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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
      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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  • 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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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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  http://www.businessspectator.com.au/news/2014/10/14/policy-politics/banks-should-disclose-carbon-exposure-shareholder-group   Banks should disclose carbon exposure: shareholder group John Conroy 14 Oct,  2014 12:03 PM Climate Energy markets Policy & Politics Three of Australia's big four banks – ANZ, NAB and CBA – have a "material" exposure to assets at risk of carbon pricing, according to a new study. The Australasian Centre for Corporate Responsibility used public data to determine to estimate the banks' exposure, with Westpac "the least exposed and the best prepared of the major banks". The research was conducted in conjunction with the John Hewson-led Asset Owners Disclosure Project, and was carried out by economist Howard Pender, and comes ahead of moves by the ACCR to force a shareholder resolution calling for full public disclosure at the banks' upcoming annual general meetings, while the ACCR is also seeking meetings on the issue with proxy advisers and institutional investors. Mr Hewson backed the call for a strong...
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  • Wayne
    Wayne says #
    ANZ couldn't give a rats bottom how they make it, as long as the make heaps, & tread on anyone along the way
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The Vampire Squid Strikes Again: The Mega Banks' Most Devious Scam Yet Comment:  Civilians were all truly better off without deregulation and free markets.  Most of us ended up poorer, but it made the bankers wealthy!  Time to fight back against the parasite Bankers.  This email address is being protected from spambots. You need JavaScript enabled to view it. Banks are no longer just financing heavy industry. They are actually buying it up and inventing bigger, bolder and scarier scams than ever By Matt Taibbi |   February 12, 2014 http://www.rollingstone.com/politics/news/the-vampire-squid-strikes-again-the-mega-banks-most-devious-scam-yet-20140212   Call it the loophole that destroyed the world. It's 1999, the tail end of the Clinton years. While the rest of America obsesses over Monica Lewinsky, Columbine and Mark McGwire's biceps, Congress is feverishly crafting what could yet prove to be one of the most transformative laws in the history of our economy – a law that would make possible a broader concentration of financial and industrial power than we've seen in more than...
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  • organza
    organza says #
    It's called the landlords game. In this game, oligarchs enrich themselves at the expense of everybody. Available land decreases
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Bad Bank of the Week is ANZ re its TIMBERCORP maneuvers. Wants confidential settlements to settle for pocket money, bury the bodies and then COVER IT ALL UP.     Timbercorp victims get four-week respite from writs Author: Adele Ferguson, Ruth Williams Date: 13/12/2014 Words: 688 Source: AGE       Publication: The Age Section: Business Page: 9   http://newsstore.fairfax.com.au/apps/viewDocument.ac?sy=nstore&pb=all_ffx&dt=selectRange&dr=1month&so=relevance&sf=text&sf=headline&rc=10&rm=200&sp=brs&cls=3238&clsPage=1&docID=AGE141213LG5HT47A57I   Thousands of victims of collapsed agribusiness spruiker Timbercorp have been given a four-week reprieve from the threat of being served a writ to repay a combined $394 million in loans owed to creditors that include ANZ Bank. Timbercorp's liquidator, KordaMentha, has also appointed former senior executive of Consumer Action Law Centre, Catriona Lowe, as an independent hardship advocate to help strike a "compassionate" deal for victims who are facing hardship after losing their life savings from shoddy advice to invest in the company's schemes. But at least one Timbercorp investor...
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  • organza
    organza says #
    Makes you wonder how many have been silenced for a pittance. It's all part of the corrupt system making people believe their offe
  • Wayne
    Wayne says #
    Great to see someone taking it on... DON"T settle for pittance & most of all "EXPOSE" them for us all to see ..GOOD LUCK
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Is Australia Open for business or is it for sale   6 December 2014 Roger Montgomery   http://www.theaustralian.com.au/subscribe/news/1/index.html?sourceCode=TAWEB_WRE170_a&mode=premium&dest=http://www.theaustralian.com.au/business/wealth/is-australia-open-for-business-or-is-it-for-sale/story-e6frgac6-1227146309692&memtype=anonymous   SOMETIMES investors need to look closely at the big picture. If I was recruiting 19 cabinet members to run our country, I would first ask for their CVs. If the majority of the CVs were from career politicians, career lawyers and a couple with any business experience, I guarantee I would not hire them to run a souvlaki chain, let alone the nation. But that’s what our political antipathy has elected to parliament and unless we see a third force rise to offer us a point of difference to the career lawyers on the one side, and career unionists on the other, this country many of us love so dearly, is headed towards a form of serfdom — working for foreign landlords at best, or at worst sidelined completely. Let me explain....
