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BFCSA
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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Lee Doyle

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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doyla66

doyla66

Lee Doyle has not set their biography yet
Ghosts of the Past will come back to haunt you Mr Narev - thousands of them........................BANK ON IT!  This email address is being protected from spambots. You need JavaScript enabled to view it. Another disturbing account from an elderly couple whom have signed our petition :- The Com Bank took our home, the committed Unconscionable Lending & are sweeping it under the mat...they stitched us up for $70.000 on top of the home loan, knowing we were on a pension & couldn't pay $2000 pm on a $330.000 loan..Mr Ian Narev..CEO of Com Bank you have no conscience. You ignore all my faxes & emails...I'm treated disgustingly when I ring the Customer Service...my calls get terminated rudely....you promised us in writing $8000 for 6mths rent in advance after u took our home of 15yrs...you took our payout, long service money & our super...all went into trying to save our home & you still took it, now because I pay my whole pension in rent, we...
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  • doyla66
    doyla66 says #
    It's sad knowing this. Well, i would say having a full knowledge of your rights would be a complete weapon.
  • doyla66
    doyla66 says #
    Hi Peter and Anne, I was wondering if you have signed our petition. Please don't forget to add the reason why you are signing and
  • doyla66
    doyla66 says #
    Mr Narev and your co conspirators.................how do any of you sleep at night. Do you have a modicum of conscience amongst y
  • doyla66
    doyla66 says #
    Please excuse my expression but Ian Narev is a pig of a man judging from the cruel treatment of his costomers. i have heard many
  • doyla66
    doyla66 says #
    Ian Narev could not give two hoots about anyone thrown out into the street. All he cares about is how much money he can make swind
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Another comment from our petition on change.org   Why? because I'm on the brink of homelessness. I also want to ask THE LEADER OF OUR COUNTRY and the entire Government why have they let this go on for so long and why they have made changes to the ACT to benefit the banks. Why is there special help in bending the rules for financiers in the ASIC government web site for the sake of the shareholders. Why is the Government giving investors nearly $10,000 a year to invest in homes for Low Income Earners to rent. Why aren’t they giving the Low Income earners the $10,000 a year subsidy to live the Australian dream of having a home? Why are they backing the mega wealthy investors and financiers to get richer at the cost of families having a home of their own? The Government has allowed the Low Doc loans to come...
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  • doyla66
    doyla66 says #
    THANKS Maggie M. yes so many questions... It's about time our Government started to use the laws that are already in place and j
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Posted by on in ROYAL COMMISSION URGENT
 A Report prepared for Consumer Action Law Centre  by Dr Eve Bodsworth, Brotherhood of St Laurence 2013 For those who could see no way to resolve their financial difficulties, the initial  anxiety around unpaid debts often became a constant, low-level stress and  depression, with growing sense of resignation about their situation. These findings  confirm the findings of others regarding the impact of debt upon an individual’s  mental health and relationships: the direct impacts of problem debt include anxiety,  stress and depression; difficulty paying debt is an independent predictor of suicidal  ideation; and links have also been found between problem debt and self-harm  (Fitch et al. 2007). Debt has been found to affect debtors’ social relationships,  putting strain on existing relationships as well as causing social isolation and  exclusion (Fitch et al. 2007). Debt problems have also been associated with health  deterioration in general, increased pressure on marriages and relationships and  adverse...
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  • doyla66
    doyla66 says #
    The banks do this to people....... The people do nothing to the banks..... The banks are dishonest...... The people are nothing bu
  • doyla66
    doyla66 says #
    No truer words were ever spoken and they responsible for all the suffering and despair they have caused need to be rounded up and
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Commonwealth Bank Maladministration with (NAME WITHELD) I have documented proof of all on this page and I also have a copy of my LAF from the bank.   This is a letter I emailed to dozens of Senators around Australia.  Can I please ask you Senator why ASIC, FOS and COSL never investigated my situation when I was in need and why the bank savaged me when I was most vulnerable, why I was made to pay for their own bank managers maladministration and greed, why I am now left on a Disability pension and mentally ill because of the Commonwealth Bank’s rape of my rights, why the Queensland Police are reluctant to investigate the obvious crime and what did I do wrong to deserve this?  Why do we have all these laws and regulatory bodies if they do nothing to protect the victims?  Here is my story . . .  It...
