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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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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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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Recent blog posts
For the benefit of readers:  The SECRET SERVICE CALCULATOR (only banks, brokers and insurance companies have access passwords) had its existence made known to members by BFCSA in late 2012 and for 12 months, members have all been asking for their one page copies.   A few of these documents emerged, but sadly, our banking world is a Cartel governed Industry.  Suddenly, their dirty secret was out and they could not put the Genie back in the Bottle!  The FACT that no client of banks were ever told of this secret calculator's existence and never disclosed that it was used to skew their income to say $50k up to $180k.  Bankers never intended for this one pager to see the light of day.  The SCF and the ICW was actually ATTACHED by bank command, to the Loan "Application Form."  Banks had denied the LAF discovery for some years before and we won that battle.   Discovery of the SCF and its...
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  • Denise Brailey
    Denise Brailey says #
    Low Doc and Full Doc loans were developed to provide people with lifetime of debt. Loans you could never escape from, no matter if
  • Denise Brailey
    Denise Brailey says #
    Get tough with these banks. Its the ASSESSMENT assessor that fudged the income figures using the calculator in SECRET to mark the
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FOS complains members aren’t paying their determinations:  One Third of determinations not met by the Banks. 9 April, 2014 Jason Spits 0 comments  The Financial Ombudsman Services (FOS) has stated that the failure of some FOS members to pay determinations is “emerging as a structural issue in our investments jurisdiction” after more than $8.3 million is still to be paid to consumers.  FOS Chief Ombudsman Shane Tregellis said the figure related to 18 financial services providers who have not complied with determinations made against them by FOS during the period from 1 January 2010 to 1 January 2014.  Tregellis said while the failure to pay determinations involved a small minority of the 4900 FOS members, the $8.3 million represented a third of all determinations made in FOS’ investments jurisdiction.  The $8.3 million is owed to 99 applicants to FOS, with all the unpaid determinations - except one - involving financial advisers. FOS is required...
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  • NABbed Nanna
    NABbed Nanna says #
    I know for a fact that the Nab are not honouring the FOS determinations. No me, but a member of our family that was caught up in
  • Transformation
    Transformation says #
    Are FOS going to tell us which Lenders are doing this? Here's a story of a similar problem that happened last year - http://www.
  • Denise Brailey
    Denise Brailey says #
    FOS, ASIC and POLICE in each State KNOW the bank has multiple copies of the LAF for every single loan and - NONE ARE THE SAME!!!
  • Transformation
    Transformation says #
    Good to know that about the FOS determinations not being honoured by Lenders. In other words, after everything is done, the poor
  • Denise Brailey
    Denise Brailey says #
    Demand that FOS insist on Banks handing over your client loan files. The "commercially sensitive" crap does not wash. The one pag
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Government designs laws to protect Consumers of superannuation products.  ASIC then waters down the effect of those laws to help out Industry mates.  See Coonan announcement 2004 and then ASIC Class Orders and complex changes = dog's breakfast.  Which dodo gave ASIC these powers? http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2004/053.htm&pageID=003&min=hlc&Year=&DocType=0   Helen Coonan Minister for Revenue and Assistant Treasurer 26 November 2001 - 17 July 2004 Media Release of 21/06/2004   C053/04  21 June 2004    EMPLOYEES TO CONTROL THEIR SUPERANNUATION The Government has successfully negotiated an agreement with the Australian Democrats to give employees the right to choose their own superannuation fund, Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said following the Prime Minister’s announcement today. “The Government announced its intentions to provide choice of funds to employees in 1996 but for eight years employees have been denied this basic right,” Senator Coonan said. “Substantial national benefits will flow from the introduction of choice...
