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/banking-and-finance/cba-told-to-reopen-compensation-for-advice-victims-20140516-38fd7.html CBA told to reopen compensation for advice victims Banking and FinanceBusiness Date May 16, 2014 - 6:26PM Adele Ferguson and Ben Butler Commonwealth Bank has been forced to reopen its compensation process for victims of shoddy financial advice provided by two of its planning businesses.  More than 4000 customers of Commonwealth Financial Planning (CFPL) and Financial Wisdom will now be able to apply for compensation under new licence conditions imposed by corporate watchdog the Australian Securities and Investments Commission.  The decision comes after a joint Fairfax Media and Four Corners investigation into the two groups revealed that compensation payments to customers of planners in both divisions were not given the same treatment. ASIC has also admitted giving inaccurate testimony to a Senate inquiry into its performance over the financial planning scandal.  In a statement, ASIC blamed the bank for leading it to mislead the Senate, saying it sourced its information...
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  • doyla66
    doyla66 says #
    Good to see ASIC beginning to distance itself from CBA. Granted the initial purpose of the Senate Inquiry was the CBA Financial P
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At loooooong last the bleeding obvious..........................................a glimmer of truth but no forgiveness from victims of ASIC's conflicted fuzzy thinking. ASIC admits conflict of interest shortcomings   inShare2           Written by James MitchellMonday, 12 May 2014   While he admits this is “not a nuanced version” of ASIC’s duties, Mr Kell said it does “capture our approach.” ASIC deputy chair Peter Kell has spoken candidly about the corporate regulator’s focus on disclosure, inability to weed out conflicts of interest and the impact on advisers. Speaking at the Centre for International Finance and Regulation conference in Sydney last week, Mr Kell said ASIC’s approach over the past 15 years has been “anything goes as long as you disclose”. “The role of disclosure is an underlying principle in structuring your regulatory requirements and regimes,” Mr Kell said. “That was central to the Wallis Inquiry regulatory philosophy and is central to...
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  • doyla66
    doyla66 says #
    As per usual, an abrogation of their duties. So the question becomes: what do they do then?
  • doyla66
    doyla66 says #
    “We have had a situation where too often disclosure has been the answer but we have forgotten the question.” Classic! It's a giant
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Mr XXXX has threatened us, so in preservation of sanity we have removed his name from history as though he never existed. Dear members Just when I thought I had seen it all along comes Mr XXXX, what a vain and egotistical low life and to have the gall to openly expose himself to Four Corners with out even a hint of remorse just goes to show how evil this man is. He deliberately targeted people in financial distress who were relying on him to work out business plans whereby people could negotiate plans to get back on their feet. Mr XXXX's plans were to strip them of everything they owned right from the start. The fact this man had a map of all the Aboriginal land councils land in NSW as prospective targets just shows what a base human being he is. I like most bfcsa members before joining the...
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  • doyla66
    doyla66 says #
    This man makes his money from "defaulting mortgage securities" by the look of it business is booming. This begs the questions : If
  • doyla66
    doyla66 says #
    Good one, Neil. When it comes to white collar crime there is no fence sitting. Every politician must ask him or herself: Am I par
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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 schemes...
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  • doyla66
    doyla66 says #
    Lots of familiar names up there at ASICs Spruikers Anonymous! Words, words, words. What good did that do anyone, really? Apart fro
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http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/asic/asic052/~/media/Committees/Senate/committee/corporations_ctte/asic/asic_05_2/e04.ashx In late 2004 and early 2005, ASIC undertook a surveillance looking at whether advisers were complying with their obligations to disclose, in the Statement of Advice (SOA) given to clients, the costs, possible loss of benefits and other significant consequences of following advice to switch super funds.  During this surveillance, ASIC uncovered some cases where the interests of clients were harmed by poor advice. PURPOSE OF THIS REPORT The purpose of this report is twofold: •  to explain the methodology behind the surveillance; and •  to illustrate the results of the surveillance in simple language. PROJECT METHODOLOGY ASIC started surveillance on superannuation switching advice in December 2004 to assess how financial advisers were, at that time, complying with new legal obligations relating to advice to switch superannuation products. ASIC’s surveillance sample included 19 AFS licensees and 93 representatives of those licensees. Initially, ASIC reviewed 101 client files in which personal...