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  • doyla66
    doyla66 says #
    Take good care of yourself, Peter. As you well know these greedy people can be very dangerous. It is increasingly clear that they
  • doyla66
    doyla66 says #
    Peter my thoughts are with you. Same old story over and over again. What a sick society we live in. What an even sicker Governme
  • doyla66
    doyla66 says #
    Peter, don't forget to put your name on the "homes lost register" if you haven't already done so. When Denise has enough names the
  • doyla66
    doyla66 says #
    Peter, you are in the right place as we are the never give up group. Gfs i feel the same....big positive things are on the way and
  • doyla66
    doyla66 says #
    Thanks Ali.... That blog really peped me up. Strength strength strength I feel HUGE things will happen over the next few months.
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Today has been one of those days. You know the kind I mean, when every time you get up you get knocked back down again.  Well, that is what is has been. Today I went to court to apply for a final order on an interim intervention for the new owners of our beloved old home.  Remember when I had my boat and trailer stolen back in November well a week later our home from which we were evicted was sold and the neighbours from hell moved in. Yep right beside us. As I have stated before we lease the property beside our beloved old home which has a common boundary with the leased property.   I was suspicious of thugs from the start as their reputation in our small town was pretty ordinary, but I had no idea what I would have to endure. Settlement day was the 15th November....
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The amazing Kemp Strang and Gadens at it again- this poor man probably wasn't even aware of the fraudulent loan!  I lost my farm trying to stop a huge mistake by the bank, but over 12 months they did nothing to fix that mistake, then just pushed me over the edge into nothingness where I sit on a cardboard box.  Would like to sue them, but the cost is horrendous. These bankers  do not feel obligated in any way to fix anything, and have been mounting up the costs on purpose. They use the same solicitors (Kemp Strang and Gadens Lawyers) ALL the time, and have software and strategies to win at all costs. These leaches are monolithic sociopaths which cost the public billions of dollars, and the government does NOT get it!! I will keep fighting, nothing to lose now, and if it drains their slush fund, too bad. Maybe someone...
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In 2010, I received settlement on my divorce and approached Maquarie Bank for a loan. I told them that I had lost my business - my divorce has undermined my enthusiasm for anything - and it has been sold. I advised them that I was unemployed - stated in writing, and was moving out of Sydney to cheaper housing. At the time, I was 55 years old. I was probably depressed, certainly upset, that I had lost both my marriage, long term dwelling and business in the space of one year. I combined all my savings - they gave me $480,000 on a 30 year loan, with the full knowledge that I was unemployed. The only thing that saved me, was I put my retirement savings from super (I was 55) into the offset account. At the time, I believed I would get work. I had been employed consistently for 20...
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  • doyla66
    doyla66 says #
    Add me to the not in control of proper thinking list for I then was widowed - distraught - health and stress levels shot to bits -
  • doyla66
    doyla66 says #
    I 2 was preyed upon at a very traumatic time in my life. Not thinking straight. In shock Suffering from road trauma Banking bastar
  • doyla66
    doyla66 says #
    Thanks for sharing, Donn. Maybe some of this may be useful in your FOS case. I read somewhere on the ASIC site that making major f
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Bankers flee after farmer’s warning shot: police AAP MARCH 13, 2014 1:47PM       A WEST Australian farmer has been charged after bankers trying to visit his property were scared off by a rifle being fired into the air. Police said two bank representatives had tried to visit the 53-year-old man’s property, near Denmark in the state’s Great Southern region, yesterday morning when the man allegedly appeared armed at the access road with a .223 calibre rifle. He held the gun in the air and discharged a single shot, preventing both men from approaching the property, police allege. The rifle was never pointed at the victims and no verbal threats were made, police said. The bank representatives fled in their vehicle and reported the incident to police. A search warrant was executed on the man’s residence, where police allegedly found a number of firearms owned and licensed to the man....