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Jobs to go with axed government agencies Date December 13, 2014 - 10:20AM   http://www.brisbanetimes.com.au/federal-politics/political-news/jobs-to-go-with-axed-government-agencies-20141213-126ek7.html Jobs will go when the federal government moves to scrap a large number of government agencies. Finance Minister Mathias Cormann indicated that the axing of government agencies, reported to be 175 in total, will lead to job losses. "If you reduce the number of government bodies, there will be an impact on jobs across the public service," he told Sky News on Saturday. "What we will see is that as a result of our reform efforts so far, that the size of the public service will be back down to the same level as what it was in 2007, 2008."  We think that's appropriate." News Corp Australia reported that 175 government agencies will be scrapped in a bid to make budget savings and streamline the public service. Mr Cormann was expected to announce the cuts on...
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Jamie Dimon himself called to urge support for the derivatives rule in the spending bill  By Steven Mufson and Tom Hamburger    December 11, 2014   at 8:28 PM    http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/11/the-item-that-is-blowing-up-the-budget-deal/?tid=pm_business_pop    The acrimony that erupted Thursday between President Obama and members of his own party largely pivoted on a single item in a 1,600-page piece of legislation to keep the government funded: Should banks be allowed to make risky investments using taxpayer-backed money? The very idea was abhorrent to many Democrats on Capitol Hill. And some were stunned that the White House would support the bill with that provision intact, given that it would erase a key provision of the 2010 Dodd-Frank financial reform legislation, one of Obama’s signature achievements. But perhaps even more outrageous to Democrats was that the language in the bill appeared to come directly from the pens of lobbyists at the nation’s biggest banks, aides said....
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'I've never been more ashamed to be Australian in my life'  By Louise Cheer for Daily Mail Australia <http://www.dailymail.co.uk/home/search.html?s=&authornamef=Louise+Cheer+for+Daily+Mail+Australia>  Published: 11:36 AEST, 11 December 2014 | Updated: 19:28 AEST, 11 December 2014   http://www.dailymail.co.uk/news/article-2867951/I-ve-never-ashamed-Australian-life-Farmer-pens-emotive-letter-comparing-banks-terrorists-treatment-drought-stricken-farmers-s-gone-viral.html#ixzz3LYUWbc1E  And there was something far worse in the room on Friday: the fear of speaking out against the banks: when we asked people to tell us who had done this to them, they would immediately start to shake and cry and look away: They have been silenced to protect the good corporate image of their tormentors called the banks. What in God’s name have the b*****d banks been allowed to do to our people?  This is a travesty against the rights and the human dignity of every Australian  So it's only fair that we start to name a few of major banks involved: The ANZ is a major culprit (they made $7 billion profit last year). Then there...
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  • Wayne
    Wayne says #
    Bob & Robbie you da man, or da men..THANK YOU for your passionate efforts to expose these parasite BANKS and helping the people
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More flawed property statistics - all because of computers and the HPI now traded on the derivatives market.... No-one telling the truth.  Melbourne property prices: did they really just fall 2.6 per cent? Real Estate News December 1, 2014 http://theage.domain.com.au/real-estate-news/melbourne-property-prices-did-they-really-just-fall-26-per-cent-20141201-11xtvp.html   If you've been keeping an eye on CoreLogic RP Data's monthly reports you might have had a quiet moment of shock today. After going up 1.8 per cent last month, Melbourne house prices have reportedly dropped back down by a drastic 2.6 per cent. "Whoopie doo." That's what Marshall White director John Bongiorno says.  "I always say to everyone who buys real estate, 'it's a long term proposition'. It's not like the stock market, it doesn't go up and down on a daily, weekly or monthly basis. "I know Melburnians are fixated with real estate and reporters have to do a job, but I think there is a severe over-analysis on...
