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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https://www.commbank.com.au/about-us/who-we-are/sustainability/sustainable-business-practices/managing-fraud.html   MANAGING FRAUD To achieve our vision, we are committed to working against financial crime, and have clear guidelines for all employees regarding their responsibilities and obligations with respect to the management and reporting of fraud. Our Fraud Policy Our Fraud Policy defines the Group's fraud control principles, mandatory requirements and accountabilities. It clearly articulates that the Group does not tolerate fraud and is committed to promoting and maintaining a sound ethical culture. All employees, temporary staff, contractors and service providers must ensure they are aware of their responsibilities and obligations with respect to the prevention, detection and reporting of fraud. This Policy is applicable to all businesses within the Group, including subsidiaries and joint ventures where the Group has a controlling interest. Monitoring compliance All business unit heads are required to identify and manage their fraud risks to protect the Group’s customers, assets and reputation. All employees, temporary staff,...
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New comments:  I am a new victim from 2012...Banks are Corrupt        <http://www.brokernews.com.au/templates/images/bl_list.gif>            Natalie, what happened to me by a rogue mortgage broker happened in 2012. So please dont speak when you know nothing and have not been affected? From a life of no worries and free of financial problems my life has become a worry from day to day, i have changed my whole life because of a rogue broker and cosl, fos and asic, all of who ignored my pleas. they know the loopholes and they play them. the broker made a lot of money from my "deal" and i was left to pick up the pieces of my life, including the humiliation and frustration of not being believed. Cowboys? Banks are corrupt, lets face it, why would CBA be facing $250million compensation for poor innocent people if they were 'the good guys'. This is not an old...
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  • doyla66
    doyla66 says #
    Brokers take their orders from the Lenders who supply all the necessary tools including the stationary. Exactly, Nanna. So it loo
  • doyla66
    doyla66 says #
    Getting justice is like pulling teeth from a hen. The lenders themselves are the culprits with their corrupt manipulative plans w
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Yes folks: Truth finally bubbling to the surface.  Did you purchase a TOXIC LENDING PRODUCT  http://www.theaustralian.com.au/business/defeated-sp-faces-storm-of-litigation/story-e6frg8zx-1226946308743   Defeated S&P faces storm of litigation by:LEO SHANAHAN  From:The Australian June 07, 201412:00AM STANDARD & Poor’s is bracing for the onset of billions more in legal claims following a court ­ruling that could extend liability for its rating of toxic financial products prior to the global financial crisis.   The full bench of the Federal Court rejected an appeal by S&P and ABN Amro after they were found liable for giving AAA ­ratings to tens of millions of ­dollars worth of toxic financial products.  In a landmark 2012 judgment, 12 regional Australian councils successfully sued S&P for almost $20 million lost on complex ­financial products called CPDOs (constant proportion debt obligations) in the global financial crisis. The products had been given positive ratings by S&P, including its ­coveted AAA rating. The court yesterday unanimously rejected...
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  • doyla66
    doyla66 says #
    We can't trust S&P - their ratings system is full of corrupt dealings, or maybe they're just totally incompetent. Litigation is a
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http://daily-feeds.com/firb-lacks-resources-to-enforce-foreign-property-buyer-restrictions/   Regulator lacks resources to enforce foreign home buyer restrictions   By business reporter Michael Janda 30 May 2014   A parliamentary committee has heard that regulators are largely relying on the honesty of purchasers to enforce restrictions on foreign housing investment.  The Federal Government announced in March that the House of Representatives Economics Committee would examine the levels of foreign investment in Australian residential real estate, and how effectively rules around it were being enforced.  On today's first morning of hearings, Foreign Investment Review Board (FIRB) and Treasury officials admitted that, while the rules are in place, only a handful of staff monitor whether they are being complied with in thousands of transactions a year.  "The Foreign Investment Review Board on residential real estate has eight staff," the board's chairman Brian Wilson told the committee.   Mr Wilson said that means FIRB largely relies on the buyers declaring their purchase,...
