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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  Debt collection guideline (96) for “collectors and creditors” Sec.23 The role of independent external dispute resolution schemes  ==================================================================== I visited ASIC Qld Offices last Wed (4 Dec) and spoke to Misconduct & Branch(analysts) Reporting who strongly inferred the "other teams" had right of way when it came time to seek an "enforceable undertaking" against ING DIRECT who have willfully contravened its own Banking Codes (clause 29) by pursuing Debt Collection Processes at the same time my FOS Dispute No.272192 is before the Financial Ombudsman Service(FOS), a sham organisation who purport to act in fairness and impartially when nothing could be further from the truth.The two young "analysts" listened intently, took down notes (but not for show) and asked many relevant questions in a genuine effort to get at the heart of the matter over a 1.5hr period and apologized for having to conclude the conference, encouraged me to lodge the...
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  • doyla66
    doyla66 says #
    Good work, Andy. Monitoring similar situation in the making - parallel universe lol. Thankyou for the info. Will advise if FOS fa
  • doyla66
    doyla66 says #
    When you received the parallel debt collection/default did you lodge that with FOS as well, linked to original file number? Have y
  • doyla66
    doyla66 says #
    "What's more, there is no simple process of handling complaints against FOS decisions or the FOS board, beyond going to ASIC." Go
  • doyla66
    doyla66 says #
    Ombudsman’s decision The Ombudsman agreed with the case manager’s assessment. In his decision, the Ombudsman noted the followin
  • doyla66
    doyla66 says #
    If I've read that correctly, Andy, you won. It's hard to tell. Congrats if you did. What a long road to justice EDR is!
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"People who complain are gotten rid of": ASIC   Monday, 9 December 2013 11:00am   By Laura Millan  |  In Regulatory      Financial Standard     A submission to the Senate inquiry into the regulator's performance provides yet another testimony of a culture of "cronyism and favouritism" which includes threats and harassment of employees. The testimony comes from a former employee of the Australian Securities and Investments Commission (ASIC) who worked in the regulator's stock exchanges operation from 2010 to 2013. The submission states that "many ASIC employees are too intimidated by senior management." "Typical responses [to matters of concern] include: you don't do that here, people who complain are gotten rid of, I've seen things done here to staff and don't want the same to happen to me, they'll get rid of you, there's nothing you can do, it's the way things work here." The former employee lists several examples where ASIC...
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  • doyla66
    doyla66 says #
    ASIC are paper tigers! I know of others who are very afraid of their perceived power as well. This power is an illusion: why else
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 Scrutinising A-SIC Puppy: ...Is it a watchdoggie? ...or just a spoilt dog with no teeth? DateThe AGE      November 23, 2013 Read later Adele Ferguson, Ben Butler, Ruth Williams Investors have lost billions under its watch and the business scandals are many, but opinions are divided on the cause of ASIC's problems.   Under fire: Greg Medcraft and ASIC now facing criticism from a range of quarters. Photo: Arsineh Houspian ASIC chief's overseas trips draw criticism It was a busy June day in 2010 when Jan Braund, a Sydney retiree, bundled herself and her frail husband Alan onto a train for their long-awaited shot at justice. A year earlier, the Braunds had been left financially ruined after a Commonwealth Bank financial planner named Don Nguyen switched the couple's life savings from conservative to disastrously risky investments. He did it without their knowledge or permission, allegedly forging their signatures along the way.     Now,...
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  • doyla66
    doyla66 says #
    I think spoilt, overly powerful, illusionary dog that has lost its way and its teeth and now growls and snaps at anything small en
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Dear members For years Greg Medcraft, Chairman of the Australian Securities and Investment Commission and Chairman of IOSCO (International Org of Security Chiefs) and his minions have been telling various governments there are no "systemic" issues in the banking industry.  What fools he must of thought he was preaching to, and after all, it was his good mate ex Federal Treasurer Wayne Swan who got him the top job at ASIC after he made a hasty retreat from the U.S. regulators over the Societal General debacle.  With his expertise in securitisation of mortgages, why settle for $800,000 as a top public servant when you can earn millions elsewhere, unless there are some ex gratia bonuses in the offering. For years it's been BFCSA firing most of the bullets at ASIC.  Now it's out in the open.  Now there is a Senate Inquiry into the Performance of ASIC coming up. Now people can put in...