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 http://www.crikey.com.au/2010/12/09/bartholomeusz-cbas-competition-confession/  If they haven’t already, the members of the Senate committee should ask RAMS Home Loans founder John Kinghorn to appear before it to explain why RAMS, followed subsequently by most of the non-bank lenders, hit a brick wall and effectively collapsed at the very onset of the financial crisis.  RAMS was the first of the big non-bank lenders to be overwhelmed by the crisis because it had an unusually high — dangerously high, it transpired — reliance on very short-term funding. To a lesser degree, most of the non-bank lenders were also borrowing short in wholesale markets and also accessing securitised debt markets.  In its submission to the inquiry, lodged on Friday, Commonwealth Bank admitted that the major banks were also sourcing a growing share of their funding from those same markets before the crisis — in CBA’s case almost 30% of its funding in October 2007 came from short term wholesale markets, compared with about...
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  • Transformation
    Transformation says #
    Shock ... horror! Slashed tyres the talk of exclusive north shore beach club More grist to the mill - Kate McClymont on Kinghorn a
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read more  http://www.dailyreckoning.com.au/the-odd-economic-laws-of-the-superannuation-industry/2014/04/14/ The Odd Economic Laws of the Superannuation industry by Nick Hubble / on April 14   Clancy Yeates in the Sydney Morning Herald explained how Australians are getting ripped off by the Super industry: ‘…research firm Rainmaker estimates Australians paid $18.6 billion in fees for their retirement savings to be managed last financial year,’ which is ‘$1075 for every adult in the country, including those who don’t even have super.’ According to the Reserve Bank of Australia, only Spain and Mexico’s savers pay more as a percent of assets under management. But this is where things get weird. You see, the normal rules of economics don’t apply to the Super funds industry. Believe it or not, the reason for this blowout cost is too much competition. The Reserve Bank says the competition between different Super funds to get their hands on your compulsory contributions is so fierce that…costs go up. ...
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  • Transformation
    Transformation says #
    The Centre of Excellence in Population Ageing Research reckons the situation is so bad Australia Post and Centrelink should be cal
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more   http://www.americanbanker.com/bankthink/morning-scan-m-and-a-double-dipping-foreign-banks-flock-to-fed-1066101-1.html Morning Scan: M&A Double Dipping; Foreign Banks Flock to Fed by Heather Landy MAR 10, 2014 Receiving Wide Coverage ... Both Sides Now: If the folks in mergers and acquisitions look discouraged today, it's probably more than a bad case of the Mondays. A Delaware judge hearing a case about the conflicts of interest that possibly arise when bankers advise both the buyer and seller in the same deal has found that RBC acted improperly when its bankers tried getting in on both sides of a 2011 merger in the health care sector. While there's been no ruling yet on damages, the Journal says the case already is a big blow to banks, while the FT more demurely warns of "far-reaching consequences." Wall Street Journal, Financial Times Wall Street Journal You know that $2.2 trillion or so that banks have parked at the Federal Reserve? Curiously, close to...
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read more   http://www.afr.com/p/national/ato_franking_credit_crackdown_targets_c1DhjFeJkLgiKzKwzZs3NN ATO franking credit crackdown targets fundies, brokers and investors PUBLISHED: 24 Mar 2014 Thousands of fund managers, stockbrokers and sophisticated investors have been hit with warning letters threatening audits and heavy penalties if they do not confess to over-claiming franking credits on shares.  Leading figures within the finance industry are fuming that the Australian Taxation Office believes it can use data matching to trawl back as far as 2010 to compare tax deductions with individual share trading records.  “Our information indicates you, or an entity closely associated with you, participated in a franking credit arrangement,” Deputy Commissioner Tim Dyce writes in one of the 3000 ­letters sent by the ATO. “In this case, two sets of franking credits have been claimed on what is effectively the same parcel of shares.” Treasurer Joe Hockey announced in November last year that the ­government would close down a ­“loophole” which allowed...
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  • Transformation
    Transformation says #
    That's interesting. I wondered how they did that. I'd never have thought of it myself. So now that everyone knows how to do it, w
  • organza
    organza says #
    Now I wonder if bank CEO's got such a letter?