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  • doyla66
    doyla66 says #
    I was talking with a financial expert friend. She doesn't have credit cards, she finished off her mortgage. If a business won't de
  • doyla66
    doyla66 says #
    Who on earth allowed ASIC clowns to fiddle with superannuation? If I am reading this correctly it states to switch can incur a lo
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Extended interview with James Wheeldon (Lawyer Whistleblower) Updated Thu 3 Apr 2014, 10:37pm AEDT ASIC is used to dealing with whistleblowers coming forward, but is now having to deal with an insider blowing the whistle on it. The corporate regulator faces accusations it was in the pocket of the big financial services players during a round of super industry changes ten years ago. Lawyer James Wheeldon speaks to Ticky. Ticky Fullerton Source: The Business | Duration: 26min 56sec http://www.abc.net.au/news/2014-04-03/extended-interview-with-james-wheeldon/5366380     Now listen to the Extended interview with Peter Kell Updated Thu 3 Apr 2014, 10:23pm AEDT ASIC Deputy Chairman Peter Kell flatly refutes James Wheeldon's allegations. He speaks to Ticky. Ticky Fullerton Source: The Business | Duration: 10min 57sec Duration 10mins 57sec   http://www.abc.net.au/news/2014-04-03/extended-interview-with-peter-kell/5366354        ...
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  • doyla66
    doyla66 says #
    I cant believe what a moron Peter Kell is to think anyone swallows the crap he tries to sell to us as his version of the truth. No
  • doyla66
    doyla66 says #
    Is not Kell one slippery nasty piece of work. He and his mates in ASIC are in their own little world thinking they can justify eve
  • doyla66
    doyla66 says #
    It must be reassuring to the rest of the World to know that Australia has corruption in its financial regulatory system, just like
  • doyla66
    doyla66 says #
    What's the Australian government waiting for? After all anything that goes from the government toward paying out dirty loans or ap
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http://www.afr.com/p/opinion/asic_chairman_has_overstepped_the_EKODSQmhOocUm8ZuR9D2xM ASIC chairman has overstepped the mark PUBLISHED: 13 Jul 2012 00:12:19 | UPDATED: 13 Jul 2012 The government seems unable to run an orderly policy development process, allowing regulatory agencies like ASIC to hijack the policy agenda. Medcraft does not appear to fully appreciate the boundaries and responsibilities which come with the important statutory office he holds.  ASIC’s role is to administer and enforce existing laws. In fulfilling those responsibilities, ASIC has to act independently and be seen to be independent. Its job is to act as the regulator, not as an advocate. ASIC’s role is not to give a running commentary on existing laws or to drive changes in policy or corporate law. Changes to policies or laws are the responsibilities of government and the Parliament.     ASIC’s role must remain as an independent regulator and adviser to government, not as a public commentator or campaigner.  It is...
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  • doyla66
    doyla66 says #
    how much more damage can these men do before someone stops them...
  • doyla66
    doyla66 says #
    This man knows exactly what he is doing. For some absurd reason he thinks he can get away with it and never in his wildest dreams
  • doyla66
    doyla66 says #
    EXACTLY!... unfortunately for all Australians, Mr Medcraft believes he is doing nothing wrong... at the recent Senate Inquiry into
  • doyla66
    doyla66 says #
    Perhaps he should come and live in our worlds for a day- complete with anxiety, despair, heartbreak,hopelessness, fatigue,stress r
  • doyla66
    doyla66 says #
    Really time Medcraft to step down - you have not been acting in the best interests of Australians for a very long time- !!!!