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  • doyla66
    doyla66 says #
    This can no longer be pushed under the carpet, not now with all the Submissions of complaints against Asic. Asic cannot deny any l
  • doyla66
    doyla66 says #
    We are all on the same wave length it seems. We have all worked out that it is the Banks that are holding a gun to ASIC's head bu
  • doyla66
    doyla66 says #
    A big problem is the amount of control the banks have over the FOS and ASIC. The banks just walk all over them.
  • doyla66
    doyla66 says #
    I would hope every single person who has been wronged by our miserable crooked Banksters can be satisfied with their own efforts t
  • doyla66
    doyla66 says #
    Yes Sam..pull the pin/s and spray the floor...my barrister asks of me yesterday.. "why would they want all this trouble"? Greed!!!
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Dear Members, I don't know whether its part of the ageing process but as I'm getting older, the angrier I get, not with everything in general but when dealing with government bureaucracy. In principle you would think that once you have discovered that a contract has been substantionally altered after you signed and without your consent that it would be straight forward in getting justice and the culprits punished. Herein lies the problem. To seek justice we have a plethora of choices with both state and federal options, everything from state police to the federal bastion the much vaunted ASIC. So at the start of this long journey it looks like shooting ducks in a barrel.  Who shall we pick? Who will be our knight in shining armour? If only it was that easy. In the seventies I used to get into fits of laughter watching Yes Minister and the way...
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  • doyla66
    doyla66 says #
    Money and greed has certainly changed the world for the worse. As they say money is the root of all evil and we are surely in the
  • doyla66
    doyla66 says #
    Good on you Neil. We must all be having one of those older generation days. Perhaps our age is a godsend really, for we have see
  • doyla66
    doyla66 says #
    Spot on Neil, who do you go to when blatant fraud has been discovered which has ultimately bought us to our knees, and what's wors
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  NEW YORK — The French banking giant, Société Générale US securitisation arm which Medcraft led was fatally exposed on his "WATCH" to the toxic US subprime housing market, ultimately bailed-out for a mere $11.9 billion in American govt-taxpayer money covering it's RMBS bad-bets led by Medcraft's 'misadventure' not to mention the "collateral damage" of thousands of homes 'lost'; peoples livelihoods 'annihilated'; tragic manifest "foreseeable" suicides and numerous other serious health & quality of life related issues. ALL as Medcraft "WATCHED-ON" from the side lines, sipping the best French 'bubbles' in SocGen's eyrie "CORPORATE BOX".  "if in doubt Medcraft, disclose" The moment has arrived as Senators giiddy-on-up to the Ranch on the Hill, where the INQUIRY into ASIC's RECORD BREAKING NON-EXISTENT PERFORMANCE shall begin & the TIRED Public DEMAND ANSWERS = "FULL DISCLOSURE" NOW.NOT on the never-never, NOT drone like obfuscation; NOT a spit in our restless consumer’s eyes; NOT pre-recorded MUMBO JUMBO TRIPE; NOT blatant pathetic "LIES"...
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  • doyla66
    doyla66 says #
    Good one, Andy. History does have a way of repeating itself lol "If in doubt, disclose" - well I doubt that Banks are ever in do
  • doyla66
    doyla66 says #
    Movie Info: "Inequality For All" (2013). At the heart of the film is a simple proposition: what is a good society. "Robert Reich,
  • doyla66
    doyla66 says #
    Andy see below JP Morgan are one of the along with Soc Gen named as defendants in this case notice the US authorities despite JP
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Posted by on in Corrupt Regulators
ASIC’s defence: Why we didn’t investigate the RBA by Kathleen Payne | 01 Oct 2013 ASIC has defended its inaction against the RBA and its former subsidiaries Securency International and Note Printing Australia. The corporate regulator has publicly responded to questions from ABC’s four corners, about why it didn’t investigate the RBA’s involvement in the Securency International scandal. The response follows leaked reports that officials from the RBA's Note Printing Australia (NPA) went to Iraq and engaged in secret dealings with the regime of dictator Saddam Hussein at the height of UN sanctions. In 2012, ASIC said that it would not pursue a formal investigation after the Australian Federal Police (AFP) provided it with material relating to bribery allegations against Securency International and Note Printing Australia. “Let me be absolutely crystal clear,” said ASIC Commissioner Greg Tanzer. “ASIC looked at this matter very closely, but based on the facts and the evidence available, decided not to take the...