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  • doyla66
    doyla66 says #
    this charge is absolute fabricated crap the bank have been fraudulantly trying to repossess this farm for quite a while they have
  • doyla66
    doyla66 says #
    Well done to the farmer for scaring the living daylights out of those parasites. Maybe now they might think twice about trespassin
  • doyla66
    doyla66 says #
    One foot in front of the other nanna, take care of yourself each day ok xo Maggie M
  • doyla66
    doyla66 says #
    Stay strong nanna xx
  • doyla66
    doyla66 says #
    It's a pity he didn't put a bullet through them. I wouldn't shed any tears, I cant imagine any of them crying over old folk being
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BFCSA: Cyprus Bail Out plans for Australia. Is it enough to save our banks? Posted by Denise Brailey on Sunday, 04 August 2013 in Consumers Fight Back     To all our readers:  Yes a little quiet right now as I am busy with submission to Parliament and other urgent matters requiring my attention.  We have several things banked up to release shortly so your patience is appreciated.  new blogs will again appear at the end of this week and my thanks to those "holding the fort," in my absence.   Meanwhile I hope you are all busy sending in your own submissions and victim impact statements to the current Parliamentary Inquiry into ASIC's Dismal Performance in the area of consumerism.     Are these Banks using taxpayer funds to stay a float, indirectly or otherwise?  Yes the Cyprus Bail Out was a telling moment in time and we did warn you all....
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As if our farmers don't have enough to deal with -a lady from Walgett signed and wrote- Because my family lost our homes and farms due to the NAB being able to seize our business and only assets in an unfair and unethical manner without being made accountable to any independent authority. Australian banks are destroying family farmers and small businesses allowing large corporations to take control. If Agribusiness lenders are going to lend to farmers in a drought they should not be allowed to then refuse to finance crops and apply penalty interest rates to ensure the farmers goes broke, if they are prepared to lend and take the farmers only asset they should not be allowed to leave the farmer homeless which is what the NAB did to my family. Goodbye family farmers, welcome to a culture of foreign backpackers with no commitment to Landcare or the community, this...
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  • doyla66
    doyla66 says #
    Deceitful Nab playing games with our lives. I live the nightmare nearly 12 months after we had been evicted. House sold in Novem
  • doyla66
    doyla66 says #
    Every single day so much evidence is coming out re what they have been up to, aided and abetted by one very toxic GM evil weasel w
  • doyla66
    doyla66 says #
    Great post - well said! We need more farmers to talk about what's being done to them and whether they ever get to see their lendi
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Dear members Paul Christenson has just emailed me and asked can we stop sending any more emails as they now have quite a few. As stated before all Denise's contact details have been passed on to Paul for further contact.To all those who emailed 2GB thankyou for your effort. NT....
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  • doyla66
    doyla66 says #
    For all the farmer members..... Alan Jones comes from a farming family. His father was a farmer.... There is hope
  • doyla66
    doyla66 says #
    No more emails from us, but i bet they'll be receiving a lot more emails. 2GB have thousands and thousands of listeners, intersta
  • doyla66
    doyla66 says #
    I vote we email Tony Abbott! I have previously but with no reply. Also tweeted him. But will keep writing to Dear Prime Minister.
  • doyla66
    doyla66 says #
    Boy did that work alright. I agree.... Who do we email tomorro?
  • doyla66
    doyla66 says #
    So that worked! Who's next? Now that the email is written, just give us a target a day. Tony Abbott?