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In the middle of a Tsunami of 30,000 complaints against banks, lenders, financial products and services, ASIC have nothing better to do with their $450 million budget than design a website....to protect consumers you may ask?  Add on to woof woof FIDO page that even Fido does not read?  No No No, something much more important.........ASIC want to name and shame.....waaaaaaaaaaaaaaaaaaaaait for it......name and shame award winning journalists who are game enough to criticise our useless Corporate Doormat Cop for snoozing on the job. The sooner the nation rids itself of the Monolith of Uselessness known as Australian Securities and Investment Commission ("ASIC"), the better consumers will be protected.   If we have to go back to BUYER BEWARE then let it start with Buyer Beware of ASIC....as the so called regulator was never there to protect YOU.  ASIC protects the charletans and banksters....evidenced by the escalating numbers of consumer complaints...
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  • doyla66
    doyla66 says #
    Yes Honesty, the ones who need to go are they at the very top. It's how they continue to operate and get away with evil - replace
  • doyla66
    doyla66 says #
    Oh what a great new market Greggy Medcraft and his mate Wayne Swan can sell all those left over RMBS to all that fresh meat they a
  • doyla66
    doyla66 says #
    Organza those with integrity leave ASIC,I have it from the horses mouth, comments like: "I don't like the way they are going",and
  • doyla66
    doyla66 says #
    This article I am afraid to say says has literally knocked the socks off me knowing ASIC have now dared to stoop so very low to fu
  • doyla66
    doyla66 says #
    Bravo Michael West .. your story literally sent shivers down my spine.
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Make ASIC more 'proactive': FOS Friday, 21 February 2014 | Tim Stewart  Investor Daily         ASIC would benefit from some of the more "proactive mechanisms" enjoyed by the UK regulator, according to Financial Ombudsman Service (FOS) chief ombudsman Shane Tregillis. Appearing before a Senate Economics References Committee public hearing in Sydney yesterday, Mr Tregillis was asked by Liberal Senator David Bushby how he thought the operations of ASIC could be improved. Mr Tregillis framed his comments by saying any changes to the operation of ASIC must be tailored to the Australian market. But that said, ASIC could benefit from similar powers as those enjoyed by the UK's Financial Conduct Authority (FCA), according to Mr Tregillis. “[When the FCA] is concerned about compliance [it doesn't have to] wait until there is a breach – it can actually require that an expert do a review and report back to...
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  • doyla66
    doyla66 says #
    “To put it in context, we looked at 26,000 complaints in 2013. About 3.5 per cent of our total complaints relate to financial plan
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 Hi members, Just like to say how disappointed I am that I can't be in Sydney this week to see Mr. Greg Medcraft squirm in his chair as he tries to remember the lies and corruption  he has to cover up when answering the Senates questions. As this is all going on I am in the last week of trying to save myself from being evicted and losing my home.To get your loan frozen even when someone has been charged with some of the fraud on my loan is costly and almost impossible to achieve.  I will know by next week. The real culprits in this fraud have so far escaped prosecution and have passed the buck down the line. I can only hope and pray that the Senators listen to Denise as facts and figures don`t lie and they freeze all these TOXIC loans so we can at least have them all...
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  • doyla66
    doyla66 says #
    Thanks to all of you who made it to the enquiry to support the amazing Denise..and thanks for updates which are sometimes so painf
  • doyla66
    doyla66 says #
    Yes Gfs i would expect there will probably be a round table discussion following these 3 days proceedings so that everybody is wel
  • doyla66
    doyla66 says #
    Any idea when the transcripts will be available? I did tape it but dads want to listen to it again at his place in peace and quiet
  • doyla66
    doyla66 says #
    Ali......surely senator Williams will share with the other senators These are very intelligent men....... Surely We need some sor
  • doyla66
    doyla66 says #
    I think Sen Williams knows much more than the others as he has been in constant contact with Denise for quite some time and i have
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  ASIC targets loan fraud, threatens jail time           13 February 2014 | Nick Bendel   ASIC has announced a crackdown on loan fraud and unethical financial advisers. Commissioner Greg Tanzer said the regulator had a “strong record on enforcement” and had achieved 340 “enforcement outcomes” for the six months to 31 December 2013. That number included criminal and civil actions as well as the banning or disqualifying of individuals and companies, he added. Mr Tanzer said ASIC had also achieved some “negotiated outcomes” that resulted in financial services firms implementing long-term cultural changes. “At the moment ASIC is focusing on stopping misleading advertising of products and services and market misconduct, including insider trading. We are also strong on the responsibility of gatekeepers – people like directors, financial advisers, auditors and liquidators,” he said. “Our future areas of focus include loan fraud, false accounting, and takeovers and shareholder disclosure,...
