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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Our tally for the petition stands at 706 - these are real people with losses and their extended family and friends.  Our is not a rent a crowd petition for one person with say 40,000 names.  Ours is real, as each story is a really a separate petition. https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners you need to copy and paste this link into a  word doc for it to work....................... Use facebook, twitter, all social media:  FINANCIAL SYSTEM Ripping off Retirees and Pensioners, Disability pensioners, Ex Pats, First Home Buyers, Farmers, Small business owners, any one with super, or cash or asset such as their homes.............................   THESE ARE AUSTRALIAN CONTROL FRAUDS WITH BANKS DRIVING THE FRAUDS INTO;  BANKING, PROPERTY, DEVELOPMENT and CONSTRUCTION Remember the guy who laughed a lot all the way to his bank and said: "we'll save ya!"   Well guess what - we are now having to "save" those clients from financial ruin....
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  • Aries
    Aries says #
    We did a paper petition for a Royal Commission with wide terms of reference months ago. If Denise wants them I can email the list
  • Magie
    Magie says #
    The petition is a wonderful and easy way to gather support which I have signed and have chased up numerous others to sign and they
  • Magie
    Magie says #
    The petition is a wonderful and easy way to gather support which I have signed and have chased up numerous others to sign and they
  • setup
    setup says #
    I check the petition every few hours and have read every comment written by Denise and supporters. 730 so far and climbing. These
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http://www.afr.com/p/business/property/foreigners_illegally_buy_trophy_IttwNqhaCStBBNvSUod5OK Foreigners illegally buy trophy homes in Sydney and Melbourne PUBLISHED: 16 hours 0 MINUTES AGO | UPDATE: 3 hours 36 MINUTES AGO Real estate agents and property lawyers are willingly helping foreign investors to illegally buy prestige homes in Melbourne and Sydney, says buyers’ agent David Morrell.  Mr Morrell said foreign buyers without the Australian residency requirement to own existing property and who did not speak English were buying up big land banks in blue-chip suburbs such as Toorak and Hawthorn while the Foreign Investment Review Board took no action. Mr Morrell likened the powers of the FIRB to “a slap in the face with a wet lettuce”. He said estate agents, whom the FIRB relied upon to report foreign buyers flouting the rules, were looking the other way in return for higher commissions.  “The lawyers are also getting something out of it, so they’re not going to dob in...
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  • Magie
    Magie says #
    The practice of selling off the best real estate in Australia to foreign investment is quite wide spread. It is happening in Adel
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Our regulations are WEAK against corporate criminals because our REGULATOR KNOWS this is all risky business via property as valuations are skewed and monies pocketed.  Australian Securities and Investment Commission ("ASIC") is reactive NOT PROACTIVE.   ASIC knows who the culprits are by watching ads and PDS registrations and can identify the potential PONZI like structures the same as I can, yet they fail to do anything at all until the entire evil empire collapses.  The only ones to make money from this are the promoters and the Liquidators make a motza........................SIMPLE SOLUTION - if you cannot trust the corporate regulator then DO NOT INVEST.  There is no surveillance work and no action taken until money all gone!  No wonder there is $10 billion hidden under beds!   This is worse than the GFC...................here in Australia.  Losses will be horrendous and with a devastating effect as retirements are washed away and...
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  • setup
    setup says #
    What is to become of us, our children and our grandchildren. What sort of a world awaits them? Sadly a world of deceit, greed, cor
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We agree - bank managers and officers have been writing a minimum of 36% of all Toxic loans where fraud takes place inside the bank.  Staff are also "tweaking" loans submitted by "agent sellers" after the Loan Applications have been sent in for "processing."  We have the proof.  We simply need a Royal Commission into the banks asap, so that we can present our collective and extensive evidence.  INTEREST ONLY LOANS ought to be banned immediately. We need to jail a few Bankers.   Notice how ASIC is simply rounding up a couple of hapless brokers a year?  We notice and so does the "seller agent" industry.  This email address is being protected from spambots. You need JavaScript enabled to view it. ASIC should crack down on bank branch managers, association says       inShare by Adam Smith | 27 Aug 2014   An industry association has called for ASIC to apply the same scrutiny to bank managers as it does to brokers.According to a Fairfax report,...