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http://www.afr.com/p/national/melbourne_apartment_glut_stunts_9HX8aIdMeTL8br97RjvBuL  Apartments are selling cheaply around Melbourne’s CBD as more off-the-plan apartments come to market, reducing the sale price on units which are just a few years old. ..........    http://www.smh.com.au/business/property/city-apartment-glut-prompts-warnings-for-sydney-and-melbourne-20140401-35vgq.html   April 1, 2014  Analysts are warning that inner city apartment prices could fall because of supply that is in the pipeline.  Sydney "dwelling" prices (units and houses) are more than 15 per cent higher over the past year to March 31. Melbourne dwelling prices are more than 11 per cent higher over the same period..  Most concern is for inner Melbourne apartments, where the trend vacancy rate in Docklands and Southbank is about 7 per cent. Read more: http://www.smh.com.au/business/property/city-apartment-glut-prompts-warnings-for-sydney-and-melbourne-20140401-35vgq.html#ixzz2z9CsOWY8    ...
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http://www.smh.com.au/business/the-economy/three-banks-to-float-medibank-private-20140417-36tjp.html   April 17, 2014 - 12:38PM Anthony Macdonald The federal government has appointed Deutsche Bank, Goldman Sachs and Macquarie Capital to float private health insurer Medibank Private, after receiving pitches from 11 investment banks.  In a statement on Thursday, Finance Minister Mathias Corman said the three banks would be responsible for managing Medibank's initial public offering, including both the retail and institutional offers................The appointments come after eleven investment banks pitched for the joint lead manager roles in Canberra last week. Independent adviser Lazard, law firm Herbert Smith Freehills and Ernst & Young, who prepared a recent scoping study for the government, also had their contracts extended through to the time of the sale.  The government said other banks may be appointed as joint lead managers in the future, along with retail brokers. Read more: http://www.smh.com.au/business/the-economy/three-banks-to-float-medibank-private-20140417-36tjp.html#ixzz2z8t5RQQc...
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MICHAEL and Karen Cook were no longer happy home owners despite a landmark case attacking Australia's version of sub-prime lending. They were living in a tent with their two young daughters out the back of a friend's place in Camden.  The NSW Supreme Court attacked the sub prime lending case.  Yet the court still permitted the lenders to keep their interest, fees and charges.  That would not happen today. Why? The case highlights the 2003 prevalence of FRAUDULENT LENDING PRACTICES.  As stated in Parliament 8 August 2012: "Governments cannot, ought not to profit from a fraud."  Very simple law: neither can Banks and Lenders and all those in the SUB PRIME LENDING business can profit from a fraud. There have been few cases presented to court against the banks, displaying victory for the victims of this insidious crime. WHY?  People do not have the funds to defend their positions and homes, in...
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  • David
    David says #
    How easy to award Maladministration and Unconscionable Lending to we who have been and are being defrauded by the Banks and Bankst
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 Stuart Washington September 10, 2007 MICHAEL and Karen Cook were no longer happy home owners despite a landmark case attacking Australia's version of sub-prime lending. They were living in a tent with their two young daughters out the back of a friend's place in Camden. As the rain fell and winter closed in, they were homeless. They had lost the house they had built and owned in Currans Hill, near Campbelltown, since 1992. They still owed the principal and interest repayments on a loan ruled unjust by the NSW Supreme Court. And their youngest daughter, Tara, then aged three, had a cold. "Me sleeping outside I wasn't worried about, it was more the wife and daughters. You get a kid with a cold …" Mr Cook, 40, told the Herald. The Cooks are the human face of the high cost that can be exacted by subprime lending, as calls mount for...