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Posted by on in From My Window
Well no surprises hear!  COSL have sent me an email saying they will not be opening a complaint against PERPETUAL TRUSTEES VICTORIA LTD. They continue to tell me I should deal with ADVANTEDGE FINANCIAL SERVICES who are my Mortgage Managers and that case of Fraud is closed because they (COSL) do not handle Fraud! ADVANTEDGE have already sent you paperwork! MY reply:I wish to make my complaint against PERPETUAL TRUSTEES VICTORIA (which clearly states on my contract and statements are my LENDER) for not supplying me the documents I have asked for.ADVANTEDGE  have not supplied me with the COMPLETE LAF for both loans nor have they provided me with the Service Calculator Sheet .They have also sent me someone elses loan contract and a copy of her title to her property all of which were in my VAULT! COSL Reply: no case will be  opened against PERPETUAL TRUSTEES and if you...
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  • doyla66
    doyla66 says #
    With the EDR'S a lot of snakes ( some bearded some not) not too many ladders
  • doyla66
    doyla66 says #
    Hi Grandma, a friend of mine was working on a case that was suddenly closed based on an incorrect assumption and information from
  • doyla66
    doyla66 says #
    OMG it's the unleashing of a horror story! Wrong title in wrong name in your vault? That's a very big clue re what they have bee
  • doyla66
    doyla66 says #
    This is so disgraceful Grandma- I know it is daunting but phone your local paper and radio station- you need to get your story out
  • doyla66
    doyla66 says #
    None I don't think grandma, that's how biased they are and completely in favour of corrupt banking system. There is a women on the
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Dear members Paul Christenson has just contacted me and he is completely swamped by the number of our stories and has asked me for  a spokesperson as there are so many emails he can't get through all of them. I have given him all of Denise's contact details  Well done everyone for answering the call to contact  2GB, nothing might come of this or the whole sordid story of what we all have had to endure and at last all the guilty and incompetent sods who made us suffer to be exposed. Thanks  Neil T. Thanks Neil for all your efforts despite your illness and woes the past few months......................YES its many hands make light work! I am sure Paul will call me. denise...
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  • doyla66
    doyla66 says #
    Yes Arree. Shareholders would not have a clue they are investing more of hard earned their money in their very own own toxic mort
  • doyla66
    doyla66 says #
    we cannot be swept under the carpet anymore.. the public has a right to know. the bank shareholders have a right to know.. many w
  • doyla66
    doyla66 says #
    Good work Neil. Well done. Australia is a great nation a land of a fair go. But there is corruption in the financial system that i
  • doyla66
    doyla66 says #
    Thanks everyone who have emailed Alan and Paul it's the only way to get this fraud scam out in the open. I am quite sure a lot of
  • doyla66
    doyla66 says #
    I had PC problems and did not manage to email 2GB but had sent a few before Xmas to Brian Wilshire (his show on at midnight). Mis
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 36% of these loans were written by Bank Officers and Managers - no Broker involved.  We are sick of ASIC covering up for their banker mates and saying "the Butler Brokers did it!!!!"  Neil T writes – “Paul emailed me back, to my gratitude and said  he wasn't aware of any emails from BFCSA members  If you want us to look at this we will need some specific details but initially keep it short.’ Alan Jones Production manager reckons in an email to Neil T yesterday that he has not heard from any BFCSA members yet about how the banks have financially crippled them.  2GB needs to know what the banks are really up to?    Its up to bfcsa members to get this story out. EG. BFCSA has discovered how our Lenders  are financially crippling Aussies via their own internal Credit Assessors who are committing fraud to this day, by altering our loan...
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  • doyla66
    doyla66 says #
    I have just sent my email to the Producer of Alan Jones' show with a copy of my LAF and have pointed out the errors (which is most
  • doyla66
    doyla66 says #
    Hi Maggie, what paper ? what state are you from ? Can you post on blog once printed. I will keep an eye for it. I have also conta
  • doyla66
    doyla66 says #
    Saturday morning, The Newcastle Herald I have just emailed every high school and university professor in our town that are in lega
  • doyla66
    doyla66 says #
    I have found a journalist who will be running my story as well as our groups story in Saturday morning main paper in our town- the
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Dear members This is extremely urgent.  Please send your story to Alan Jones.  2GB We have over 1200 copies of fraudulent loan applications which have been presented to ASIC  but they refuse to act. Thousands of Australians have lost their farms, businesses and homes as a result of bank greed. This evidence was presented to the Senate Inquiry into ASIC in Sydney a fortnight ago. Rather than listen to disgruntled bank and ASIC customers I highly recommend you talk to Senator John Williams who was there and if you want to follow that up to also contact Denise Brailey who is the criminologist in our support group. Denise has over fifteen years of records detailing ASIC, FOS and COSL failings plus all the evidence against the banks and how they engineered this mass fraud on Australia's most vulnerable older persons - mainly pensioners. I IMPLORE ALL members to write a brief outline of...
