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BFCSA
MORTGAGE
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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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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

Posted by on in From My Window
IT IS NOW DESPERATE TO LOOK LIKE IT'S DOING ITS JOB  http://www.smh.com.au/business/comment-and-analysis/asic-has-shown-its-systemic-incompetence-20150417-1mnehz.html...
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  • organza
    organza says #
    Does anybody really believe ASIC has been living in a time warp since 2001? http://www.austlii.edu.au/au/legis/cth/consol_act/ca2
  • organza
    organza says #
    It is becoming more and apparent ASIC has never been more than a big front for what people perceive they were set up for and part
  • Aries
    Aries says #
    Here's the link http://www.smh.com.au/business/comment-and-analysis/asic-has-shown-its-systemic-incompetence-20150417-1mnehz.html
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AGRIBUSINESS   GENERAL NEWS     'Up the creek in a barb wire canoe' KATIE MCROBERT 14 Apr, 2015 04:00 PM 3       Tweet We’d be happy to paddle our own canoe, I just wish we weren’t up the creek in a barb wire canoe MP Bob Katter is furious with rural baking practices. RELATED Receivers in farm foreclosure fracas 'No need for ­moratorium', say banks Hype not helpful in bad debt debate WA foreclosure fallout on social media Receivers defend foreclosure procedure Banks fuelling farm debt, inquiry told LATEST MG share proposal released Great times at mighty Maxi races AgForce urges drought rethink PorkFest shreds world record New wheat launched in war against weeds New breeding indices launched FUELLED by a “a firestorm of anger and resentment” over farm foreclosures, MP Bob Katter today said farmers will take banks to the High Court in order to win...
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  • Wayne
    Wayne says #
    Fair dinkum - What else do you need to see to show banking is corrupt
  • Wayne
    Wayne says #
    ANZ Bank is set to pay $30 million in compensation.. REALLY ANOTHER PROBLEM ANZ???? how many more???
  • organza
    organza says #
    Seems we are still deemed to be no more than a convict colony and it's payback time for something to me!
  • Wayne
    Wayne says #
    one would have to think the government does knows all about it & probably always has, how could they not. The question is why aren
  • Wayne
    Wayne says #
    one would have to think the government does knows all about it & probably always has, how could they not. The question is why aren
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  HERE'S A LINK TO A VERY INTERESTING READ...http://kangaroocourtofaustralia.com/2015/01/20/commonwealth-bank-now-using-legal-threats-and-the-courts-to-intimidate-whistleblowers/ Mr. Gruets ex Fed. Police officer now working for the commonwealth bank says it's an offence for knowing that a criminal offence has occurred and has not been reported to the police. So what happens if the AFP has been approached with evidence of a crime and they refuse to act on it ?...
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  • organza
    organza says #
    Hopefully the honours list will resemble this http://www.sec.gov/spotlight/enf-actions-fc.shtml
  • Aries
    Aries says #
    The volcano will be big when it goes off. No one will be able to hide it any more.
  • organza
    organza says #
    When it gets down to this level it infers one huge cover-up of something massive. With so much bubbling to the surface it makes o
  • maladmcba
    maladmcba says #
    I read that a couple of months ago. Interesting Ms Bishop's conflict of interest.
  • Aries
    Aries says #
    jUST IN CASE THE LINK DIDN'T WORK http://kangaroocourtofaustralia.com/2015/01/20/commonwealth-bank-now-using-legal-threats-and-the
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Watch 60 minutes this Sunday 12th April. Here's a promo link....... You tube - 60 Minutes Promohttps://www.youtube.com/watch?v=0ytS3Qje6TQ
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  • Wayne
    Wayne says #
    "Come on Aussie Come on" Look Out Bank's the little Aussie battler's are coming out
  • NABbed Nanna
    NABbed Nanna says #
    This is a dreadful story. I feel so sorry for the family especially the kids. I am still at a loss as to how the family moved ba
  • organza
    organza says #
    History repeating himself? http://iview.abc.net.au/programs/years-that-made-us?WT.srch=1&WT.mc_id=Corp_TV-iview|iviewAdwords_AdWo
  • organza
    organza says #
    http://www.skynews.com.au/video/program_richojones/2015/04/08/richo---jones-april-7.html?hc_location=ufi I had no idea it was thi
  • NABbed Nanna
    NABbed Nanna says #
    Went to 60 minutes website and found the video which I think airs next Sunday. This is so like our situation from the snippets th
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CBA Whistleblower Jeff Morris points out just how weak the government's knee jerk response to bank fraud and corruption is. Listen to this interview with Fran Kelly. None of the NAB planners who were sacked would appear on the government's new register of financial planners. Sam Dastyari - the government is still protecting the banks and the crooks that turbo charge their profits. Listen to Jeff right here - http://mpegmedia.abc.net.au/…/podcast/2015/03/bst_20150331_…...