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We need an urgent ROYAL COMMISSION into BANKING and financial services and products and to include ASIC into the probe.............................  Australians need to stop being so complacent............................ ANZ backs down on ad conditions after ASIC probe 27 March, 2014 ANZ has agreed to send out gift cards to income protection insurance customers after the banking regulator deemed the fine print on ANZ’s advertising potentially misleading.   The Australian Securities and Investments Commission (ASIC) raised concerns about newspaper ads that ran late last year offering ANZ Visa gift cards for customers who purchased the insurance.   However, the fine print stipulated they would only receive the gift card if they maintained their coverage for a year and paid all premiums on time.   ASIC said the conditions were not prominent enough to catch the consumer’s eye.   read more  http://www.moneymanagement.com.au/news/financial-services/2013/anz-sings-asic-s-praises ANZ sings ASIC’s praises 5 November, 2013 ANZ Banking Group is the only major market participant which did...
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  • Neil Toplis
    Neil Toplis says #
    Seeing ICAC is so good at rooting out those who abuse the system may be we could get them to investigate ASIC. People and busines
  • organza
    organza says #
    Just adds to the suspicion of what might ASIC be covering up for on behalf of ANZ!
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Whistleblower claims the existence of 100 CBA rogue advisers   Monday, 24 March 2014 12:35pm   By Laura Millan  |  In Financial Planning   Former Commonwealth Financial Planning adviser and whistleblower Jeffrey Morris has "no doubt" that a proper investigation by the Australian Securities and Investments Commission (ASIC) would reveal at least 100 current or former rogue CBA advisers. In a submission to the Senate inquiry into the regulator's performance, Morris said that ASIC and CFP's claims that there were only seven rogue planners within the organisation were "simply inconsistent." "ASIC did virtually no investigative work of their own but basically just added what CFP gave them to what the whistleblowers did," Morris said. "I have no doubt that a proper investigation would reveal at least 100 current or former planners of CFP whose clients should be compensated for dodgy and or just plain incompetent, advice." The 39-page document offers a detailed account of...
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  • Transformation
    Transformation says #
    Bureaucrats have an interesting way of assisting others in crime and wrongdoing. Mostly they ensure that their own backsides are s
  • Maria B
    Maria B says #
    ASIC was helping with the fraud they knew was happening within the banking sector, so why would they investigate anything.
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CBA execs grilled over Nguyen departure Friday, 11 April 2014 | Tim Stewart   http://www.investordaily.com.au/35340-cba-execs-grilled-over-nguyen-departure       Today's News Global players set to enter advice market AMP Capital departures spark ratings concern AVCAL lobbies for SIV expansion Converge with planners, accountants told Regulation hindering product innovation: ASFA Market neutral funds reduce volatility: Pengana     inShare   Senior CBA executives have faced questions about the removal of banned Commonwealth Financial Planning adviser Don Nguyen in July 2009. The publication of allegations about Mr Nguyen in InvestorDaily on 22 June 2009, one month before the Commonwealth FP decision to lodge a breach report with ASIC on 27 July 2009, was a major sticking point in a public hearing yesterday.  CBA group executive wealth management Annabel Spring, CBA general counsel/group executive corporate affairs David Cohen and CBA executive general manager wealth management advice Marianne Perkovic appeared before the Senate inquiry into the performance of ASIC in Canberra. Responding...
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  • organza
    organza says #
    Caught red-handed yet promoted so he could fob off client complaints? If that does not reek of guilt and cover-up of gigantic pr
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FBAA slams LMI insurers for non-disclosure   by Calida Smylie | 15 Apr 2014  AUSTRALIAN BROKER NEWS The Finance Brokers Association of Australia believes there is a need for greater transparency and disclosure on behalf of lenders and Lenders Mortgage Insurance insurers to make sure consumers are not being ripped off by having to pay LMI. The Reserve Bank of Australia estimates more than one quarter of housing loans in Australia are subject to LMI.  In the financial year ending 30 June 2013, banks made an estimated 761,880 home loans, totalling $247.9 billion in lending, which indicates around 190,470 loans created in that financial year were subject to LMI. But FBAA said in its submission to the financial services inquiry that there are many issues surrounding LMI, including consumers not being provided with LMI product disclosure statements, including any details regarding any commissions payable to the lender. “Privity of contract is the...