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  • Denise
    Denise says #
    You should all be reading comments on Broker News right now. They are also calling for Royal Commission and we agree. Ready to s
  • setup
    setup says #
    6000 plus Submissions??? this is unbelievable. Its from CEC re Glass Steaqgall? Fantastic
  • organza
    organza says #
    How interesting. I note there is no mention of Banker CEO's at the very top in the article responsible for manufacturing the loan
  • Rob
    Rob says #
    It becomes to easy for them to do some creative alterations to the applications, before long all they see is trailing commissions
  • setup
    setup says #
    The tampering of our documents took place inside the bank and we have the names of the Credit Assessor who inflated our income fi
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This is what I wrote to FSI in an email Normal 0 false false false EN-AU X-NONE X-NONE MicrosoftInternetExplorer4   To whom it may concern. I was given Australian loans by Australian Bank  of more than $1.5m on the strength of a single letter from a man in Jersey. (the tax haven!) I have had no Australian income for more than twenty years and had no tax records nor was I on the electoral roll for more than 20 years. If only more people were aware of what this bank calls good lending practices, then I’m sure people would not buy shares or have anything to do with a bank who lends money to people who can’t afford it. It seems to all be about greed. This bank did not include any of my monthly outgoings as expenses? If I didn’t declare such things when applying for a loan, the bank...
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  • setup
    setup says #
    I have sent mine in and hope you all have done the same. This is so important for all of us and for our road to victory. Remember
  • Aries
    Aries says #
    Come on everyone get you emails in. My example is on page 2 on 13/8/14 under the blog BFCSA INTERVIEW WITH ALAN JONES. If your no
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The Investors Club/Property Club embroiled in emerging Australian Subprime Crisis Written by admin on August 12, 2014 – 10:23 pm http://www.whocrashedtheeconomy.com.au/blog/category/australian-economy/ The Australian has today reported on an emerging wave of subprime repossessions in Australia as times start to get tough. On Saturday, we reported how Australia has one of the largest property bubbles in the world, significantly larger than theUSA subprime bubble. While evidence is emerging, our politicians are very much behind the bubble, you have to ask yourself, can Australia have such a large property bubble with prudent lending standards? “We have been in denial for years as a nation that we don’t have a subprime problem, but we do,” Ms Brailey, President of the Banking and Finance Consumers Support Association said. The Australian reports on a Perth disability pensioner who was enticed to take out a $370,000 investment loan with a mortgage broker five years ago. After last year...
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  • brett@sctelco.net.au
    Deception and misinformation, these people are unconscionable
  • setup
    setup says #
    Low docs were initially designed for the selfemployed but now they are being misused causing major and permanant financial damage
  • PreySOS
    PreySOS says #
    Low Doc Scandal is engineered deceiving system to fail our nation while lenders are unlawfully enriched and victims become homeles
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S25.1 of the Bankers Code - "must have regard for affordability" went out the window John!  Unverified Mortgage Loans is fraught with fraud including full doc loans.  Wakey Wakey.  Yes these god like Bankers all made millions in commissions and bonuses and designed the Code as a FACADE to deceive the public and then  immediately sold faulty products that represent the reverse of what is written the the codes signed by the following Bankers.  If you want to know who these Fraudsters and Banker Engineers of dodgy products are.....their names appear below:   This email address is being protected from spambots. You need JavaScript enabled to view it. http://media.corporate-ir.net/media_files/irol/24/248677/mediareleases/2003/ANZ-MediaRelease-20030815.pdf For Release: 15 August 2003 ANZ adopts new Code of Banking Practice ANZ today announced it has adopted the new Code of Banking Practice. The Australian Bankers’ Association released the new Code of Banking Practice on Friday, 1 August 2003. The updated self-regulatory Code is a voluntary code of conduct which sets standards of good banking...