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  • Denise
    Denise says #
    Yes Greg Tanzer "negotiated outcomes that you preferred in our meeting in 2001" means lunch with the perpetrators. [email protected]
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In 2009, FOS did its best to remain impartial.  However, it is now doing everything in its power under its ASIC licence, to prevent any objection to the Ombudsman's outcome.  Up until a couple of months ago, the ASIC licensed External Dispute Resolution Service ("EDR") told consumers there were four processes to complaint handling: 1.  Directions Officer to allocate a Case Manager   2.  Case Manager to investigate and deliver a comprehensive RECOMMENDATION - allowing both bank and borrower the ability to object to any anomalies or wrong assumptions/claims by the opposing party.   3. If no resolution, the matter would then be forwarded to The Ombudsman for further DETERMINATION which bank must accept.    4.  Borrower can refuse to accept  (Particularly if unfair) and the matter be then referred to a PANEL OF REVIEW. Recently, FOS has started to do away with RECOMMENDATION and PANEL OF REVIEW.  Decisions are made...
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  • doyla66
    doyla66 says #
    it seems like that we have all been rail roaded in to accepting their final determination even though we are against it. we too
  • doyla66
    doyla66 says #
    P.S A) loan drawdown in August 2012 B) defaulted in December 2012 C) they give us a $30k loan (buffer loan) December 2012 D)our fi
  • doyla66
    doyla66 says #
    Let the fraud unfold at the end of the month when the hearings beging.....bring on the RC I can't help but think that all your wor
  • doyla66
    doyla66 says #
    FOS are making up operational guidelines which differ from the Regulation Guidelines under which they are obliged to follow in ord
  • Denise
    Denise says #
    Time to have all those people affected by FOS and COSL nonsense "forced agreements" to report the EDR's to the Australian Federal
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14-018MR ASIC enforcement report – July to December 2013 Friday 31 January 2014  Even the Bank Sharks are laughing!  ASIC with 330 investigators have only found 20 of LOAN FRAUD cases!  Cover UP in Progress. ASIC today released its fifth six-monthly enforcement report, detailing outcomes achieved between 1 July 2013 to 31 December 2013. ASIC achieved 340 enforcement outcomes. This included criminal as well as civil and administrative (e.g. a banning or disqualification) actions, and negotiated outcomes, including enforceable undertakings (EU). There were 112 outcomes achieved in the market integrity, corporate governance and financial services areas, and 228 in the small business area. Current areas of focus for ASIC include cracking down on misleading advertising of products and services, market misconduct, including insider trading, and the responsibility of gatekeepers. ‘Future areas of focus include loan fraud, false accounting, and takeovers and shareholder disclosure, as well as the ongoing focus on advertising,’...
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  • doyla66
    doyla66 says #
    Sure tells you something doesn't? Figures don't lie (unless on Loan Application Forms of course) and there has to surely be a lot
  • doyla66
    doyla66 says #
    We could save you a lot of time and investigations ASIC. Stop attacking the Brokers and look to the source of the fraudulent loan
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Britain's financial watchdog fined State Street U.K. 22.9 million pounds ($38 million) for deliberately overcharging its clients, and said the custody bank acted with "complete disregard" for the interests of its customers. The fine is one of the largest dished out by the watchdog in recent years, and the latest where financial firms have been found to put profit before the interest of their customers. (Read more: Nailing 'The Wolf of Wall Street': Lessons for the UK) Chris Ratcliffe | Bloomberg via Getty Images Between June 2010 and September 2011, State Street U.K., a unit of the world's second-largest standalone custody bank State Street Corp, overcharged six clients a total of $20.2 million, the Financial Conduct Authority (FCA) said. Those clients included large investment management firms and pension funds holding the funds and savings of retail investors. Custody banks manage cash for companies and handle back-office processing of securities and banking...