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  • organza
    organza says #
    The only thing that is believeable is knowing they are all playing chew and spew with property!
  • Wayne
    Wayne says #
    ya just cant believe anything anymore
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Rural debt crisis demands government action, not empty threats or promises Barnaby Joyce’s empty threat to the banks over farm foreclosures, and his pathetic offer of $100 million roll-over loans to farmers, will not solve the rural debt crisis. Neither will ANZ’s announcement of a 12 month freeze on foreclosures—the crisis is too big. Unless the government takes real action, the debt crisis will trigger mass foreclosures of family farms and leave only corporate agribusinesses involved in Australian agriculture. A paper by economist Ben Rees presented to the 2012 Rural debt Roundtable entitled Rural Australia: Crisis 2012, illustrates the essence of the crisis with a graph showing the relative growth of total Rural Debt and total Net Value Farm Production (NVFP) since 1969. Click here to view the graph. In 1969, the two figures were roughly equivalent, around $1 billion. Back then, the debt burden was spread out among more than...
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“Very disturbing” consumer sentiment crashes Posted by Houses and Holes in Miscellaneousat 9:41am on December 10, 2014 | 27 comments     From Westpac’s Bill Evans:   • The Westpac-Melbourne Institute Consumer Sentiment Index fell 5.7% in December from 96.6 in November to 91.1 in December. This is a very disturbing result. The Index is now at its lowest level since August 2011 when it briefly fell below 90. Prior to that you have to go all the way back May 2009 to see a period when the Index printed consistently below today’s level. There was consistent weakness in the index during most of the seven day survey period (December 1–7) but the read was significantly weaker on the day of the release of the September quarter national accounts. These showed that the economy had been limping along at a 1.6% annualised growth pace for the last six months, with national incomes declining and overall activity contracting in the quarter in every state except...
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  • organza
    organza says #
    How can you run an economy on zero interest rates? Did not Japan prove the folly of that in the 1990's having nowhere to go when
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http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aEKCAEHxVEBI   J.P. Morgan Chase to Run Iraq's Trade Bank, U.S. Says (Update3)   Aug. 29 2003 (Bloomberg) -- J.P. Morgan Chase & Co. has been selected to operate a bank the U.S. is creating in Iraq to manage billions of dollars to finance imports and exports. J.P. Morgan, the second-largest U.S. bank by assets, will lead a group that includes 13 banks representing 13 countries to run the bank for three years, said Peter McPherson, the top U.S. economic adviser in Iraq. ``Iraq will become important to these banks,'' McPherson told reporters in Washington in a conference call from Baghdad. ``These banks were making a view on the future of Iraq.'' Operating the Trade Bank of Iraq will give banks access to the financial system of Iraq, the world's second-largest holder of oil reserves, where foreign bank companies haven't operated since a policy of nationalization in the 1950s and 1960s....
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Murray inquiry forces Hockey into the firing line The Drum By Ian Verrender Posted Mon at 7:40am http://www.abc.net.au/news/2014-12-08/verrender-murray-inquiry-forces-hockey-into-the-firing-line/5950238 The final Murray inquiry report into the financial system has started a war with the banks, and Joe Hockey could end up as cannon fodder, writes Ian Verrender. Those who suffer the debilitating effects of migraines know the feeling. Sometimes, it seems the only cure is diversion, to take a hammer and deliver a mighty blow to your left hand.   This is the territory in which our esteemed Treasurer, Joe Hockey, now finds himself. Under attack from all sides, even from within, the Treasurer now finds himself on the receiving end of a report that, if implemented, can only end in one thing: a world of pain.  Just mull over those two crucial words. "If implemented." We'll get to that a little later. How did it come to this? Wasn't David Murray supposed...