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  • setup
    setup says #
    Has anyone lost their home with ANZ due to banking malpractice after the new code was intruduced?
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Dad was a retired businessman and decided to invest in property, a long held dream. He started out purchasing a small house in the southern suburbs of Brisbane. He bought and sold a few more before buying vacant blocks and building homes on them. by October 2005 he had developed a portfolio of eight properties. he had been using the same bank since 1997 and the mobile home loan lender would visit whenever he needed to provide him with more funds.In 2006 Dad spent a lot of time in hospital with another knee replacement operation and a resultant infection to keep in for an extended period of time. His oldest  son passed away suddenly at the beginning of September and he had a pacemaker inserted for his heart in October also in 2006 the mobile home loan lender of the year for Suncorp loaned him $750,000.00, in two separate loans, to purchase...
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  • kddeed
    kddeed says #
    Yes we know all about the sharks too. Ours came door knocking on behalf of the investment group. Should have been enough to warn u
  • setup
    setup says #
    It is not safe anymore do do any kind of investment. Those days are long gone where we can trust the bank to have our best interes
  • Aries
    Aries says #
    That's how these mongrels work, they will do anything and say anything to maximize their commissions.
  • NABbed Nanna
    NABbed Nanna says #
    I'll bet your Dad was a hardworking man and as you say had the one financial institution whom he trusted all that time. These brok
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Our intrepid Researcher Gladys is digging up an impressive history of dastardly banking BIG BANK BAD BEHAVIOUR  . Time to regulate the banks start with URGENT ROYAL COMMISSION into Banking             This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.theage.com.au/articles/2004/02/08/1076175032035.html   Canny chief steers ANZ clear February 9 2004 There is an experienced banking chief executive with the perfect curriculum vitae to strip the risk out of National Australia Bank in the wake of its foreign exchange trading losses.  The only problem is, he's already doing it for one of NAB's competitors. ANZ bank chief executive John McFarlane is Scottish-born, like John Stewart, the man chosen to clean up after NAB's $360 million foreign-exchange debacle.  But that is where the similarities end. Stewart joined NAB last year with a brief to consolidate NAB's British banks, but he was a retail banking specialist before that, first at Woolwich, the British building society-turned-bank, and then at Barclays, which took over Woolwich in 2000. McFarlane...
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Financial bets belong under the Gambling Act The Drum By ABC's Alan Kohler http://www.abc.net.au/news/2012-09-26/kohler-financial-bets-belong-under-the-gambling-act/4281318 Updated 27 Sep 2012 Punters often don't realise they are being sold risky bets in the name of "securities", writes Alan Kohler. And when their bets fall, their money disappears. I no longer think derivatives should just be banned. I now think they should be treated as gambling, and then banned.  That is, CFDs, CDOs, SCDOs, CPDOs, CDS and all the various other acronyms that might masquerade as financial instruments should be brought under the Interactive Gambling Act (2001), which makes it an offence to offer "real money" online gambling to residents of Australia. Sometimes financial derivatives are used by those who have a genuine trade or credit exposure to hedge or offset, but most of the time - the vast majority of the time, in fact - they simply involve a bet, made by a punter,...
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http://www.apra.gov.au/super/documents/guidance-audit-report-derivatives-final.pdf   Ref No: Audit Report 2009/10 21 December 2010 Guidance: Superannuation trustee obligations when using derivatives In response to general enquiries, the following additional guidance is provided to Trustees who use Derivatives. Prior to the introduction of the Superannuation Safety Amendment Act 2004 (SSFA), Superannuation Circular II-D-7 Derivatives i set out the requirements for APRA- regulated Trustees (including Pooled Superannuation Trusts (PSTs) to have a Derivative Risk Statement (DRS) in place which detailed the use of derivatives in the fund(s) and the manner in which the risk of such use was managed.   Subsequently, specific requirements were set out in the SSFA detailing how a Trustee should manage risk, and in particular, the risks to the investment strategy relevant to the fund and the risks to the fund’s financial position.   Section 29P of the Superannuation Industry (Supervision) Act 1993 requires a Trustee to manage its risks through the mechanism...