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  • doyla66
    doyla66 says #
    Is this more of the reduced supervision for the Financial Services Industry? The FIRB has no teeth - why do we have it at all? I
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Reader asks:  Where are all the people affected by Matt George from Money Choice lets all get together and make the government do something? Dear Reader: You need to be in a collective group which we have already provided. Your power is in numbers.  Just email me and we will place you on the MC register to enable you to plan the next chapter and take control of the situation as aggrieved consumers with a voice. Did you notice that Stephen Kane was head of the aggregator FAST GROUP, picking up the bank commissions re Matt's deals, and where is Stephen now? He works as exec for NAB of course! And what has ASIC concluded after the flood of complaints?  What has ASIC done re the banks that approved loans for MC victims? This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • Denise
    Denise says #
    As usual ASIC doing nothing. Senators must be really really frustrated at dealing with the ASIC regulatory idiots as we all are.
  • doyla66
    doyla66 says #
    I have heard that this con man when he sold his loan book spread his millions into about fifty different solicitors trust accounts
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Gladys found this cracker.  ASIC suggesting that any loans pre 1 Jan 2011 was irresponsible lending.  Well yes we agree, but ASIC trying to negate what parliament told ASIC to do about this problem in 2001 when they had powers under ASIC Act "unconscionable conduct."  This is a law, regulation that ASIC Has sat on for 13 years and did not take action against any LENDER.  None............................ http://www.theadviser.com.au/breaking-news/8432-asic-cracks-down-on-acl-practices 14 March 2013  Staff Reporter Jessica Darnbrough The industry watchdog is calling on all Australian Credit Licensees (ACLs) to implement better practices to ensure they comply with national responsible lending laws.  Yesterday, the Australian Securities and Investments Commission (ASIC) revealed the findings of its recent review of credit licensees in a new report.  According to the report – a review of licensed credit assistance providers’ monitoring and supervision of credit representatives – ACL holders must have the “appropriate practices in place to undertake compliance reviews of their credit...
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The RBA is expecting a property correction Posted by Houses and Holes in Australian Propertyat 10:58am on May 16, 2014 | 6 comments    Share on Facebook Share on TwitterShare on Reddit +   Cross-posted from Martin North’s DFA blog. In an address yesterday to the CITI Residential Housing Conference in Sydney, Luci Ellis, Head of Financial Stability Department at the Reserve Bank spoke about housing in the context of the financial system. Quite a bit of the speech covered aspects of relative population density, demand and supply. However, to towards the end of the speech, she spoke more broadly. I highlight some of the statements in bold. “Our low-density cities have developed out of a postwar vision of Australian cities, of detached houses on quarter-acre blocks. State and Federal War Service Homes programs were designed on that vision; planning regulation enforced it. As a mode of living, low-density suburbia has its advantages. But it does mean...
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Time for ASIC to pay the Piper.  I noticed Budget set to carve up ASIC.  Should have been executed long ago.  We now need a Federal Consumer Protection Bureau with Serious Fraud Unit.  They will find a lot of data errors and deliberate wipeouts in their system as we have found over 15 years.  Many coy directors have six DOBs.   So a private concern gets the benefit of all this data but the public do not?    Certainly ASIC was wallowing the info to collect dust!  Might as well sell off all our libraries!!!!  ASIC needs to be chopped up and sold off bit by lousy bit.  Have you noticed the Prime Minister is determined to get rid of all these monoliths of uselessness, but ASIC is a cash cow.  So its a sell off of the generated $750 million per annum income.  OK SO ITS BACK TO 1950's BUYER...
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Australian LMI insurer bought for $583m by Calida Smylie | 16 May 2014 Genworth Financial has raised $583 million by selling off a chunk of its Australian lenders mortgage insurance arm.   In what is Australia’s biggest initial public offering of this year, Genworth Australia sold 220 million shares at $2.65 each. It had planned to sell between 195m and 260m shares at between $2.20 and $2.90 each, which is 6.2 to 8.2 times the company’s forecast 2014 net profit. The sale of a 34% stake values the Australian business at around $1.7 billion. However, the proceeds of the sale will not stay in Australia, but will go to Genworth Australia’s US parent Genworth Financial Group to reduce risk and rebalance capital among its three major mortgage insurance platforms in the U.S., Canada and Australia. The parent company will remain the largest shareholder.  According to the company, Genworth Australia holds a 45% market share...