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  • Denise
    Denise says #
    Dear Mr Tanzer. We met re Westpoint in your Brisbane Office 15 July 2001, where I asked you what you were doing about my March 20
  • doyla66
    doyla66 says #
    Mr Tanzer, this begs the question: Why didn't ASIC attend to the duties of directors AFTER the Inquiry and legal matters? Isn't t
  • doyla66
    doyla66 says #
    http://www.afr.com/p/national/asic_says_rba_has_plan_case_to_answer_mVt5dvqtnWuNl8M4i7kmhM
  • doyla66
    doyla66 says #
    Further background to this scandal: The Arrests: 2/7/2011 - http://www.theage.com.au/national/banknotes-and-bribes-more-arrests-t
  • doyla66
    doyla66 says #
    My my hasn't Mr. Tanzer got a big head. I'll bet he cannot get his hat on. Pretty lousy figures for ASIC, not much to show reall
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Bank secrets hidden. APRA warns releasing information "may affect the stability of Australia's economy"      Posted by CHANGE on Monday, 26 November 2012 in Corrupt Regulators   THEY are 12 secret documents judged to be so potentially damaging that releasing their contents would endanger the stability of Australia's whole economic system. Australia's biggest banks, insurers and superannuation funds are named, and some are apparently shamed, in ''risk registers'' kept by the federal government's banking regulator. But in a gaping hole in Australia's defences against the global financial crisis, the Herald can reveal the crucially important registers were only compiled months after the worst of the crisis struck. The regulator warns the risks outlined in the registers are so sensitive that releasing the information ''may affect the stability of Australia's economy''. The registers pinpoint the weakest links in Australia's multibillion-dollar financial services industry, outlining where individual institutions pose systemic risks and the...
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  • doyla66
    doyla66 says #
    What right does APRA's general council Warren Scott and Freedom of Information Commissioner James Popple have to hide information
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This comment from Ali is also worth a BLOG: The Pollies can stop Coles and Woolies from squeezing the farmers dry. They have the power to allow the farmers to make a reasonable profit. If this action continues all the small to medium farmers will walk off their land causing more hardship on the rural industry and bringing more burden to the Government. Coles and Woolies will keep on squeezing the farmers dry for the sake of selfish bigger profits. Once this action reaches saturation point, retail prices will soar and the public will suffer. For this principle we rarely shop at these stores. The bulk of our shopping is done at independent and small privately owned businesses.  If no-one shopped at Woolies or Coles for ten days the Government would sit bolt upright..........................think about it. I agree Ali, Farmers are being squeezed out of existence and usually their enemy/friend worry...
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  • doyla66
    doyla66 says #
    The average Australian knows that Consumer protection is wildly flouted. Standing up to these bullies in power is a must. They con
  • doyla66
    doyla66 says #
    Great idea. Farmers put in the hard work only to be ripped off by the Corporate giants. If it wasn't for the farmers we would all
  • doyla66
    doyla66 says #
    Recent article in our local paper stating a strawberry farmer is not putting up with the measly amounts C & W pays them anymore an
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This is a classic comment from one of our readers and worth blogging.  Yes it appears you are in agreeance with our DOWN DOWN COLES blog. "Mossy" What is with this country, why do we keep selling out. Is it not time POLLIES for us to go back to the drawing board the last 2 elections have seen the people vote in protest to what is being put in front of us NOTHING. We have no future plan in place and we keep pandering to the big multi-nationals believing what they create for us will carry us through as a nation. Well that is crap and it just shows a total lack of initiative allowing Banks and Multi-nationals to make all the decisions for us has lead us to the dismal state we now find this country in. FACT 3 million people did not vote in this election, splinter and minor parties picked up a...
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  • doyla66
    doyla66 says #
    To allow another Bank into the market place before the current Banking and Finance industry has been cleaned up would be nothing s
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APRA warns banks on lending 50 min ago  SMH By a staff reporter Banks have been warned not to let the combination of record low interest rates and increased competition in the property sector lead it to relax its lending standards. In a paper released by the banking regulator, the Australian Prudential Regulation Authority urged banks to take extra caution when offering home loans to ensure customers will be able to meet repayments when interest rates increase. "Slow credit growth increases the pressure on authorised deposit-taking institutions to compete for business on price and – of concern to APRA – by relaxing lending standards," the paper read. "A sustained low interest-rate environment poses further risks to lending standards. "It is important for authorised deposit-taking institutions to ensure that new borrowers are able to service debt and afford higher repayments when interest rates rise from current record low levels." APRA also pointed...