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  • Transformation
    Transformation says #
    Some LMI Insurers used to send the borrowers a copy of the policy, as a matter of course. Now borrowers have to use some heavy ha
  • Denise Brailey
    Denise Brailey says #
    BFCSA is looking after 1262 consumers of mortgage products. Everything the FBAA is saying is true, and we have material suggestin
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http://www.afrsmartinvestor.com.au/p/market-intelligence/asic_secret_weapon_OEM0jYMawpCjSjjsLa4obN   ASIC is about to employ a surveillance system to put the finger on high frequency traders. ASIC’s secret weapon Published 22 August 2013 12:05 Australia’s new market surveillance system, designed to catch high frequency traders who flout the rules, has been built by a firm which sells software and services to the same people the regulator is looking to catch.  The new $47.3 million system will be rolled out to allay fears that Australian investors could be the target of nefarious trading activity, after reports of unusual trading activity had risen.  The new system, which the Australian Investments and Securities Commission refers to internally as Project Fast, has been designed by Irish-based developers First Derivatives.  First Derivatives says that its services and products are for firms “seeking to reduce their time-to-market” and to make sure that “orders are executed at the most optimal venue”.  Clients of First Derivatives include...
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  • organza
    organza says #
    ASIC need to come clean and change their mission statement to you scratch my back and I'll scratch yours!
  • L Mehan
    L Mehan says #
    This no different to that mole on secondment in ASIC that pushed the policy to free up those god-awful online calculators. As alwa
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Dear members The axe is about to fall, this morning Tuesday15th  in the Australian it appears the government is contemplating selling off ASIC assets.The corporate regulators register of companies is being sized up as part of a plan that could inject $1billion cash into government coffers.This comes as a result of Greg Medcraft stating its not part of ASIC's core function and was a technology business. Could this be a sacraficial lamb to apease the government directive that all departments must suggest ways of saving costs across the board. In light of all the bad media exposure and the revelations of the Senate Inquiry could this be ASIC's attempt to stave off job losses especially at the top? The CSIRO and next the ABC are starting to bare the brunt of expenditure cuts so its only a matter of time. Just the chairman and his commissioners wages runs into millions and...
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  • Maria B
    Maria B says #
    Maybe the Senators have woken up to the fact Denise has uncovered all of the scam and helps victims with no funds from the governm
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'Financial success is so easy'   canada.com     A suspected Australian con man who's made headlines for allegedly fleecing mom-and-pop investors out of an estimated $20 million has set up shop in Kelowna after fleeing Australian authorities.   BY THE VANCOUVER PROVINCEJANUARY 1, 2006         A suspected Australian con man who's made headlines for allegedly fleecing mom-and-pop investors out of an estimated $20 million has set up shop in Kelowna after fleeing Australian authorities. Gabrial Pennicott, a Tasmanian businessman now known as "Gabe Pennycott," is being investigated by the Australian Securities and Investments Commission for allegations he defrauded up to 200 Melbourne and Queensland residents in property investment schemes. Now he's operating in B.C. and is believed to have recently married Cynthia Cowie, the daughter of an Abbotsford couple who run a Christian church in the community. Cowie's mom, Betty Rubinak, told The Province she was...