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  • Rachel
    Rachel says #
    How My Credit Score Was Restored My name is Rachel Courtney from New York, I want to express my heartfelt gratitude to EXXON MOBIL
  • doyla66
    doyla66 says #
    Mrs (Susan) from United state of America, i stayed in Alabama, and i have a broke up business, until i found this company email wh
  • doyla66
    doyla66 says #
    Mrs (Susan) from United state of America, i stayed in Alabama, and i have a broke up business, until i found this company email wh
  • doyla66
    doyla66 says #
    Scared to hope too neil but every door that opens is a brand new possibility all xxxxx
  • doyla66
    doyla66 says #
    Thanks neil...done...hard to keep it brief....
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Alan Jones absolutely livid with the new credit rules effective as of today, 5 days late and black mark against you. Also, he stated as to how this will effect mortgage borrowers because of improper lending practices by the banks. Borrowers loaned up to 100%, borrowers who have been lent beyond their capacity to repay, banks lending without any prior checks on customers. This segment started approx 8.25am Sydney time 12/3/14, he said he will continue with it tomorrow. Show recorded. Very interesting!  ...
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  • doyla66
    doyla66 says #
    Hi Transformation, Denise posted it .......ASIC PETER KELL etc.
  • doyla66
    doyla66 says #
    Not just credit card Ali, any bill you have, except for utilities (they are trying to include those as well). Mind you the Gover
  • doyla66
    doyla66 says #
    Hi Ali, I know where you are coming from. Its hard for my dad to get his head around it but slowly he is understanding it. and dos
  • doyla66
    doyla66 says #
    Is this where Aussies are heading?........ The recession ravaged many Americans’ credit scores to the point that now 56% percent
  • doyla66
    doyla66 says #
    Transformation, if my good parents were here now, they would not believe or understand this horrid corruption that has engulfed us
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  • doyla66
    doyla66 says #
    This situation is beyond shocking! BUT.... There is movement with journalists- LETS ALL KEEPING GOING UNTIL WE HAVE OUR LIVES BACK
  • doyla66
    doyla66 says #
    It really is a world wide disgrace.... This story is nothing but shocking as the judge put it.
  • doyla66
    doyla66 says #
    If this does not prove a point re what banks are up to and where all is heading if not put a stop to by ASIC I'll eat my hat - A
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To all Members, I know it has felt as though we are flogging a dead horse with the media channels but I have a glimmer of hope in a reporter from our mainstream newspaper that would like to run my story-?  Please take a few minutes to make the phone call to your main local papers and ask to speak with an investigative reporter-please do this for yourself and for all of us- the banks have to be stopped and we all deserve our lives free of the debilitating stress , anxiety and long term health issues we are all suffering at the hands of these imprudent lenders ! Try and when you fail get up and try again! Also those who will ring the radio stations - now would be an awesome time to warn others about LOW DOC LENDING! Its up to us to start a CONSUMER CAMPAIGN against...