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From: B.D   Sent: Saturday, January 25, 2014 To: This email address is being protected from spambots. You need JavaScript enabled to view it. Subject: FOS and ASIC    Good afternoon I am attaching my story. Kind regards BD #10557  " We were lured by a broker  into taking our two low doc loans with Adelaide and St George Bank  . In both cases we lodged complaints with FOS  FOS found Adelaide guilty of maladministration and declared  St George in the clear .   In both cases neither  Adelaide or St George followed their credit policy . Individual borrowers over the age of 60 years are not to be accepted unless approved by a senior credit officer having a specified level of delegated lending authority (“DLA”). We were in our seventies when loans were taken out and both unemployed with virtually no income.    Consumer credit code , National Consumer Credit Protection  Act  and the Code of Banking Practice were not observed .  One of us  had...
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  • doyla66
    doyla66 says #
    I too had dealings with the Bendigo and Adelaide Banks- grubs extraordinaire--- as for FOS it has become an employment refugee cam
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If ever the Senators start doubting the untruths and false impressionism dripping from the lips of PETER KELL, Deputy Chairman of Australian Securities and Investment Commission (aka "Australian Non Regulator's Club") then you may well be seething in rage as to why Kell seems to not understand how to use his computer.  Poor Pete is so computer illiterate he is unable to google....................Pete, we are really trying to help you.   Just try 95% LVR via google and you will see all the BIG BANK LOGOS...... Consider this Pete, why would a Broker advertise something he cannot sell.................a Mortgage with 95% LVR!!!  The Banks are the manufacturers and you seem to want to keep blaming the sellers....why? And all MORTGAGE EXPERTS ARE LICENSED BY ASIC!!!!  So who are the Banks backing Marty?  There are many Marty's out there...................all backed by your favorourite sub prime toxic loan specialists MAJOR AUSTRALIAN BANKS (85%...
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  • doyla66
    doyla66 says #
    Maybe he's too busy learning how to use an electric typewriter to preserve his own secrets rather than focusing on the job he shou
  • doyla66
    doyla66 says #
    So obvious that nothing has changed... Please ASIC acknowledge that there are systemic issues within the banking and finance secto
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  A FINANCIAL planner who received more than $1.1 million in undisclosed kickbacks for diverting clients into corrupt superannuation scheme Trio Capital has been found guilty of "serious" legal breaches.   Australian 9 Jan 2014 by Anthony Klan   - http://www.theaustralian.com.au/business/wealth/asic-bans-planner-over-trio-capital-kickbacks/story-e6frgac6-1226797684291#    The Australian Securities & Investments Commission -- in findings backed up on appeal -- found Mervyn Ross Tarrant had failed to disclose that kickback, and had engaged in associated "misleading and deceptive conduct".   In eight cases Mr Tarrant, who directed $23m of his clients' money in the scheme, was found to have not had a "reasonable basis" for directing clients into Trio.   But in the latest example of the corporate regulator's soft touch, Mr Tarrant will not face sentencing, a fine, or even be forced to repay any of the $1.1m in kickbacks.   ASIC yesterday released a statement that Mr Tarrant, who had run Tarrants Financial...
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  • Denise
    Denise says #
    Well said Kyle There must be jail time for those who are involved in WHITE COLLAR CRIME and in particular THE ENGINEERS and manuf
  • doyla66
    doyla66 says #
    Pathetic, ASIC. You're right Kyle - wouldn't you think ASIC would sharpen up their game while everyone is watching and hoping for
  • doyla66
    doyla66 says #
    These idiots are under the spotlight right at the moment and this is the best they can do and I am sure in another article posted
  • doyla66
    doyla66 says #
    disgusting. he keeps his $1.1mil and investors lives are ruined. how do you think they feel when they learn of ASIC's soft touch?