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  • doyla66
    doyla66 says #
    Same with other banks too, NAB, the lot, Dr Laker. All Australian banks. Banking code applies here in theory. Thousands of example
  • doyla66
    doyla66 says #
    "Relaxed Lending Standards" APRA you are really funny, these sort of comments dont worry the Banks they just treat them with indif
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ASIC: ventriloquist chairman Greg Medcraft--  his gall only rivalled by ASIC's continuous malfeasance policy.  ASIC today -- on Friday 2 August 2013 -- lodged an initial submission to the Senate Economics References Committee inquiry into the hideous performance of the regulator, since inception. The ASIC submission acknowledges some processes in dealing with Commonwealth Financial Planning Limited (CFPL) lacked care & diligence, '..could have been quicker and more transparent.. but we stand by the (sham) outcomes achieved.'  Some more classic comment by Kell; refers to its work in the financial advice sector; ‘People lost money (and).. We understand the stress experienced by the investors and their families affected by this behaviour. That is why we took action" intentionally 16mths after CFPL whistleblowers flagged ongoing rampant fraud to ASIC. Background:- On 20 June 2013 the Senate referred an inquiry into the 'dubious' performance of ASIC to the Senate Economics References Committee for inquiry and report. Consumers, aggrieved (otherwise) please forward Submissions to the Senate Committee by 21 Oct,...
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  • doyla66
    doyla66 says #
    "We understand the stress .... " Really Mr Deputy Chairman Kell??? Actions speak louder than words - and your lack of action bet
  • Denise
    Denise says #
    Outcomes Mr Medcraft? The very reason the Senator Williams led the charge for an Inquiry into ASIC!!! First time in our history.
  • doyla66
    doyla66 says #
    One could be mistaken waking-up believing this heinous "cover-up" of the Mortgage Loan fraud PLAGUE was just a big bad dream down
  • doyla66
    doyla66 says #
    ASIC's submission acknowledges some processes in dealing with Commonwealth Financial Planning Limited (CFPL) could have been quick
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WHERE ARE THE TRUE INDEPENDENT FIGURES RE LOW DOCS?  Are you telling BFCSA that there is no independent AUDIT?  That we are trusting the Banks to be honest?  Are you kidding me?  Let's not wait until it all comes crashing down USA fashion.  We are asking serious questions here?  Where is the Treasurer?  Where is the Prime Minister?  Who is minding the shop? The "Force" has received hundreds of complaints re service calculator fraud run by Major Banks and total of 30 non bank lenders.  Maybe the Australian Federal Police need a lesson in priorities.  Ignoring this problem will only serve to damage the economy as senior economists have warned re sub-prime lending practices.   Alarmingly, the figures from the RBA suggest only 10% of loans from a pool of $1.28 TRILLiON Mortgages are Low Docs - what rubbish.   Reserve Bank Australia ("RBA") get their unaudited figures from the Australian...
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  • doyla66
    doyla66 says #
    Good one Jean the only response I have seen with a pollie referring on to Attorney General. Hopefully it doesn't get the ordinary
  • doyla66
    doyla66 says #
    Thanks Duped. My son has been busy with all this and he doesn't give up lightly. Ross will get back to him or my son will follow i
  • doyla66
    doyla66 says #
    That's great, Jean. I got no reply from my latest letter to PM. Another letter going to MP this weekend. Attorney General ... l
  • doyla66
    doyla66 says #
    From: [email protected] To: Subject: RE: Banking maladministration/fraud and the necessity for a Royal Commission Date: Sun
  • doyla66
    doyla66 says #
    AFP are only interested in easy visible tasks. I've written three times and got rubbish replies. If we commit Fraud they jump but
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The Inquiry by the Senators into ASIC has been called for since 1998 when it first opened.  Back then ASIC was handing out Financial Planning licences to those connected to the Finance Brokers Scandal in Western Australia.  Also the solicitors involved in the Managed Investment Scheme scams were handed licences with no back ground checks and they mostly used wrong DOB's as directors to stuff up the system.  ASIC knew this to be true but said they never check DOBs cause we are all honest aussies.  Besides, ASIC could make 6 x $30 search fees by DOB confusions. The first one who boasted "in the door" and approved for  a newly minted  Managed Investment Scheme license was Clifton Partners Finance run by colorful identity Kim Clifton.  I noticed the same brokers handing out Westpoint brochures at the same time as looking after suspect investments offered to finance broker victims coming from...