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Australian Four Major Banks with 85% of LOW DOC mortgage market share, posting obscene "profits" of $8 billion per annum.  The fraud is obvious on ALL loans we have been privy to view during the past decade. The really BIG STORY is not about CBA and their dirty dealings.......but about a systemic corruption of our banking system, based upon FREE MARKET policies.  Australian banks have copied the Global Norm: rigging the race and then reeling in the punters. Self Regulation as Four Corners pointed out in Monday night's episode, is nothing more than a pseudo fraud department, manned by an intimidated team of 1.5 investigators. FOUR CORNERS episode: "BAD BANKS" investigations by SMH award winning journalist ADELE FERGUSON and DEB MASTERS, has slowly raised the lid on the ugly, very smelly side of our bad banks, starting with COMMONWEALTH BANK OF AUSTRALIA Its the tip of the iceberg..................................WE NEED A ROYAL...
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  • doyla66
    doyla66 says #
    At the risk of sounding cynical, if the present government called a Royal Commission into the Banking Industry everyone would be w
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    Low documentation or "low-doc" loans require less documented evidence of income, assets, and liabilities than a traditional loan product. Borrowers are still required to apply in writing and sign a loan agreement, but will not be required to produce pay-slips, tax returns, or any other form of proof of income. Lenders MUST verify affordability, despite consumer protection provisions such as: s27.1 of the Bankers Code, Lenders continue to approve SUB PRIME LOANS.   In the interests of Consumer Protection, we have listed THE DANGERS inherent in LOW DOC MORTGAGE LOANS Because low-doc loans do not require income verification, these loans are an attractive financing option for borrowers who are self-employed, independently contracted, or work as investors. Yet most people in Australia who have signed up for these loans are pensioners, low income families who are neither self-employed, nor are they investors. The loans are set for 30 years, yet...
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  • doyla66
    doyla66 says #
    I can't imagine why anyone who has dealt with the Credit Department of a Bank and then been through a FOS case would EVER want to
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FOS complains members aren’t paying their determinations:  One Third of determinations not met by the Banks. 9 April, 2014 Jason Spits 0 comments  The Financial Ombudsman Services (FOS) has stated that the failure of some FOS members to pay determinations is “emerging as a structural issue in our investments jurisdiction” after more than $8.3 million is still to be paid to consumers.  FOS Chief Ombudsman Shane Tregellis said the figure related to 18 financial services providers who have not complied with determinations made against them by FOS during the period from 1 January 2010 to 1 January 2014.  Tregellis said while the failure to pay determinations involved a small minority of the 4900 FOS members, the $8.3 million represented a third of all determinations made in FOS’ investments jurisdiction.  The $8.3 million is owed to 99 applicants to FOS, with all the unpaid determinations - except one - involving financial advisers. FOS is required...
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  • doyla66
    doyla66 says #
    I know for a fact that the Nab are not honouring the FOS determinations. No me, but a member of our family that was caught up in
  • doyla66
    doyla66 says #
    Are FOS going to tell us which Lenders are doing this? Here's a story of a similar problem that happened last year - http://www.
  • Denise
    Denise says #
    FOS, ASIC and POLICE in each State KNOW the bank has multiple copies of the LAF for every single loan and - NONE ARE THE SAME!!!
  • doyla66
    doyla66 says #
    Good to know that about the FOS determinations not being honoured by Lenders. In other words, after everything is done, the poor
  • Denise
    Denise says #
    Demand that FOS insist on Banks handing over your client loan files. The "commercially sensitive" crap does not wash. The one pag
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Government designs laws to protect Consumers of superannuation products.  ASIC then waters down the effect of those laws to help out Industry mates.  See Coonan announcement 2004 and then ASIC Class Orders and complex changes = dog's breakfast.  Which dodo gave ASIC these powers? http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2004/053.htm&pageID=003&min=hlc&Year=&DocType=0   Helen Coonan Minister for Revenue and Assistant Treasurer 26 November 2001 - 17 July 2004 Media Release of 21/06/2004   C053/04  21 June 2004    EMPLOYEES TO CONTROL THEIR SUPERANNUATION The Government has successfully negotiated an agreement with the Australian Democrats to give employees the right to choose their own superannuation fund, Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said following the Prime Minister’s announcement today. “The Government announced its intentions to provide choice of funds to employees in 1996 but for eight years employees have been denied this basic right,” Senator Coonan said. “Substantial national benefits will flow from the introduction of choice...