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  • organza
    organza says #
    PS the bank involved is not BAN the bank but the bank if one is dyslexic called ABC!
  • organza
    organza says #
    A little birdie in the know has just told me something the bank would not want revealed being a new department has been set up, 20
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NAB's dream-destroying 'Death Star' that is Clydesdale Bank Adele Ferguson March 21, 2015 Jim McGrory, a hotelier of 40 years from St Andrews, Scotland, says his problems with Clydesdale have taken over his life. Photo: Sean Dooley TBLs and how bank clients were stung by them In the summer of 2010 John Glare hit rock bottom. A financial landmine in his business loan with National Australia Bank's UK-based Clydesdale Bank had spectacularly gone off. It took his business and his home, and forced him into bankruptcy. It wasn't just the keys to his house and business that he handed over to Clydesdale Bank, it was almost 30 years of hard toil. "It was gut wrenching," Glare says. "It was my whole life and it was taken away. I was forced to start life again at the age of 47." A Fairfax Media investigation into NAB's British operations has revealed staggering admissions from the...
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  • organza
    organza says #
    Another clue Nanna, digest the content of ASIC CO 1122/05 it gives the answer to what happens to hard copies! Only have to keep f
  • organza
    organza says #
    Sorry for the delay Nanna, have been devoured in reading a book! I ordered my copy on-line, google the title and see what pops up
  • NABbed Nanna
    NABbed Nanna says #
    Thanks Organza, Great stuff. "Nab is the biggest scandal of all" beautiful quote and so, so true. Ask me, I know how Nab operat
  • organza
    organza says #
    My copy has arrived Nanna and it's something all bank CEO's should be reading - riveting revelations re a taste of life in a high
  • NABbed Nanna
    NABbed Nanna says #
    Thanks Organza. Will look out for the book.
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Posted by on in From My Window
Senator Dastyari explains to Richo why he is fighting BRIBERY and CORRUPTION in business and bank crimes. Here's the video link  http://www.skynews.com.au/video/program_richo/2015/03/11/sam-dastyari.html...
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  • Wayne
    Wayne says #
    Yes most certainly, I do mean the whole system needs a good hard deep investigation, FOS ASIC ANZ CBA WESTPAC NAB RAMS & so on, &
  • Duped
    Duped says #
    So right Wayne but don't leave out Westpac and Rams, in fact every lender out there. Every one of them have in the senators words
  • Wayne
    Wayne says #
    NAB Banker Jailed.. Her we go, a couple of young Bankers Jailed. so how many others have got away with it before? What about the o
  • Duped
    Duped says #
    Loved it when Richo said a much bigger issue is the banks have mislead and cheated, Senator Dastyari replied they have LIED, CHEAT
  • Aries
    Aries says #
    click on continue reading you will then see the blue link
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  ASIC wants power to ban products Share on facebook Share on twitter Share on linkedin Share on google_plusone_share   by Adam Smith | 13 Mar 2015   ASIC is asking for more powers to police banks, and wants to intervene on products it thinks could hurt consumers. ASIC chairman Peter Kell has said the regulator should be granted powers for proactive "product intervention", Fairfax has reported. According to Fairfax, Kell told a workshop held by the Centre for International Finance and Regulation that the power to intervene in banks' product design and marketing would allow the watchdog to address systemic issues rather than focusing on individual banks and transactions. "Banning a product would indeed be a rare occurrence, but I would argue it is nonetheless important to have there because as a regulator having a big stick, even if it is rarely or if ever used, is very useful to...
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  • organza
    organza says #
    ASIC should be given the powers to disband themselves as an example of what regulators should not do!
  • Duped
    Duped says #
    They even have the power to prosecute the lenders who use fraud and forgery but they choose not to upset their buddies. Cosy littl
  • Aries
    Aries says #
    The morons had power, now they are pretending to anyone who will listen that they didn't.
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The Richo show is on at 8pm Sydney time...not sure of other states... Was mentioned by Richo on  last nights show.