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  • doyla66
    doyla66 says #
    We can all agree on that. ASIC must think they are untouchable. Yes, start naming name and roll them all out one by one. Lets see
  • doyla66
    doyla66 says #
    I agree, Change and Maria. Lots more stories - name and shame from the historical records. And the history that missed the paper
  • doyla66
    doyla66 says #
    So now it's becoming clearer why nothing has ever been done about the corrupt banksters. That's why ASIC has always been so cocky,
  • doyla66
    doyla66 says #
    GREAT IDEA DENISE--- Roll them out one by one.. these big profile ex pollies............. "There are over 12 BIG profile ex pollie
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  If you find reading the whole report dated 2005 daunting, then just read the paragraphs below. My opinion: Any Low Doc Loan approved from late 2004 to 2008 were lambs lead to slaughter I was one of them. Mort  From Report: "In comparing the Australian market with overseas, the report made the following observations: Costs and fees for consumers in Australia are up to 35 percent higher than in the UK or USNet spreads on mortgages are significantly higher in Australia than overseasHigh returns to participants in the mortgage market make it vulnerable to new entrantsBroker share of originations are as high as 65 percent in the UK and 60 percent in the USTrailing commissions are not paid to brokers in the UK, US or Canada." The Paragraph below smack of the start of a feeding frenzy at the zoo, from 2004 it was open season for Brokers with a slowing new...
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  • doyla66
    doyla66 says #
    Thanks guys for the positives, very needed. ANDY, good find there, BUT not a member of Murdocks divorce fund, as for others in the
  • doyla66
    doyla66 says #
    Very interesting Mort. The situation today mirrors the conditions back then, low new home starts therefore the need to focus on f
  • doyla66
    doyla66 says #
    WBC & CommBank boosted incentives to brokers as lenders; under growing pressure to stem three years of market-share losses. http:
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TRUST IN THE BANKING SYSTEM has broken down.  Refinancing has stopped.  Loans that implode in 7 years are now (under the NCCP law) imploding in 3 years.  All those who were "stitched" up by banks with Low Docs and Full Doc non affordable loans will then face the sheriff and loss of homes and ASIC know that.   Since deregulation 1986, citizens have lost long term security that should have been there if you worked hard to achieve your own home.  At the bottom of every scam, there has been a corrupted regulatory regime and of course BANKSTERS.  Our Federal Parliament MUST recognize that at the bottom of every scam and property bubble there are the doyens of the banking world........a world of "high" finance and looting.  Yet for the Banksters to continue to steal homes and arrange monstrous financial scams, there has to be a corrupted Securities Commission.   Our...
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  • doyla66
    doyla66 says #
    Today Tonight were going to do a big expose story on the CBA's document tampering, forgery & fraud, but when it came to be aired o
  • doyla66
    doyla66 says #
    Thanks Denise for that article, very informative. I was wondering why every media outlet I contacted were not interested in our st
  • doyla66
    doyla66 says #
    Well organised crime spree in Australia - spread the word, warn everyone, without delay. Great information, thankyou, Denise. The
  • doyla66
    doyla66 says #
    Euthanise A-SIC gaggle-of-security-chiefs' duplicitously romancing bank$ters; gang$sters; sham$ters lest "pitchforks will prevail,
  • doyla66
    doyla66 says #
    You hit the nail on the head Guest, I believe most television stations have a heavy debt with the banks and of course they do a lo
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Cartoon Elephant
The Elephant in the Room:  The Australian/Legal Affairs - Chris Merrit,"This scheme is a powerful reform. .It presents federal public service mandarins with a choice; deal effectively with complaints about 'wrong-doing' or face a heightened risk of exposure."  Professor Brown, Griffith University public policy & law says, "Overall, this Bill will establish the most comprehensive protection regime for public sector whistleblowers in Australia. ..if federal public servants, contractors & employees of contractors report wrongdoing within the Commonwealth public sector, they will now receive a historic level of protection. ..if whistleblowers go public based on a 'reasonable belief' that the response to their internal disclosures has been inadequate. The 'Whistling While They Work' project revealed reporting by employees as the single most important way that wrongdoing within government is brought to light.  Further research by Griffith University in 2012 revealed that while 80% of Australian employees feel personally obliged to blow the whistle on wrongdoing in their organisations, only 49% felt their...