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Readers, please feel free to join in and contribute and add to our Hall of Shame. I simply want three pieces of info on each company: YEAR of collapse or cease to be / # of Investors /Amount of LOSSES  $$$s Here are a few magical names to start you off: ESTATE MORTGAGES TRICONTINENTAL PYRAMID BUILDING SOCIETY MFS LANDMARK OCTAVIAR MDRN   McCarthy Durie Ryan Neil   PRIMROSE FINCORP WESTPOINT STORM FINANCIAL TRILOGY SYDNEY INVESTMENT HOUSE MELBOURNE INVESTMENT HOUSE BUSINESS AUSTRALIA CAPITAL FINANCE BUSINESS AUSTRALIA CORPORATE FINANCE FORSYTE STREETWISE DELANEYS PLATINUM FINANCE HASTINGS TRISCOTTS NATIONAL INVESTMENT INSTITUTE R & B DIAMONDS MONEY CHOICE BLUE CHIP (NZ) ABC LEARNING ALLCO ASSET LOAN GROUP ELDERSLIE FINANCE ENVIRONINVEST LIFT CAPITAL OCTAVIAR WELLINGTON CAP OPES PRIME PRIME LIFE RAPTIS GROUP BANKSIA SECURITIES FREEMAN FOX TRIO CAPITAL GRAEME GRUBB FINANCE GLOBAL FINANCE BLACKBURN & DIXON ALBANY FINANCE AUSTRALIAN CAPITAL RESERVES CHARTERHILL GROUP POWERLOANS RADISSON MAINE IBP CORPORATION...
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  • Denise Brailey
    Denise Brailey says #
    Hi Sharron look to COSL and report FAST GROUP. Money Choice was just a broker. Director of FAST was Stephen Kane now exec at NAB
  • Sharron
    Sharron says #
    I increasingly find this crap harder to swallow ASIC register these crooked companies then fail to make them adhere to customer pr
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Australian Securities Investment Commission ("ASIC") gave Michael King an AFSL licence and it seems a lot of other benefits thrown in.  This was due to ASIC's "no action, no investigations, no consumer protection policies."  I remember you well Michael, as do all those who lost money with your schemes/shams etc.  Perhaps you wish me to gather all those who trusted your monologues and invested money with you in 1999 and 2000 into one room as a sort of meet and greet.  Does that suit you Michael?  A modern version of "where are they now?" It appears when I arrived in Brisbane to gather the first people to complain of your "lack of management skills", many people placed you on my whiteboard - McLaughlins at the top of the LIST of 17 solicitor companies assisting retirees to see their money disappear into black holes.  How much money did you make Mike?  Let...
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·         Fairfax special: When planners go rogue  10 April 2014 Commonwealth Bank's top lawyer, David Cohen, was rebuked before a senate inquiry on Thursday morning for downplaying systematic fraud within the bank's financial services arm as ''inappropriate''. The word ''inappropriate'' was suitable to describe an error of judgment in clothing choice, said Mark Bishop, chairman of the Senate inquiry into the performance of the Australian Securities and Investments Commission, but not the fraud and failure within the bank's wealth management division which culminated in clients losing millions of dollars in savings. It was a gruelling day for the bank's three top lawyers who fronted the senate panel following the testimony of Commonwealth Financial Planning (CFP) victims. Officers from the corporate regulator are scheduled to appear on Thursday afternoon to explain why their response was belated and inadequate. A group of whistleblowers – known as the ferrets – tipped off the regulator...
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  • L Mehan
    L Mehan says #
    Yep, this is the same bank who "bought" Bankwest for a "bargain" then created a hit list of customers with the help of Gadens to g
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Murray Inquiry Panned - the elephant in the room - a conflict of interest Mr Murray?  Do you not see how wrong this is? http://www.macrobusiness.com.au/2014/04/conflicted-murray-inquiry-bashed/? There are three articles around this morning aimed at the big banks and the Murray Inquiry. Opening us up isChris Joye who slams everyone, quite rightly, but especially Ian MacFarlane: Consider, for example, how rapidly our “game-keepers” become “poachers”: the last two Reserve Bank of Australia governors, Ian Macfarlane and Bernie Fraser, and the last two Treasury secretaries, Ken Henry and Ted Evans, all joined banks’ boards – ANZ, ME Bank, NAB, and Westpac – after leaving office. The second in charge at Treasury, David Morgan, became Westpac’s chief executive in the 1990s and 2000s. …Macfarlane also claims the 2008 and 2009 shocks that resulted in the bigger banks seeking government guarantees of their wholesale debts – most smaller banks did not use them – “[were] a...