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  • doyla66
    doyla66 says #
    I had a Qld Supreme Court judge , the Honorable Judge Barbara Mason say to me when I brought up the fact that the Bendigo and Ade
  • doyla66
    doyla66 says #
    And "commercially sensitive" can cover a multitude of sins! - * we don't want you knowing what ratios we used on the LSC (what, j
  • doyla66
    doyla66 says #
    Even police say "well you got the money... what are you complaining about?" - That happened to other people too. Find a different
  • doyla66
    doyla66 says #
    THANKS Maggie M. Many of us who have been duped are too embarrassed about the situation we find ourselves in that we have not even
  • doyla66
    doyla66 says #
    I completely understand your humiliation and fear around putting your story out there to those that may judge because they simply
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                 Can anyone tell me the reference no. for the case of Schmidt or any other cases that had success against the banks? KHOSHABA, FIRSTMAC vs O'DONNELL,      www.austlii.edu.au Type in Schmidt into search engine - Perpetuals were the TRUSTEE.  Lender was VIOLET HOME LOANS VIC SUPREME COURT Perpetual Trustees Australia Limited v Schmidt & Anor [2010] VSC 67 (4 May 2010) [75%] APPEAL Violet Homes Loans Pty Ltd v Schmidt & Anor [2013] VSCA 56 (25 March 2013) [56%]  ...
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  • doyla66
    doyla66 says #
    Been through several courts hearings representing myself , in Qld the judges come back to the same thing --" you got the money",
  • doyla66
    doyla66 says #
    If they're applicable to your case: Tonto High Court Decision (included Perpetual) - 3 cases from June 2012 - broker is the agent
  • doyla66
    doyla66 says #
    Grandma, Mickovski is interesting although he lost because he challenged the reviewl panel decision , the court said that if th
  • doyla66
    doyla66 says #
    Thankyou!! I am going after the banks and the credit assessor and everyone else involved in this Fraud and Imprudent Lending. If C
  • doyla66
    doyla66 says #
    Violet Home Loans Pty Ltd v Shmidt & Anor 2003 VSCA 56 (25 March, 2013). Commonwealth Bank of Australia v Wales [2012] NSWSC 407
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‘A senior National Australia Bank executive expressed grave concerns about the credit market in an obscenity-laden email sent in February 2008, two months before the bank officially recognised a portfolio of sub-prime loans were damaged goods.’ – Age, 17 September 2012 ‘Home loans classed as “sub-prime” accounted for about one in 10 of the nation’s mortgages when the global financial crisis hit, with those loans now more than six times as likely to be in arrears as normal loans. ‘The figures reveal that claims Australia was insulated from the worst of the GFC due to vastly superior lending standards, a notion encouraged by many of the biggest banks, are exaggerated.’ – Australian, 27 September 2012 ‘America’s subprime mortgage scandal triggered the Global Financial Crisis and the world’s still recovering from it. What’s less known is that Australia too had its own subprime loans scam, the full extent of which is only...
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 SO WHERE IS APRA NOW?  HOW MUCH POLICING DID IT DO POST 2003?  DUMB APRA JUST SENT OUT MEMO'S TO BANKS ADI's = APRA's fancy name for BANKS   Or shall we say:  APRA'S Devious Institutions “Over half of the institutions (53%) base the broker’s remuneration solely on the volume of business generated, providing brokers with an incentive to generate loan volume without appropriate regard for risk. With such an incentive structure, it is critical that ADIs have procedures in place to ensure their own credit assessment standards are rigorously applied to broker-introduced loans.”17(APRA 200 My loan inception 2007, thank you RHG for your rigorous  credit assessment standards!!     I have a letter from you that states you relied upon the application to assess the funds-the application that you guided the broker to complete, yes I have those emails from the broker receiving very specific instructions from you on how to get...