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Readers, please feel free to join in and contribute and add to our Hall of Shame. I simply want three pieces of info on each company: YEAR of collapse or cease to be / # of Investors /Amount of LOSSES  $$$s Here are a few magical names to start you off: ESTATE MORTGAGES TRICONTINENTAL PYRAMID BUILDING SOCIETY MFS LANDMARK OCTAVIAR MDRN   McCarthy Durie Ryan Neil   PRIMROSE FINCORP WESTPOINT STORM FINANCIAL TRILOGY SYDNEY INVESTMENT HOUSE MELBOURNE INVESTMENT HOUSE BUSINESS AUSTRALIA CAPITAL FINANCE BUSINESS AUSTRALIA CORPORATE FINANCE FORSYTE STREETWISE DELANEYS PLATINUM FINANCE HASTINGS TRISCOTTS NATIONAL INVESTMENT INSTITUTE R & B DIAMONDS MONEY CHOICE BLUE CHIP (NZ) ABC LEARNING ALLCO ASSET LOAN GROUP ELDERSLIE FINANCE ENVIRONINVEST LIFT CAPITAL OCTAVIAR WELLINGTON CAP OPES PRIME PRIME LIFE RAPTIS GROUP BANKSIA SECURITIES FREEMAN FOX TRIO CAPITAL GRAEME GRUBB FINANCE GLOBAL FINANCE BLACKBURN & DIXON ALBANY FINANCE AUSTRALIAN CAPITAL RESERVES CHARTERHILL GROUP POWERLOANS RADISSON MAINE IBP CORPORATION...
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  • Denise
    Denise says #
    Hi Sharron look to COSL and report FAST GROUP. Money Choice was just a broker. Director of FAST was Stephen Kane now exec at NAB
  • doyla66
    doyla66 says #
    I increasingly find this crap harder to swallow ASIC register these crooked companies then fail to make them adhere to customer pr
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Australian Securities Investment Commission ("ASIC") gave Michael King an AFSL licence and it seems a lot of other benefits thrown in.  This was due to ASIC's "no action, no investigations, no consumer protection policies."  I remember you well Michael, as do all those who lost money with your schemes/shams etc.  Perhaps you wish me to gather all those who trusted your monologues and invested money with you in 1999 and 2000 into one room as a sort of meet and greet.  Does that suit you Michael?  A modern version of "where are they now?" It appears when I arrived in Brisbane to gather the first people to complain of your "lack of management skills", many people placed you on my whiteboard - McLaughlins at the top of the LIST of 17 solicitor companies assisting retirees to see their money disappear into black holes.  How much money did you make Mike?  Let...
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  • Denise
    Denise says #
    Hi Yvette, Good to hear from you too! People from the past remember Michael KING well. King may start to understand the magnitud
  • doyla66
    doyla66 says #
    Great to see you are still on the case Denise, did you know Michael King is a Director at Diversified Mining Pty Ltd and a Directo
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Ah YES....get tough DUMB ASIC (dumb or corrupt - take your pick)..................brokers have no training, nor licence to give FINANCIAL STRATEGIES, nor to check credit apps!!!!!   The only reason they were employed was to save the bank from liability and have brokers blamed for something they clearly did not understand.  This banking scandal is now oozing out of the building in ASIC Melbourne....wake up you guys....we are on to you but your nightmare is just beginning.   There will be a judgement day for all those who engineered the plot to blame brokers for dirty toxic lending practices INTERNAL TO BANKS.  Smaller Lenders in order to compete had to use THE SAME SERVICEABILITY CALCULATOR - all in SECRET.    Our members will stop short of calling you swine.....we can leave that to another BLOG.  ASIC knows it can only hit on the obligatory ten brokers a year (I think that's...
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  • doyla66
    doyla66 says #
    Nothing like doing some fast learning to work out an enigma. When I asked my bank manager for a copy of my LAF I was told (in pan
  • doyla66
    doyla66 says #
    When you think about it, EVERY loan involved the use of the Loan Service Calculator that altered the original borrower's data in a
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Hello fellow members, I've raised a dispute with FOS on behalf of my parents against multiple loans advanced by ANZ. ANZ's business banking manager preyed on my cashflow/asset high parents and extended multiple business lines of credit. The loan applications were done via a business which never got off the ground. ANZ kept increasing the credit facility when the company defaulted on its loans and set up new loans to repay themselves - thereby increasing the debt amount. A time came where I became aware of what was happening and put a stop to the predatory lending and asked for the last loan in 2008 to be reviewed and all interest and charges be reimbursed. ANZ were generally agreeable and assured me that they would look into the matter promptly. In 2012 after many attempts at resolving the dispute I finally lodged a complaint with FOS. We have just had correspondence...