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Thousands gather in London to protest against lack of affordable housing   31 Janaury 2015   http://www.theguardian.com/society/2015/jan/31/hundreds-gather-london-march-for-homes-protest-city-hall-affordable-housing   Thousands of people gathered outside City Hall on Saturday to demand Boris Johnson urgently tackle the lack of affordable housing in the capital and curb the spiralling rents that they warn are “ripping the heart” out of London. An estimated 2,000 encircled the building and urged the mayor to tackle the burgeoning housing crisis by building more council homes, control private rents and call off the proposed demolition of properties on up to 70 London estates. The crowd marched in boisterous spirits, confident that they can make the increasingly divisive issue of housing a genuine general election battleground.  Leading the march as it crossed Tower Bridge in driving rain was Jasmin Stone, from Newham in east London, who chanted “social housing not social cleansing” with her friends. The 20-year-old single mother said skyrocketing...
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In our view and that of members ASIC is either corrupt, useless or lazy or, a mixture of all three.  Either way people who have consistently made complaints to ASIC for the past 16 years have complained to all other agencies of Government:  ASIC is a waste of space....and money.  Now ASIC is bleating it cannot be trusted to have access to the megadata.  That's a good thing because otherwise ASIC cronies would allow peepshow viewing to Banker Mates. Who on earth would trust this non regulator?  At last, someone in Government admits ASIC CANNOT BE TRUSTED!  The only thing ASIC is good at is covering up hard evidence of white collar crime at the top end of town.  We know how they systematically conduct these dastardly activities!  ASIC treated the public consumers as cannon fodder for the Banks.  Now the executives can be on the receiving end for a change....
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  • Louie2U
    Louie2U says #
    A-SIC are the banking cartel's puppies - they just roll over to have their tummies tickled. Such a gross waste of public funds kee
  • Wayne
    Wayne says #
    the only ones benefiting from the whole Australian Financial sad saga in the past 14 years of investigations, is the ones reportin
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Maryborough MP Anne Maddern has emerged as the most prolific real estate investor of all Queensland parliamentarians, with a new report showing the cashed-up MP owns 14 properties. The report, by the same authorship team that crunched the numbers on property ownership among federal politicians last year, shows Queensland MPs are heavily invested in real estate, with just two of the state's 89 parliamentarians not property owners. Collectively, they own 195 properties, or an average of 2.2 per member, which equates to a portfolio the report authors' conservatively estimate to be worth $91 million. Authors Paul D Egan, Philip Soos and Lindsay David said they were concerned housing and taxation policy was being influenced by the heavy real estate interests of the parliamentarians from both major political parties, as well as minor parties and independents. "The data demonstrates the majority of politicians have a vested interest in maintaining high housing and land prices,...
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ASIC ignores reports of mortgage fraud by lenders 1 by David Collyer on November 25, 2014 Tags: a running list of warnings, Control Fraud, Paul Egan, Philip Soos, William K. Black   by Paul Egan & Philip Soos- Co-Author’s ‘Bubble Economics: Australian Land Speculation 1830 – 2013’   Exuberant household credit growth over the last twenty years has a sinister dimension: the likelihood of widespread predatory lending and bank fraud. Every developed country, including Australia, has laws to regulate and hopefully prevent predatory lending, defined as providing credit to a borrower in full knowledge they lack the capacity to repay it in a timely manner, if at all. Relevant laws and regulations stipulate loan amounts must not exceed the assessed debtor repayment capacity, based on their assessed wages and other income. Lenders have an obligation to calculate income flows of potential borrowers as part of the risk assessment associated with extending finance, particularly with large and long-term loans like mortgages. Fraudulent...
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ASIC let alleged $110 million fraudster flee country Business  Date January 8, 2015 Chris Vedelago, Georgia Wilkins http://www.smh.com.au/business/asic-let-alleged-110-million-fraudster-flee-country-20150109-12kbsa.html   The corporate regulator failed to stop a key figure in an alleged $110 million loan fraud from fleeing the country despite warning the suspect he was under investigation and raiding his home. The Australian Securities and Investments Commission also allowed the mortgage broker integral to the alleged fraud to continue to work unimpeded in the finance industry for at least another three years after coming under suspicion. It is also understood that the number of potentially fraudulent loans could be higher than 600, nearly double what ASIC has previously announced. The blunders are expected to ramp up pressure on ASIC to explain its handling of the investigation, which is already attracting sharp criticism from politicians and industry figures. On Tuesday, ASIC announced licensed mortgage broker Aizaz Hassan and associate Najam Shah had...
