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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White Collar Crime is rife in Australia thanks to lazy and inept regulators.  If those who worked for the regulator are appalled at what advice was given to Governments during the past two decades then now is the time for documents to be floating around in brown paper bags.   We have broken open many big scandals in the past when a few people became a ground swell of discontent.   Retirees across the nation have lost billions of dollars 10 days after receiving their super payments and with Banks only paying low interest that trend will escalate as people try to find "where is safe to park my super that took me 40 years to accumulate?"  The safe answer does not lie with financial planners or commissioned only agents of the banks.   The industry of financial advice will tell you all the benefits and none of the risks -...
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An important read from Prosper Australia, which was submitted to the Senate Inquiry.  Lot of work is evident here and we need unbiased analysis on the subject of Australia's Land Bubble This powerful document demonstrates its point by including nine metrics illustrating the RESIDENTIAL PROPERTY BUBBLE.  The very same bubble the Government is in denial about. Every one of our BFCSA members in every State has reported their current property they are trying to save, is now valued BACK TO 2007 PRICES.  Any reader disagree?   Here are some powerful warnings:  Senate sub to the housing affordability inquiry can be found here: http://www.prosper.org.au/wp-content/uploads/2014/02/Prosper-Australia-Senate-Housing-Submission.pdf    ...
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  • doyla66
    doyla66 says #
    More interesting is I had 5 offers pre accepting what I did in the end when ANZ forced my hand (all declined - all 1/3 less than e
  • doyla66
    doyla66 says #
    Mine sold last year for exactly double of what it had been purchased for in 1994 (2 decades ago) and for little more than an offer
  • doyla66
    doyla66 says #
    In 2007 Nab's valuation of our property was what they were reliant on for the escape route if we fell on our faces. In 2013 the pr
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Posted by on in SENATE INQUIRIES
Dear members I'm still mulling over and trying to recount everything that happened over the two days hearings in Sydney.As a result of multiple surgeries and the effects of the anaethesia I have major memory issues and have to write things down or I can't recollect. This is one of the reasons I'm in awe of Denise and her performance, she has the ability to remember things and people and conversations as far back as twenty years in referrence to ASIC and its predecessors.All of the questions that were put to her from the Senators, she could provide an informative answer straight away which was a stark contrast to ASIC, FOS and COSL who either took a lot on notice , had to confer with each other or took notes from the two rows of staff in ASIC's case who sat behind the Commissioners. Some of the Commissioners attempted to go...
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  • doyla66
    doyla66 says #
    Just hope I don't explode first! I feel like a walking time bomb having been drawn back (thanks to ANZ) to the murky world I thou
  • doyla66
    doyla66 says #
    thats great Organza & yes i agree Ali…the words FRAUD & SYSTEMATIC were used a lot….. its going to explode. as i said " I feel it"
  • doyla66
    doyla66 says #
    Thanks Organza. Robert, i think this is just the start of positive things to come. As Denise says more witnesses will be called in
  • doyla66
    doyla66 says #
    Rather than add a comment with steps re how to do and find I have forwarded the 3 day full transcripts to Denise so an email can b
  • doyla66
    doyla66 says #
    Thanks Ali, I dont know I cant seem to find it but maybe when Organza see this maybe able to shed so light on this, what is your t
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Rejoinder to NAB response to Priestley ASIC Inquiry submissions
  Thursday, 20 February 2014 21:49   DR Evan Jones, 20 February 2014 Below is a rejoinder to the NAB response to the submissions by Claire & Chris Priestley to the ASIC inquiry. The Senate Committee Secretariat readily put up the NAB response, a 3-page letter characterised by lies, dissembling and omissions.  My submitted rejoinder has now been sitting for 6 weeks, awaiting a decision regarding acceptability. (The Committee and Secretariat is currently at Inquiry hearings, at which one can guarantee that the subject of bank malpractice against SME/farmer customers and regulatory inaction will be ignored.) The Secretariat had merely to redact the names of NAB staffers and upload this rejoinder as readily as it uploaded the NAB response. Why the asymmetry of treatment?  * * * Senate Economics Committee Inquiry The performance of the Australian Securities and Investments Commission Submission No.2 (Dr) Evan Jones Honorary Associate (previously Associate Professor), Department...