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  • doyla66
    doyla66 says #
    Sorry to hear that your parents are going to lose there home we lost our home in October 2012 kick out of ou
  • doyla66
    doyla66 says #
    What a horrible experience! I have been looking through the ASIC Act and FOS bulletins and will try to make a case for apportionme
  • doyla66
    doyla66 says #
    FOS & the lenders work in conjunction with each other. FOS are as evil & dirty as the banks they dont care about bankers code, co
  • doyla66
    doyla66 says #
    Under sect 25.1 of the banker code they are supposed to be a prudent banker---i.e. not to lend if the borrower cant afford it--- t
  • doyla66
    doyla66 says #
    Will find out for you, well for a start under 10.2 they have to have a clause in the contract that it is subject to the banking co
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http://www.aph.gov.au/~/media/Estimates/Live/economics_ctte/estimates/add_0405/treasury/t3_lundy.ashx Senate Economics Legislation Committee ANSWERS TO QUESTIONS ON NOTICE Treasury Portfolio Additional Estimates, 16 & 17 February 2005 Question: Add 10 Topic: Get-Rich-Quick Schemes – Property Spruikers Hansard Page: E90 Senator Lundy asked: One of the issues you spoke to in your opening statement was action against the get-rich-quick schemes and you mentioned the 60 illegal investment schemes shut down. How many of those were specifically property spruikers? Could you take on notice providing a list with the detail of that nature to the best of your ability? Answer: In the financial year to 30 June 2004, the Australian Securities and Investments Commission (ASIC) took action to protect consumers against illegal get-rich-quick investment schemes, property spruikers and wealth creation seminar promoters. As to the first category of enforcement action, ASIC shut down 60 illegal investment schemes, involving about 5,000 investors and $110 million in invested funds. Although some of these...
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  • doyla66
    doyla66 says #
    The broker is most definitely the agent/representative of the banks, they always know in advance which lender are going to loan th
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Sean Butler calling for a Royal Commission into CBA takeover of Bankwest. A lot more coming. We are nearing the end-game. Bankwest victim seeks senate spot March 21, 2014 · by Your Herald · in News. ·      FORMER National Hotel owner Sean Butler is running for the senate, wanting a royal commission into banks after being “screwed” by the system. Despite running a successful business and never missing a payment, the Attadale man lost four properties (including his home and the nearly refurbished National Hotel) after Bankwest insisted an immediate repayment of his loans. He says selling just one of the properties—the Lighthouse hotel in Bunbury—could have paid back the loans but the bank stopped him from doing it, only to then sell it underpriced and stick him with an enormous receivership bill. Mr Butler—who now rents—says he decided to run for parliament “when I found out how many other people...
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  • doyla66
    doyla66 says #
    Bank West haven't changed according to other reports too. How can they still do business and home loans? - didn't they lose their
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1.  The Bank copy of the LAFs which were missing and never sent to Storm or the customers remained hidden despite a Senate Inquiry 2.   Banks Officers known as Business Development Managers BDM's frequented Storm offices - to teach Brokers how to use the CBA Service Calculator 3.  The Faxed copy of LAF from Bank (those who have secured their copy) differs from the originals. 4.  Only Brokers who kept their originals and ignored bank warnings to "shred the wet-ink LAF" have proof.  Proof the Broker was not the culprit 5.  Brokers are saying they were under instructions from Banks that ALL LAFs faxed to bank must have SERVICE CALCULATOR page and ICW (worksheet) attached to the LAF.   6.  Bank customers were told to sign  "we have read and understood everything" yet Banks only asked for three pages to be presented to all clients, knowing all other pages had to be then collated...
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  • doyla66
    doyla66 says #
    The more this unravels the more obvious it is that Operation Keep Lips Zipped has been on in earnest trying to cover A### and all
  • doyla66
    doyla66 says #
    There are plenty of questions to be asked isn't there. Why have regulators failed to take action, the reason is they are too close
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