and bite you on the bum.
  • doyla66
    doyla66 says #
    I cannot tolerate lies either Denise. However, come this week they are going to need a whole lot more than just Mother Theresa pr
  • doyla66
    doyla66 says #
    Anz have already had their culture exposed once and were found guilty of ripping off on penalty rates -- they were only exposed b
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Yes folks, its another ugly twist and the lengths our Greedy Bankers will go to gain an extra dollars profit.  Shareholders could be in for a huge falls in dividends when truth finally oozes out onto the footpath.   Bankers were not looking after shareholders, but looking after "selfie" monkey business. Parental guarantees on mortgages were approved without the legal requirements being met.....independent letters from lawyers to say they had been fully briefed on risk of losing one's home.  Even if the parents understood the risks – that even signing a document to this effect was still a breach of law, if the parents were to receive no benefit.....etc   Banks have defrauded guarantors in some cases by making them actual co-borrowers on paper… What a shocking state of affairs that is?   FOS had no idea until BFCSA pointed out these issues......wonder what happened to earlier cases that need to be re-opened and independently examined?...
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  • doyla66
    doyla66 says #
    It is absolutely disgusting that nobody in authority has the balls to put up the big stop sign and say enough is enough. I have s
  • doyla66
    doyla66 says #
    Were our Government irresponsible or just plain lazy when they allowed our filthy Bankster Industry to regulate themselves?. That
  • doyla66
    doyla66 says #
    What a joke It needs to be reopened and dealt with...... Keep going nanna FREEZE all TOXIC loans
  • doyla66
    doyla66 says #
    We are one of the earlier cases dismissed by FOS. My son was added as a guarantor and a loan applicant. He did not apply for a l
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