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The three sister regulators are hopelessly politicized and useless.  APRA did not realise toxicity existed in RMBS Packages until we suggested as such in 2012 Parliamentary Senate Inquiry into Banking.  "Government cannot, ought not to profit from fraud."  Pretty basic stuff.  Groups telling APRA of fraudulent conduct complaints re TRIO Capital.  APRA says: "huh...please explain.....we are bit thick but we will redraft...."  and on it goes proving the high level of regulatory inertia (or corruption) in this country.    Its going to be an ugly consumer war indeed as the aggrieved will not stand for this nonsense, nor the regulatory clap trap for much longer.  Someone in Government has to take control of these Banks and Super Funds instead of the "tail wagging the DOG!!!!" Instead of watering down consumer protection laws, Joe Hockey and Mathias Cormann would do well to throw the bucket at the Banks! This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.financialobserver.com.au/articles/legal-issues-finance-delay-trio-distribution Legal issues, finance delay Trio...
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http://www.9news.com.au/national/2014/07/23/20/16/commonwealth-bank-secretly-recording-phone-calls 8:16pm July 23, 2014 CommBank caught secretly recording phone calls They said there would be no more cover-ups, but the Commonwealth Bank is still trying to silence its customers over alarming consumer and investment concerns. Tonight, A Current Affair continues its Special Investigation into one of Australia's biggest banks.   The Commonwealth Bank has been caught secretly recording phone calls to a victim of the financial planning scandal and pressuring him to withdraw from media interviews, despite CEO Ian Narev’s promise of a new era of transparency. The revelations, which come less than a week after Mr Narev’s public apology, have shocked victim groups, government and whistle-blowers, many of whom are already calling for a Royal Commission into the bank’s activities. A Current Affair obtained recordings of calls between the head of risk management at Commonwealth Bank subsidiary Financial Wisdom and a 79-year-old former customer who lost almost all his...
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Join us BEFORE YOU SIGN contracts.  If you are already suffering loss or YOU seek warnings before you sign, hit our membership button. One dollar a week per person, is all it costs to join and become an important part of our collective effort to see a Royal Commissioner appointed to investigate and examine how so many ordinary Australians have lost huge amounts of money either by way of Mortgage Loans or Investments by retirees into sourced property offers.  Ours is an annual subscription with ongoing benefits, as we keep you informed every two weeks.  We are a not for profit registered group.   Each one of the scams we have uncovered the past 15 years have involved banks, either directly or indirectly.  Even those scams which seem to only involve spruikers, were banker funded initiatives to mask distressed property issues within the banking system.  Be part of our achievements to...
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  • PreySOS
    PreySOS says #
    will certainly bankrupt mass community and will fail the nation. The mass community urgently need government immediate action and
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Australian Property Monitors are speaking to the wrong people.  Sources always say positively market is on the upswing when the TRUTH  is the opposite.  The peak of the boom was in 2011 and back she rolled, but notice how none of the real estate bods are recording this phenomenon.   Why figures skewed by adding palatial properties and McMansions into the mix.  Just ask APMQHR bods to tell you the state of suburban market (all cities and towns) and also rural towns in a give reasonable price bracket starting at $400k - to say $1.5million.  Figures will show backward slide.  Bit like Japan in 1998 slipping back to 1992 prices overnight.      This email address is being protected from spambots. You need JavaScript enabled to view it.   http://www.yourinvestmentpropertymag.com.au/news/national-property-prices-keep-on-rising-190066.aspx   National property prices keep on rising By John Hilton | 24 Jul 2014   The Sydney property market is leading a growth spurt in property prices, which have continued in most capital cities over...