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  • Louie2U
    Louie2U says #
    All of these federal agencies tap into each other's systems through a centralised IT setup so why could ASIC not alert either the
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Five Bank of Cyprus Officials Prosecuted  December 18 2014   Ioanna Zikakou   http://greece.greekreporter.com/2014/12/18/five-bank-of-cyprus-officials-prosecuted/   Greek-Cypriot Attorney General Costas Clerides announced that five Bank of Cyprus officials are facing serious charges that could result to 20-year prison sentences.   The Bank of Cyprus is the bailed in lender of the country whose economy faced difficulties in 2012.   The five Bank of Cyprus officials will be the first bankers to be charged in the collapse of the country’s primary lender, which had to seize 47.5 percent of deposits over 100,000 euros in order recapitalize.   The five men who will be charged are Andreas Eliades, former Bank of Cyprus CEO, Yiannis Kypris, current CEO, Theodoros Aristodemou, former board chairman, Andreas Artemi, former board vice chairman and Yiannis Pehlivanidis, the former deputy CEO who overlooked the bank’s operations in Greece.   Furthermore, the Bank of Cyprus, as a legal entity, will also...
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  • Louie2U
    Louie2U says #
    Hmm - charge the banking entity? Now, I would really, really like to see that happen in this 'lucky' country! Then, just as the CE
  • Wayne
    Wayne says #
    It's good that someone is getting cought
  • Wayne
    Wayne says #
    Just goes to show if you actually investigate the Banker you find corruption, Australia need's to investigate their Bankers thorou
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What Lurks in Bonds Tied to Subprime Autos Anyone’s Guess  By Matt Robinson, Sarah Mulholland and Jody Shenn    3 October 2014    http://www.bloomberg.com/news/2014-10-01/what-lurks-in-bonds-tied-to-subprime-autos-anyone-s-guess.html    The U.S. housing crisis laid bare an epidemic of fraud and sloppy paperwork on loans made to home buyers with spotty credit. For those who bought bonds backed by the mortgages, it fueled at least $250 billion of losses. Six years later, investors are snapping up a new crop of subprime bonds, this one backed by auto loans. Ratings companies are awarding top grades to the securities, and buyers have almost no way to determine the accuracy of the information they get about them. Now, the market’s drawing scrutiny as the U.S. Justice Department probes underwriting and disclosure practices and the U.S. Securities and Exchange Commission seeks to ensure investors get adequate information. “Investors are basically taking the issuer’s word that they follow certain procedures, and...
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Basel Committee backs Murray inquiry’s recommendations Banking and Finance Date December 23, 2014 - 1:38PM   Shaun Drummond http://www.smh.com.au/business/banking-and-finance/basel-committee-backs-murray-inquiry8217s-recommendations-20141223-12ctbn.html   The global banking regulator is echoing the Murray inquiry's recommendation to set a limit on the amount banks can leverage their loan books.  The Switzerland-based Basel Committee on Banking Supervision released a consultation paper on Monday setting out options for a "capital floor" on the risk-weighted (RW) capital of banks that are allowed to set their own capital, based on internal risk modelling.  It also advocates a simple "leverage ratio" to work in conjunction with the RW floor. The Murray financial system inquiry's final report released earlier this month called for a risk-weighted capital floor of 25 to 30 per cent on mortgages written by Australia's big banks, which have all been granted so-called advanced accreditation allowing them to set their capital, as well as a leverage ratio. For several years,...
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  • Louie2U
    Louie2U says #
    This just proves how stupid these inquiries are, and we have had them one after the other by the bucket loads, into the financial
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http://www.couriermail.com.au/business/storm-financial-victims-take-class-action-against-asic-for-negligence-claiming-it-didn't-act-when-it-knew-risks/story-fnihsps3-1227163094086   Storm Financial victims take class action against ASIC for negligence claiming it didn’t act when it knew risks DARYL PASSMORE THE SUNDAY MAIL (QLD) DECEMBER 21, 2014 12:00AM ASIC... “had actual knowledge that those matters posed a foreseeable risk’’ to investors “yet ASIC nevertheless failed to or, alternatively, deliberately decided not to, exercise those powers’’ ...until after the clients had suffered financial losses, according to the statement of claim....
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Crap indeed......no matter how many qualifications. financial advisers have, it will make no difference if all they have to offer are FLAWED FINANCIAL PRODUCTS!  This macrobusiness article says it all.......Medcraft was the Father of Securitization, globally............go figure!  So You should all work out what happens from here on in, if no action taken against the Bankers. In a nutshell to explain what Murray failed to discover (what a surprise!) read below and, for full report cut and paste the link  http://www.macrobusiness.com.au/2010/12/deep-t-is-securitisation-the-spawn-of-the-devil-part-1/ ............The guys with all these new spreadsheet skills were employed by investment banks globally and told to analyse anything and everything and come up with ways to increase profits ie bonuses. This was of course delivered by gaming the system. In this case the system was.  (i) securitization, (ii) how the rating agencies gave opinions on RMBS (Residential Mortgage Backed Securities) and (iii) how investors were incentivized through government regulation globally, to rely...