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Ask a Banker to run an Inquiry into Banking System?  Sounds like a bad dream does it not?  No impartiality here.  Did we put in a  submission? Why bother? Terms of Reference shows what Policy will make the Treasurer happy.  Its a  done deal, as they say.............. The toxic mortgages in the current system will barely get a mention.  There is no independence at all.  More like a Banker Elite Bash with everyone patting themselves on the back.  Notice how the actual TERMS OF REF do not even mention the word CONSUMERS, nor the word TOXIC.  Notice only half the submissions sent in as there was for the Senate Inquiry into ASIC.  Murray is hardly going to rat on ASIC, the RBA, APRA, banking colleagues and himself of course!   Its the usual talk fest and pats on backs that will lead to a forgone conclusion...............................dracula in charge of the blood...
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  • L Mehan
    L Mehan says #
    This is BLOW-Hockey at his best (if you believe the BS he professes to understand). It must be quite difficult for him to have to
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  http://actuaries.asn.au/Library/1400%20Langton-Wickham.pdf     5th Financial Services Forum  Renovating the Financial System  13 and 14 May 2010 Sydney   Current Issues:Super Benefit Projections,Web-calculators and Fee Disclosure Benefit Projections Working Group  (printed) Benefit projections Web calculators Fees and costs Olden days ISC circulars 2003ish FSR advice / Calculators withdrawn 2004 IAAust Guidance 2005 Web calculator class order 05/1122 July 2008 ASIC consultation paper 101 April 2009 IAAust GN revised 2009 July 2009 Intra fund advice class order (09/210) Oct 2009  ASIC consultation paper 122 / Draft RegulatoryGuide Jan 2010 Australian Govt Actuary consultation April 2010 Cooper –suggested compulsory projections as part of MySuper     Benefit Projections -proposed ASIC rules (CP122)   • Printed Statements (not calculators) • Voluntary not mandatory • Relief from advice requirements Corp Law • Once a year with Benefit statements • Doesn’t apply to DB(?), SMSFs, ERFs • Prescribed assumptions • Some standard disclosure eg: • today’sdollars...
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  • Transformation
    Transformation says #
    Denise, I think rigging the game is the equivalent of Bank risk management. Certainly in investing, which includes property buying
  • Denise Brailey
    Denise Brailey says #
    Yes Transformer. Exactly like rigging the horse race - setting the outcome prior to race finish and then running home with the pr
  • Transformation
    Transformation says #
    These could be questions for the Financial Inquiry, if anyone there gave a hoot about consumers .... If Banks can predict the perf
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Australian Securities and Investment Commission ("ASIC"), our criminal Federal Corporate Cops had known that Major Banks were selling Low Doc Loans to Pensioners back in 2002 - 2005. They attended bank events, as I did, whereby even the Treasurer attended saying "look for new markets....ASSET RICH INCOME POOR ("ARIPs") = PENSIONERS.  I was front row for that gem!!!! ASIC are blatantly misleading Parliament and the Prime Minister and Joe Hockey Fed Treasurer are allowing ASIC to get away with these crimes against consumers of financial products and services. When is ENOUGH IS ENOUGH?  When do we as a nation, get to the point of saying: Action is necessary to clean yup the Banking & dodgy finance Industry?   The Chair of the Senate Inquiry into ASIC a valid question of me:  "Why didn't the respected Consumer Groups discover what you are saying?" Indeed.....Senator Bishop could see what was happening.....then along comes James...
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  • Transformation
    Transformation says #
    "There comes a point you have to stop pulling people out of the river, get upstream and find out why they're falling in." - Desmon
  • organza
    organza says #
    Yes should prove interesting reading and a good few pe-fabrications just might be picked up in those submissions knowing all we no
  • Neil Toplis
    Neil Toplis says #
    If you Google Financial Inquiry submissions you will get an index of nearly 250 submission including a lengthy one from our esteem
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