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  • doyla66
    doyla66 says #
    With or without legislation, I have had enough of the Australian way of "no Dobbing" If someone does wrong then dob!! As you say L
  • doyla66
    doyla66 says #
    That's a start in the right direction - the pollies had better pass that asap! ASIC Inquiry and all ... If they have time and if i
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The Senators who had the drive to force a good look at the ASIC situation were in no doubt aware that the ASIC executives were in a world of their own and never seriously knew or understood their mandate. That they were often confused between fact and fantasy. I and millions Australians are so thankful to those champion Senators for addressing a multi million dollar farce of an organisation, end result being such organisations in the future will understand and abide their mandate. Thanks Senator Cameron,Senator Williams, Senator Milne. You are all now down in history for enabling a Senate Inquiry to the ASIC failings and their drain of many billions of tax payer dollars each year, which could have been used to finance community groups like BFCSA which do the vital and preliminary consumer protection investigations for ASIC it appears....
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  • doyla66
    doyla66 says #
    In my opinion, the guilty banks are hiding behind guilty Asic. The banks have an agreement with Asic whereby they, (the banks) ren
  • doyla66
    doyla66 says #
    I fear it's more sinister than that. ASIC is not missing in action in my view, ASIC is in action protecting the banks to get away
  • doyla66
    doyla66 says #
    ASIC is Missing In Action over Bank fraud, even with the black and white evidence visible to the entire world. The Australian me
  • doyla66
    doyla66 says #
    Asic told us we were out of time - the fraud was too old - even though we can prove the bank changed our LAF's in 2012 to sanitise
  • doyla66
    doyla66 says #
    Thanks Senator Cameron,Senator Williams, Senator Milne. You are the true champions along with Denise and her team. Congratulations
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BFCSA is calling on the Federal Government to ensure  FREEZE ON ALL FULL DOC AND LOW DOC MORTGAGE PAYMENTS where fraud is present.  Every bank should be made to hand over copies of the client files immediately.  ASIC refuse to do anything at all except spend tens of millions on office reno's.  The Prime Minister must direct policy of  such a nature as to protect consumers from further threats from the guilty Bankers and Lenders. To all those miserable bank warlords who are trying to intimidate the holders of Fraudulent Loan Application Forms - do not even attempt to threaten anyone.  I can guarantee you that every such letter on bank letterhead will be BLOGGED for the entire world to understand this complex scam.  Bank Executives were the creators of these monstrous scams.  36% of all FULL DO AND LOW DOC liar loans were arranged by BANK MASTERS with not a...
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  • doyla66
    doyla66 says #
    When you think about it. The banks want to own and control everyone. Communisim in disguise perhaps!
  • doyla66
    doyla66 says #
    I wonder if you're right on that Maria - I've been thinking the same. What if the overseas home loans were also fraud loans .....
  • doyla66
    doyla66 says #
    ASIC and the banks have been laughing their heads off for years and years. ."This scam will never be uncovered" we're just too goo
  • doyla66
    doyla66 says #
    I wonder if these bankers had their son/daughter/mother/father get one of these low doc loans and had happen to them what is happe
  • doyla66
    doyla66 says #
    A new beginning is here. Out with the old, In with the new. The bankers have no clause to justify their wrong doings, the evidence
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 Ex-broker faces jail time BUT WHAT ABOUT THE BANKERS? ASIC IS HIDING THE TRUTH   Wednesday, 19 June 2013  by Jessica Darnbrough   A former mortgage broker faces imprisonment after pleading guilty to providing false loan applications to lenders. Appearing in Sydney’s Downing Centre Local Court, Moustafa Dandachli pleaded guilty to 10 charges of providing false loan applications to lenders over a six-month period to secure approvals for home loans totalling almost $3.8 million. The applications, for 10 people, included loans ranging from $196,000 to $640,000. Documents included employment history, tax returns and bank statements. Mr Dandachli faces a maximum penalty of two years' imprisonment, a fine of up to $11,000 or both, for each charge. He was granted conditional bail and committed to the Sydney District Court for mention on 28 June 2013.  http://www.theadviser.com.au/breaking-news/8830-ex-broker-faces-jail-time  ...
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  • doyla66
    doyla66 says #
    They should all be jailed from ASIC to the banks, the brokers and the managers for letting it happen. Strip them of all they have
  • doyla66
    doyla66 says #
    If the brokers are being jailed then so should the bankers. It was them who taught the brokers what to do. The brokers were workin
  • doyla66
    doyla66 says #
    My broker didn't want my tax returns I wonder why ? I'ts not like I didn't have any. I offered. She should be jailed, as well as t
  • doyla66
    doyla66 says #
    That is great news, what about the rest of them now. They must be worried. Is this the beginning of the end for some of these low
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