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What Planet is Senator Fawcett On?  Industry has put its foot down and said all sellers need a University Degree to peddle bad advice.  If they did that the smart students would figure out the fraud and refuse to sell DUD PRODUCTS created and manufactured by Criminal Bankers as a strategy for bankers to reap in wild bonuses. The Industry admits appalling financial advice sold to consumers for over two decades.  The remedy suggested is for no compensation for the victims of BAD BANK PRODUCTS, just "lets start again."  Codes of Ethics are nonsense: Banks have Codes and do not follow "affordability" neither does FOS, COSL or ASIC. The criminals all have University Degrees - same as America.  Politicians do not always have a degree. But the people who wrote this submission do and they seem the only one on the side of consumers: http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Financial_Adviser_Qualifications/Submissions Read Submission # 38 - a real eye-opener! Big...
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  • Louie2U
    Louie2U says #
    Until you have clear separation of business between the banks and financial planning industry, all else that is put in place or ha
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      Aggregator hits $100 billion milestone       inShare by Julia Corderoy | 18 Dec 2014   AFG has hit a milestone today, as its loan book passed the $100 billion mark. The aggregator said this now makes it comfortably the largest mortgage broker in Australia – 50% bigger than its nearest rival.The aggregator said it is now responsible for approximately 12% of all new home loans in Australia. It forecasts an annual revenue turnover of more than $500m and processes $4.5 billion in loan finance each month.“Our mortgage platform business was a first for Australia. That same division is today one arm of a much larger financial services company with a wages bill of $23 million,” Brett McKeon, Managing Director of AFG said.“We have a successful and growing property business with $300 million of projects underway; a growing securitisation arm with over $1 billion in assets that is supported...
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  • Louie2U
    Louie2U says #
    This figure is mind-blowingly scary to say the least! They brag while we on the other end, just cringe. How much of that figure co
  • organza
    organza says #
    Try Bangalore!
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Big banks back overhaul of advice industry but baulk at funding compo Banking and Finance Date December 14, 2014 - 3:33PM Clancy Yeates http://www.smh.com.au/business/banking-and-finance/big-banks-back-overhaul-of-advice-industry-but-baulk-at-funding-compo-20141214-126rt9.html After a year of turmoil in financial advice, big banks are supporting the creation of a public adviser register, more disclosure of licence ownership, and tighter rules on who can call themselves an adviser. Yet the industry is at odds with the Financial Ombudsman Service over its call for a industry-funded "last resort" compensation scheme for victims of bad advice. New submissions from the Commonwealth Bank, Westpac, Macquarie Group and AMP support the government's plan to give consumers more information about an adviser's history including any bans, their qualifications, and the company that is employing them. The submissions have been made to a Senate committee investigating the level of consumer protection for financial advice clients, an issue that has come to the fore after the government's move...
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  • Louie2U
    Louie2U says #
    FOS always was a toothless tiger. It can make any recommendation it likes but when it has conflicted interests operating within it
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Robert Barwick  CEC Let-off Wall Street crooks strike again   Citigroup, JPMorgan Chase and the other apex predators of Wall Street have got their paid hacks in the US Congress to repeal a banking regulation that forbade banks that hold government-insured deposits from gambling in derivatives.   Proving that the banks are like out-of-control ice-addicts desperate for their next derivatives hit, they used their political clout to attach to an important spending bill, without which the US government would have shut down this Thursday, a provision repealing a rule in the Dodd-Frank Act entitled "Prohibition Against Federal Government Bail-outs of Swaps Entities".   The rule forbade banks that hold deposits insured by the Federal Deposit Insurance Corporation (FDIC) from entering into swaps agreements, i.e. derivatives, for so-called "hedging", so that if those bets went bad, the government wouldn't be forced to step in and bail the bank out in order to...
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Banking on Coal 2014 - Report   http://www.banktrack.org/show/pages/banking_on_coal_2014_report   Banking on Coal 2014 is a research study produced by BankTrack. It presents an analysis of the portfolios of 92 leading commercial banks, particularly looking at their investments in the coal industry, both in the coal mining and coal power sectors. It is a sequel of the Bankrolling Climate Change (2011) report which focused on both coal mining and coal power, and the Banking on Coal (2013) which focused only on coal mining. It was published at the same time as the Coal Banks website.  The following charts provide a general overview on some of the findings of the report.   The first chart shows the type of finance of the 93 coal companies covered. It reveals that the majority of coal financing is provided via investment banking through shares and bonds issues (54%), and a minority by corporate loans (46%).............. The second...
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