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  • doyla66
    doyla66 says #
    Yes,the bullying must be stopped. Again the question of "Australia's suicide rate" must be answered for. People are ending it all
  • doyla66
    doyla66 says #
    I think the Senators should name and shame the bullyboy lenders in the Inquiry and Parliament so they are on record in Hansard, al
  • doyla66
    doyla66 says #
    We'll put Ali... Totally agree Grandma.....I know you are busy but you must email senator Williams
  • doyla66
    doyla66 says #
    Transformation, we have been raising the alarm for quite some time. We have done everything possible to alert everyone in Parliame
  • doyla66
    doyla66 says #
    So many people poured out their hearts to the Senators and sent them information about their experiences. There would be piles of
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Barbara Thomas is cancelling her bank accounts with ANZ Murwillumbah for ethical reasons.     Holding banks to account                                                                                         by Liana Turner 8th Mar 2014 UKI resident Barbara Thomas has been an ANZ customer all her working life, but now she's looking to make a move. Unimpressed with big banks investing in and lending money to fossil fuel industries, Ms Thomas is putting her money where her mouth is. "My philosophy is for the environment and social justice, not just huge money-making," she said. Ms Thomas said she was aware "ethical investing" wouldn't have the highest turnover right now, but she said growing popularity could put the industry into a growth stage. She said more people would have to change their perceptions before it was possible to abandon fossil fuels. "We need renewable energy; we need to stop fossil fuels now," she said. Australian Bankers Association chief executive Steven Munchenberg...
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ASIC silent on possible Macquarie whistleblower ASIC deputy chair Peter Kell. 24 Feb 2014 By Kate Kachor Related Articles: Macquarie rebuilding wealth division | Macquarie advisers caught out, wealth unit under review |   Senior members of the corporate regulator have refused to provide details about the possible existence of an informant within Macquarie Bank’s wealth management division. ASIC representatives, including chair Greg Medcraft and deputy chair Peter Kell, last week offered scant detail to a Senate committee in response to how issues within Macquarie Equities Limited (MEL) came to their attention. Macquarie’s banking and wealth division came under siege last year when MEL agreed to an enforceable undertaking (EU) with the regulator. The EU followed a nine-month ASIC investigation that uncovered a number of recurring compliance deficiencies “by and in the supervision of MEL’s advisers”.In response to a direct question on whether an informant tipped off ASIC about the “problems...
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CBA whistleblower in committee’s sights   05 Mar 2014 By Kate Kachor   Related Articles: ASIC silent on possible Macquarie whistleblower | |   Committee members conducting a Senate inquiry into the performance of ASIC are expected to meet this week to lock in dates for a fresh round of public hearings.Financialobserver understood members of the Senate Economics References Committee would gather to decide when to hold the next hearings for witnesses to provide evidence of their experiences with the corporate regulator. Among the witnesses expected to appear at the next round of hearings is Commonwealth Financial Planning (Commonwealth FP) whistleblower Jeff Morris. Proposed dates for the hearings are believed to be in the first week of April, possibly 2 and 3 April, with the location of the hearings mooted to be in Canberra. It is understood the proposed April hearings would be of an ‘open to the public’ nature, meaning...
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  • doyla66
    doyla66 says #
    Denise was the one who should have been listened to and not cut short as she was the one providing or trying to provide the eviden
  • doyla66
    doyla66 says #
    I listened and didn't hear any grilling. It was a walk in the park for Medcraft. The Senators could have applied more pressure. Th
  • doyla66
    doyla66 says #
    Change, I was in the room too. That's Mr Medcraft standing up in the pic, with his back to us. Behind him, his "minders" seated
  • doyla66
    doyla66 says #
    I was present in the room and Mr Medcraft was not "grilled" at all. Much to many people's dismay I must add!
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Mortgage arrears at lowest December level in four years By business reporter Michael Janda Updated Wed 5 Mar 2014, 11:02am AEDT Fitch says banks are having no trouble selling repossessed houses. (ABC News)   An analysis of mortgage securities shows the lowest proportion of people falling behind on repayments since 2009. Ratings agency Fitch does a quarterly study of Australian residential mortgage backed securities, called the Dinkum RMBS Index, and found that the rate of arrears in the December quarter 2013 was 1.21 per cent - the lowest year-end figure since 2009. The result was up 2 basis points on the previous quarter, but Fitch says there is typically a much bigger rise in December, as Christmas spending tends to put household finances into difficulty. Fitch says 30 and 60-day arrears were up very slightly on the September quarter, but 90+ day arrears eased very marginally by 1 basis point -...
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  • doyla66
    doyla66 says #
    Wonder why there is no mention of all that off-shore buying and all the house for cash sales going on behind our backs? Or that t
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