BFCSA Blog

  PRESS RELEASE: EXPOSING UNACCEPTABLE FINANCIAL ACTIVITIES (NEW ZEALAND)  Monday, 16 June 2008  9:51 am     Rodney Hyde only MP to front EUFA meeting in Remuera today  EUFA (Exposing Unacceptable Financial Activities Inc Soc) www.eufa.co.nz  Rodney Hyde is the only member of Parliament who has committed to attend this morning's EUFA meeting with Guest Speaker Australian Consumer Advocate, Denise Brailey.   Mr Hyde was one of the first people to book for the meeting which has encouraged EUFA members.  The lack of attention received from Politicians on the Financial collapse has shown a very serious attitude of heads in the sand.  EUFA members are wondering why they are being ignored by the politicians who have a duty in office to work for constituents.  Suzanne Edmonds Coordinator of EUFA said this morning “Silence is not golden and obviously this is a very hot potato". "We realise it is because of the people who...

NZ weighs up single dispute resolution scheme 10 December 2012 The New Zealand Government is considering merging the country’s four external dispute resolution schemes, in a move that would affect the Insurance and Savings Ombudsman.  There are concerns about the efficiency of having four schemes and fears it encourages consumers or financial service providers to “forum shop” for the one they consider most favourable.  The Insurance and Savings Ombudsman mostly covers personal insurance complaints.  The other schemes are the Banking Ombudsman; Financial Services Complaint Ltd, which has the most members and was set up in 2008; and Financial Dispute Resolution, a government-managed reserve program for providers not covered by the other three.  All four schemes deal with insurance complaints. The Insurance Brokers Association of New Zealand has questioned whether creating a single body is wise so soon after the country has adopted a new regulatory regime for financial services.  “We need...

NZ bank practices 'predatory' RICHARD MEADOWS Last updated 05:00 25/08/2012         1               Share   Industries Sky TV posts stable profitSmall trade surplus for JulyRakon cautious on year aheadTelecom shares fall on subdued profitKiwibank boosts NZ Post profitSoros lifts GPG holdingNetwork outage hits OrconSouth Port profit slipsNew Zealand becomes LinkedIn testbedGoal to keep up supply during factory move An Australian consumer rights activist claims New Zealand banks used predatory lending practices to profit from widespread mortgage fraud. Denise Brailey has sparked calls for a royal commission into the Australian banking sector on the same issue, and hopes to head to New Zealand this year to continue her crusade. Addressing the Australian senate this month, she outlined the systematic abuse of “low-doc” loans during the pre-financial-crisis property boom. Brailey has documents alleging the asset-rich and income-poor were specifically targeted by lenders in a...

I said Iwould do my comment as a post, so here it is with apologies to anyone who may see it twice. I also think it is relevant to some degree in view of what happened with the FOS complaint described in another post. I am STILL, after TWO YEARS, trying to get my LAF from 2003 and it was a Full Doc Loan! Fantastic video.(BANK CORRUPTION SCANDAL) I have recently had my complaint about Westpac New Zealand kicked into touch by the Banking Ombudsman [b]"scheme"[/b] Good word, "scheme!" I got a request from the "scheme" to take part in a survey as to how SATISFIED, or otherwise, I was with the "service," or lack of. I filled out the survey and offered a few "comments." I then received this post with the video and decided to send the link to the guy at the Banking Ombudsman Scheme and suggested he...

I wonder if this might be an iceberg tip peeping through. I will keep an eye on things Fraud charges laid over $1 million losses Newswire – 5 hours ago    A Paraparaumu woman is facing 10 fraud charges after clients of a failed mortgage broking company lost about $1 million. The 32-year-old woman was arrested on Friday following a number of complaints in the past 18 months, Sergeant Jacquie Muir of Kapiti police said. Sgt Muir said the complaints related to fraud allegations connected with a now-defunct Kapiti mortgage broking company. Ten complainants had lost a total of about $1 million, she said. The woman is due in Porirua District Court on Tuesday. Sgt Muir said further charges were likely. ...

I wonder if he has been reasing about the Senate do and Denise's brilliant contributions   NZ First leader Winston Peters wants an inquiry into the "obscene" profits foreign-owned banks are making. All New Zealand's big banks are Australian-owned and Mr Peters says ANZ National is on target to post a record profit of more than $1 billion. "We are in the middle of a global financial crisis yet a single bank is in the process of manufacturing a record profit from the wallets of hard working New Zealanders," he said on Tuesday. "Year on year they are making extraordinary profits - last year the big four Australian banks on average increased profits by 28 per cent, it's totally outrageous." Mr Peters says a full scale, independent inquiry must be held and its brief should be to find way to ensure a bigger slice of the profits stay in New Zealand....

Credit bureau Veda says New Zealanders showing renewed confidence in borrowing for both homes and businesses Posted in Business August 16, 2012 - 11:15am, Gareth Vaughan   Credit bureau Veda says mortgage enquiries rose 44% in July emphasising renewed confidence in borrowing for both homes and businesses. Veda said for the first time in five years its bureau statistics showed a rise in commercial enquiries, which is "enormously positive" for the economy. "Businesses owners require a level of confidence in future growth to borrow funds to invest in their operations and expand," Veda’s managing director John Roberts said. “Business has hung in through a slow economic recovery. An increase in enquiries is a welcome sign of emerging stimulation in the commercial sector.” Roberts' comments are similar to those from ASB CEO Barbara Chapman. After the bank released its annual results Chapman told interest.co.nz  ASB had grown business lending by 6% in the year to June 30,...