  • doyla66
    doyla66 says #
    Asic.... your a complete joke and waste of space 7 year ban.......what a crock of sh.....it
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Dear Members With the Senators hearings into ASIC fast approaching, you would think that they would be on their best behaviour and trying to keep a low profile but NO like a stunned rabbit in front of the headlights they have left themselves open to ridicule and derision on many fronts.   People are drowning in DEBT and ASIC is kind to Lenders....................... According to the Jan 10 publication of " The Advertiser" the online broker magazine ASIC allowed a collections agency in breach of NCCP regulations to continue operating with no fines and a "slap on the wrist." The company, Tru Blue Collections Services Pty Ltd purchased a Loan Book of 3,200 contracts from pay day loan companies, the rights and obligations were assigned to Tru Blue as credit provider, a role the company was not licensed to do. Even our old mate Jon Denovans from that much loved law...
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  • doyla66
    doyla66 says #
    People are drowning in DEBT and ASIC simply because of their personal goals and interests. Whenever we enter into such thing, we s
  • doyla66
    doyla66 says #
    Yep - governments blinded by a lot more evil than just banks and all who blind them are related for these days useless Politicians
  • doyla66
    doyla66 says #
    Tragically all mates and all connected for the same reason - greed money power and control if one follows the trail. Major shareh
  • doyla66
    doyla66 says #
    I believe now Insurance companies will not insure against vaccination damage - right up there with the few natural disasters they
  • doyla66
    doyla66 says #
    If you do come good and assemble a green army to re-plant trees so foolishly felled make sure you check with residents of St. Hele
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Posted by on in Dumb ASIC
399 Submissions and counting..... Some very interesting reading here.  I understand that Submissions into the Performance of ASIC are still being accepted by the Committee up to 10 January 2013. http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions email your submission via Email:  This email address is being protected from spambots. You need JavaScript enabled to view it. EDR’s are supposed to have a Panel of Review – but that has disappeared from FOS….why? Did ASIC say they could drop the review process?  If yes,  when?  ASIC are the licensee of the EDRs How did that reduction in investigations assist consumers or the Lowering of investigative standards? It's a bit like the Banksters lowering lending standards. This is not a fair and equitable system when recommendation is being now bypassed and a TAKE IT OR LEAVE IT stance has been taken by the Ombudsman. Banks must be whooping for joy... So everyone needs to write to Parliament about this latest twist in FOS behaviour that ASIC HAS failed to address. ASIC have meetings...
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From a member: I think the safest thing for ASIC to do, once again, is to shut up about their non-achievement record. Hitting brokers is like shooting fish in a barrel = no challenge there. That would suit ASIC fine - lazy as... Just like all the years that ASIC and others tried to frame borrowers for Bank misconduct and fraud. It looks like ASIC are plain scared to take on a real challenge, like a Bank or Lender. Of course, this would also call into question ASICs slack supervision on those Lenders in theory under ASIC supervision. (What supervision???) Heaven help Superfunds, now under ASIC! Expect more incompetence, more stuff ups, more negligence, more slackness, more defrauded investors, more mistakes, more hopeless letters and non-performance - from experience. SIDBROKER is right: come on, Mr Abbott: ASIC is wasting our money and our time. We want real results, fair dealing and...
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  • doyla66
    doyla66 says #
    First of all Hockey appoints Murray to head the Inquiry. This is an insult to Denise and all bfcsa members. Then Stewart Levitt's
  • doyla66
    doyla66 says #
    Who makes that decision to pull a submission? Who has that power? Who makes the decision on a Royal Commission into Banking Fraud?
  • Denise
    Denise says #
    I have copies of 276 - of course. ASIC can runaway like a coward and threaten on technicalities, but it cannot hide.
  • doyla66
    doyla66 says #
    How can we explain Stewart Levitt's submission 276 disappearing from the ASIC inquiry site? He set out clearly the corruption in A
  • doyla66
    doyla66 says #
    Agree, Francis. I feel betrayed as well. Even if I win will carry the scars of betrayal by the Australian Government, legislature,
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