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  • doyla66
    doyla66 says #
    Your opening statement is more than adequate in reference to the lies Nab are capable of. I often wonder how Nab can keep getting
  • doyla66
    doyla66 says #
    Chapter IV. Ditto, the same scenario with us. The property has been taken over, we have not been notified of any sale of the pro
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Dear members Its very rare where simple folk like us get to confront the men  in public who hold the power thats going to control the destiny of most of BFCSA members lives. We managed to confront them in the hallwayoutsidee the conference room where ASIC's hearings are taking place.  Philip Field answered most of the questions while Shane Tregillis just stood there letting him take the questions. I managed to ask Tregillis is it true that lenders no longer need to keep  wet ink copies of loan application forms? He said that's true and tried to dismiss it as not important because the electric format ones are available. Denise and a few members tried to press him on the matter and stated the electric format is open to exploitation but it appears he is happy with the electronic format. Next I would like to get  Gladiator and Ali's opinion as...
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  • doyla66
    doyla66 says #
    That must be noted as a conflict of interest.......NOT FAIR and most unjust The other senators should be made aware of this......
  • doyla66
    doyla66 says #
    I believe Senator Bushby has no interest, desire or motivation to investigate any wrongdoings of a bank - especially NAB and will
  • doyla66
    doyla66 says #
    Short and straight to the point. I have sent emails off today. Inboxes will be full..... We just need to keep hammering away.....
  • doyla66
    doyla66 says #
    My email to the 4 Senators. Dear Senators, I have to start by saying that I am baffled as to why Denise’s time as witness was cut
  • doyla66
    doyla66 says #
    Thanks NT I have just emailed all the senators asking them to please speak to DB again..... Her 45 mins just didn't cut it..... Th
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Dear members I'm not really sure whether we achieved anything great today but BFCSA's presence was seen and felt as we rallied behind our leader Denise. It was a bit unfair as Denise's time slot was moved forwardbone to 2-45 to 3-30 and reduced by fifteen minutes. Senators Bishop and Bushby had trouble getting their heads around the Service calculator and the process, Senator Bushby asked why would anyone sign a fraudulant LAF with altered figures, you could hear the groans from our attending membersbits as Denise explained everything. Senator  Williams is more familiar because Denise was before him in 2012. As Ali stated  FOS and COSL sat there like stunned mullets after some questions were asked of them, the silence was deafening.Again FOS and COSL keep referring to post NCCP and keep avoiding anything pre 2010 and try to pass it off as irrevelant. They basically said everything is rosie...
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  • doyla66
    doyla66 says #
    If the Banks own or have a stake in the insurance companies then it probably isn't costing them anything from their profitability,
  • doyla66
    doyla66 says #
    Banksters & FOS & COSL in Damage Control. banksters pay from $5,000 up to $18,000 for a Determination, now compulsory with acco
  • doyla66
    doyla66 says #
    My sense is that their investigative capablilities are spot on. It is not a competency issue as I see it. It's how the rules have
  • doyla66
    doyla66 says #
    What kind of games are FOS playing at. We know their capabilities at investing complaints are limp as wet lettuce leaves. No doub
  • doyla66
    doyla66 says #
    And no doubt if an investigator is bought in, DB will be part of this you would think. It sounds like if they were discussing an i
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Posted by on in SENATE INQUIRIES
Dear members Nine BFCSA members plus our leader Denise attended the Senate hearings into ASIC today. Less than ten feet in font of me sat Medcraft, Kell, Tanzer, Day, Price and three other commissioners behind them sat two rows of helpers who would pass forward notes in response to the Senators questions. Greg Medcraft opened with a pre prepared speech. Senator Williams questioned  them strongly and put Chairman Medcraft in his place a couple of times. All the Senators didn't hold back and when Chairman Greg was answering a question seven little bobble heads nodded in unison, it looked quite funny.Senator Williams grilled Medcraft over his overseas trips with IOSCO. If you check out the Business on ABC24 tonight you can check some of it out. Thanks Neil T....
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  • doyla66
    doyla66 says #
    Neil Thanks, Field from FOS will have answer why FOS are breaking ASIC rules
  • doyla66
    doyla66 says #
    Many of the witnesses had a problem getting to the point without a whole lot of waffle and beating around the bush and were only i
  • doyla66
    doyla66 says #
    Tom, not the banks directly, he stated catagorrickly any one who breaks ASIC's rules no matter how big will be dealt with. He stat
  • doyla66
    doyla66 says #
    Neil, Sounds like a remake of Snow White and the seven Dwarfs----did they get onto anything about ASIC not acting against the bank
  • doyla66
    doyla66 says #
    I"m not sure when it will go online but myself, Greg Medcraft and Senator Williams were interviewed by the ABC, I tried to explain
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Dear Members It amazes me that as we fast approach the Senate hearings every day brings more bad publicity for ASIC. As a bipartisan exercise regardless of political allegiances, it can't bode well for them. At present the PM and Treasurer are getting no, or very little return on their money by ASIC's performance. I don't know whether anyone will actually take the time to work out how much money has been lost by the big collapses like Storm or Trio, plus all the others. The financial and human cost to individual investors and victims of loan fraud is incalculable and all this because some overpaid individuals got complacent and thought they knew best. They were given the tools and rules to carry out their mandate but instead of carrying out the job they were heavily funded for, they got lazy. What started as a trickle of FOB OFF letters has...