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At last ASIC taking action over SMSF tainted advice and conflicts of interests with developers and other nasties in the corporate and financial advice sector.  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.smartcompany.com.au/legal/42896-melbourne-property-developer-charged-with-1-million-fraud.html Melbourne property developer charged with $1 million fraud Monday, 21 July 2014 1:38 Eloise Keating   A Melbourne man has been charged with defrauding 14 investors of more than $1 million over a three-year period.  Barry John Patrick of Sunbury appeared in the Melbourne Magistrates’ Court last week on 15 fraud charges, with the Australian Securities and Investments Commission alleging he persuaded investors to refinance their home and self-managed super funds to fund his non-existent property developments. The charges come just days after ASIC Commission Greg Tanzer warned trustees of self-managed super funds about the legal implications of accepting advice from real estate agents when investing their funds in property.  ASIC said in a statement Patrick has been charged with eight counts of obtaining...
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http://www.smh.com.au/business/banking-and-finance/financial-planners-put-cba-on-notice-over-scandal-20140702-zstel.html Financial planners put CBA on notice over scandal Date July 2, 2014 - 3:05PM Adele Ferguson and Ben Butler The country’s peak body representing financial planners has taken a stand on the Commonwealth Bank, saying it will support a royal commission into the bank unless the bank agrees to form an independent committee to oversee a “full and fair” compensation process to customers affected in the financial planning scandal. In a letter to its members obtained by Fairfax Media, the Financial Planning Association’s chairman Matthew Rowe says: “Like many of you, I am appalled at the damage done to many customers of the Commonwealth Bank financial planning business as well as the actions of some in CBA management.” The letter comes as the financial industry is reeling over the findings of a senate report into the CBA financial planning scandal and ASIC’s performance. Mr Rowe said there are many CBA...
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 http://senecabanking.co.uk/2014/05/barclays-create-bad-bank-in-order-to-house-non-core-assets/  Barclays Create ‘Bad Bank’ In Order to House Non-Core Assets  As Barclays continue to revive their investment banking sector, officials have now decided that it is time to create a ‘Bad Bank’ which will deal with all non-core assets so that advisors can concentrate on relevant and important matters and give them the attention that they deserve without being inundated with requests and complaints from disgruntled customers. This particular unit has been designed to deal with businesses that the bank is intending to sell on or wind down, as they are perceived as inconvenient and unnecessary. Included in this sector will be the vast majority of its commodities operation as they do not want to continue with this venture; so are hoping to terminate these services as soon as possible.  This move could result in up to 8,000 jobs worldwide and has caused one of the most senior banking officials...
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http://www.macrobusiness.com.au/2014/06/tiguboff-parents-should-mortgage-for-kids/   Triguboff: Parents should mortgage for kids Leith Van Olsen 30 June 2014   From one of Australia’s biggest property rentiers, Harry Triguboff, comes more twisted logic, with Triguboff appearing before the House of Representatives inquiry into foreign ownership to on the one hand admit that housing affordability has gotten so bad that parents need to help their children enter the property market: Parents should understand they need to mortgage their homes to help their children get into the property market, Harry Triguboff says.  … young buyers should ask their parents to help them finance property purchases. While on the other, arguing that foreign property purchases helps those priced-out of buying property: …but offshore buying activity works in favour of local residents by boosting housing supply, Mr Triguboff said.  “When foreigners invest here, then maybe some people are priced out, correct. But people are given places they can rent, so...
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Why did Field move the goalposts?  That's the big Billion $ question!  David Murray in defence mode.  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.smh.com.au/articles/2002/08/12/1029113891090.html Banks to be named and shamed 2002 August 12 2002 Banks will be publicly named and shamed if they fail to comply with a range of new rules under the new Code of Banking Practice, launched today.    The code requires banks act fairly towards their customers and give them plenty of notice before new fees are introduced or current ones changed.    They are also required to help customers with loan repayment problems and provide details on credit card transaction disputes.   The code has also been extended to protect small businesses for the first time.   Banks will be monitored by the independent Code of Compliance Monitoring Committee which can receive complaints about possible breaches of the code.   If the committee finds a bank has breached the code it can name the institution publicly,...
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