I was going to add this as a comment to John's post, then it was suggested that I do it as a blog so, as the insect said as it fell off a skyscraper "earwigo!" You have to wonder about at least SOME bank "employees" as  to at what level who knew what. There is a union here in NZ, FINSEC, and I guess the following may be the article referred to, it was in "STUFF." Bank sales tactics 'deceitful' - union BY AMELIA ROMANOS Last updated 17:28 13/06/2010 Bank sales targets and techniques have come under fire after a survey showed workers were concerned about pushing products on customers who could not afford them.   A trans-Tasman survey, conducted by New Zealand bank staff union Finsec and the Finance Sector Union in Australia, showed 25 percent of workers were uncomfortable about their customers being able to meet financial obligations...

And this latest from New Zealand and Go Kiwis - Big win for our neighbours.....Well done and love your fighting spirit...Denise Brailey Relieved Blue Chip investors 'don't trust anyone' ANDREA FOX Last updated 05:00 10/08/2012 "We don't trust anyone any more". As they toasted each other at avoiding bankruptcy after a landmark Supreme Court decision, elderly Waikato victims of the failed Blue Chip property scheme last night agreed they had learned the harshest lesson of their lives. For others the advice - and the court ruling in their favour - has come too late: they have lost their homes, their health and, in some cases, their marriages. More than a dozen Waikato Blue Chip investors are thought to be in line to get their deposits in Auckland apartments back and be relieved of the obligation to settle on apartments they never intended to own, as a result of the ruling. They...

I will be asking our Kiwi members to to assist in lobbying for an Inquiry into the Australian affiliated banks in NZ. We need you to start writing to your local politicians and newspapers and call for inquiry relating to the same banking scandal that has hit the Australian Banking System. Those who keep in touch regularly please send messages out via your groups Denise Brailey This email address is being protected from spambots. You need JavaScript enabled to view it.    ...

You will see below what I sent to your senators today. I don't expect a reply from them. I hope they watch the movies and read the Walker F. Todd affidavit Dear Sirs, First of all, greetings from New Zealand's Winterless North. I only learned very recently of your enquiry, as a result of joining BFCSA. I am hoping to establish a New Zealand chapter very soon. i sat and watche the whole afternoon session from 3.30pm-7.00pm NZ time. I have to say that I found it time well spent. I was most impressed with Senator Cameron's input and the remark to ASICK "You are shooting the wrong horse," was, in my view, the remark of the afternoon. The 2 witnesses whose submissions really stood out were Denise Brailey's and that last one, Sean? The 1+ ASICK representatives were pathetic, the second chair guy looked as though he was there just...

Greetings Aussie cousins. Great job by Denise. ASIC? Totally SIC(K) The "you are shooting the wrong horse,) was, to me at least, the phrase of the whole session  Fantastic and hiarious My heart went out to the last witness. Anyway, can/will one of you kindly send me the e mail addresses for the senators on the committee. I particularly like the Scottish guy and the one who made the "shooting the wrong horse" comments Thanks in advance Geoff Let's hope we get BFCSA (NZ) up and running soon and get some more of the apathetic Kiwi sheeple motivated. I thought I would just have a look at Worstpack's website before writing this. I Googled Westpac Lo Doc Loans NZ and up popped and check the date. I wondewr if they are doing them here in Kiwiland? Will check it tomorrow http://www.westpac.com.au/personal-banking/home-loans/tools-calculators-rates/low-doc-loan-rates/ Low Doc loan rates Current as at 19 July...

Greetings Aussie cousins. Great job by Denise. ASIC? Totally SIC(K) The "you are shooting the wrong horse,) was, to me at least, the phrase of the whole session  Fantastic and hiarious My heart went out to the last witness. Anyway, can/will one of you kindly send me the e mail addresses for the senators on the committee. I particularly like the Scottish guy and the one who made the "shooting the wrong horse" comments Thanks in advance Geoff Let's hope we get BFCSA (NZ) up and running soon and get some more of the apathetic Kiwi sheeple motivated. I thought I would just have a look at Worstpack's website before writing this. I Googled Westpac Lo Doc Loans NZ and up popped and check the date. I wondewr if they are doing them here in Kiwiland? Will check it tomorrow http://www.westpac.com.au/personal-banking/home-loans/tools-calculators-rates/low-doc-loan-rates/ Low Doc loan rates Current as at 19 July 2012....

This is not a club you wished to belong to.  My sincere sympathy goes out to all of you. Welcome aboard Geoff Waterhouse.  There are over 100 Kiwi victims that I have met in the past and are victims of Australian banking subsidiaries in the same Model of Mortgage Lending Scams.  Canadians are also victims, as are people who are expats in Indonesia and the UK.  We will band them all together.  There is strength in numbers but more importantly strength and power in TRUTH AND HONESTY: Our BFCSA legacy to future generations.  We the people control the banks - we have the numbers on our side!   I intend to visit the North island in the Spring and hopefully speak with your Minister and Chief of the Special Fraud Office as I did on my last visit.  At that time people were still blaming the brokers and now they realise it was the banks....

Greetings from New Zealand's winterless north. I have JUST learned about this place known as BFCSA and signed up immediately. I understand that I am not the only one here fighting the scam banksters such as Worstpack, Nationally Duped Australia Bank and the like. I look forward to hearing from fellow Kiwis with a view to cooperating and sharing info so that we can become  even stronger. Please get in touch. As my fellow Canadians say, "If we don't all hang together, we shall all hang separately," Look forward to hearing from you Kindest regards Geoff. Waterhouse-Bay of Islands   Geoff: Welcome aboard Geoff.  There are over 100 Kiwi victims that I have met in the past and are victims of Australian banking subsidiaries in the same Model of Scamming.  Canadians are victims as are people who are expats in Indonesia and the UK.  We will band them all together.  There is...