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Tagged in: ABN for a day SCAMS
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  • doyla66
    doyla66 says #
    Ah huh! Another secret revealed - now Bankers Anonymous ........... Writing in the New York Times, Sam Polk claims the reason b
  • doyla66
    doyla66 says #
    Pass the smelling salts - courtesy of BBC news! He must have gotten some insider information on Denise and her capabilities! Bar
  • doyla66
    doyla66 says #
    I don't know whether they will broadcast it but the A-PAC channel 648 on SKY normally broadcasts government hearings and committee
  • doyla66
    doyla66 says #
    Thanks Neil for this info. Will definately check on it.
  • doyla66
    doyla66 says #
    Gfs and Duped, yes i think i read somewhere that it's audio only unfortunately. Oh well i suppose it's better than nothing. We are
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  Incomprehensible, inept and just wrong TERRY MCCRANN HERALD SUN FEBRUARY 12, 2014 12:00AM WHAT Peter Mason, the soon-to-be ex-chairman of David Jones, did was utterly incomprehensible. It was also very badly wrong.  What the ‘invisible man,’ Greg Medcraft, still the chairman of ASIC, did NOT do, was merely embarrassingly inept. It was also plain wrong.  Late last year Mason, who’s been a respected and highly successful investment banker for over 40 years and an effective non-executive company director more recently, signed off as the company’s chairman, on two DJ directors buying shares in the company.  That in itself would be unremarkable; and we normally would never even hear about it. Except, that three days after the two directors, Steve Vamos and Leigh Clapham, went ahead and bought their shares, DJ released its first quarter sales numbers.  Sales bettered market expectations and the DJ share price leapt 6.6 per cent. If the...
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  • doyla66
    doyla66 says #
    Even when you have all documents to prove Fraud is committed that doesn't seem to help get justice, the victims want this so bad..
  • doyla66
    doyla66 says #
    I hope the senators get to read this column in the paper and understand how pathetic and lazy ASIC's performance really is.
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Dear members Its the ground swell of public discontent at ASIC's performance  that has now reached tsunami levels. Even on short notice of dates and venue BFCSA's presence will be felt. After ASIC head Greg Medcrafts appearance we are up against a majority of hard hitters who are predominately pro-ASIC from the ASIC Gene-Pool, you can form your own opinions because each witness has a submission number next to their title so you can refresh your memories. I have read all the submissions to the Senate hearings and all those who are pro-ASIC seem to be people who have something to gain either directly or indirectly as ASIC stands in its present form . Some of the witnesses gain monetary profit from ASIC's inaction and others are protecting their jobs and futures while others are trying to protect the supposition that they weren't performing their duty of care to the aggrieved...
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  • doyla66
    doyla66 says #
    Too right - their system - their crisis - their rules - their lies - time now for a good dose of their own medicine! Must be a lo
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LINKS TO SENATE INQUIRY SCHEDULES http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Public_Hearings You can see what times every one is committed to appear as witnesses. I suggest you read the submissions involved and make notes that may be of interest to readers Chairman of ASIC will be appearing on  Weds 19th    9am - Noon Ombudsmen will be appearing on Thurs 20th:   10am Colin Neave, then 11.15AM to 12.15PM for FOS and COSL. I will be appearing Thursday 20th:   3.15PM - 4.15PM SMC at 66 Goulburn St, Sydney This email address is being protected from spambots. You need JavaScript enabled to view it....
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There have been some very greedy people in the banking and finance sector and ASIC had no appetite for assisting in the protection of consumers.  More profits were in store for Bankers if ASIC cared not to bother to look at the business model of fraudulent LAFs.  The worm has turned and members will be able to experience Parliament in action.  The Senators understand these issues.  Its the Lower House that has a few problems understanding whats good for this country.  This nation was built on common decency and hard work - that's 95% of us. We now need to all take a big interest on what our Parliament is capable of delivering - from the Senate.  No Party is in control of the Senate at this moment in time.  Here is the program for each day of witnesses.  You can stream in live AUDIO via Senate Media link..............listen to every...
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  • doyla66
    doyla66 says #
    I can't be there cause I have my young family. But I will listening live with my dad . ED: You will be there right beside me Gf
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