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  • organza
    organza says #
    Good reading indeed. It's not just pass the hammer but pass the tissues for whatever happens next is going to inflict a whole lot
  • NABbed Nanna
    NABbed Nanna says #
    Good reading.
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The Murray inquiry wants regulation - but why? The Drum By Chris Berg Posted yesterday at 7:39am http://www.abc.net.au/news/2014-12-09/berg-the-murray-inquiry-wants-regulation---but-why/5953266 It's unlikely the Murray inquiry into the financial system will make any epoch-defining splash, thanks in part to the terms of reference and the weak case made for more regulation, writes Chris Berg. Financial sector inquiries have played a peculiarly central role in Australian history.   In 1937 the Royal Commission into Monetary and Banking Systems set the framework for what was to become Australia's insular and credit-constrained post-war economy in the Menzies era. The Campbell committee, which reported to the Fraser government in 1981, was an even bigger deal. It sparked the deregulation era that opened Australia's economy to the world.   Yet it's unlikely that historians will see Abbott Government's Financial System Inquiry in these sorts of epoch-defining terms. The inquiry, chaired by former Commonwealth Bank chief David Murray, released its final report...
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Woof – The watchdogs have a bark! Written by admin on December 9, 2014   http://www.whocrashedtheeconomy.com/     Hot on the release of the Murray report, the Australian banking regulator (APRA) and the Australian investment and security regulator (ASIC) has today exposed teeth as they start growling and barking at our reckless banks. Both regulators have launched an attack on prevalent risky residential mortgage lending practices, targeting in particular, loans to the overheated investor market. According to reports, APRA has written to the banks today, telling them growth in loans to property investors should not exceed 10 per cent. APRA warns it stands ready to raise capital requirements early next year if banks do not take a more prudent approach to mortgage lending. ASIC has today announced surveillance operations into interest only loans. In the September quarter, more risky interest-only loans reached a record high of 42.5 per cent of all...
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MY COMMENT  This email address is being protected from spambots. You need JavaScript enabled to view it.  APRA has ordered LAZY/CORRUPT ASIC to take a "Bo Peep at TOXIC LENDING!" The moment of truth is bubbling (at last) to the surface.  BFCSA has been gathering victims of unaffordable loans together for years and complaining to three Chairmen of ASIC re these Interest Only 30 year loans sold to pensioner and low income families.  BFCSA have, with assistance from an economist and editor, been explaining the impact for the banking sector to four Inquiries this year.  ASIC read my February report and evidence in chief in Senate Inquiry into ASIC.  Medcraft in denial.  Now after Sept figures they claim they want to give surveillance next year?  Where is the Consumer Protection?  ASIC is conflicted in protecting big end of town with the interests of Mums and Dads left in a closed file - for years.  BFCSA subs to Murray, Fawcett and recently Dastyari Inquiries explain in...
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  • Wayne
    Wayne says #
    Yer....jabaajaabbjarginyabadabadooooooooooo yep that's what we need to focus on, Now wheres my glasses? ASIC= a blind man on a ga
  • organza
    organza says #
    “Compliance with responsible lending laws is a key focus for ASIC???
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Its not too late to sign our PETITION TO DAVID MURRAY - demanding ROYAL COMMISSION INTO BANKS: 3181 and rising Murray Report pretty ordinary and why?  It was run by a Banker.  At the bottom of every white collar crime scandal in Australia there is an overpaid Banker. JUST ASK THE VICTIMS who have lost their homes and/or life savings to interconnected debenture scams.  Our Finance System is on the edge of a property bust due to lazy regulators who looked after Banker Mates and not the Public.  Murray looked after shareholders in his report to a certain extent but decided tax payers can foot the bill for anything the sleazy Banksters are doing, so its biz as usual. In our submission we specifically asked for all Loan Application Forms to be provided to customer and for all new mortgages to have mandatory copies AT POINT OF SIGNING to lessen the burden of 100% Fraud and Forgery...
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  • setup
    setup says #
    That's right Wayne they are all protected by their evil greedy banker relatives. The financial inquiries that we've had in the ver
  • Wayne
    Wayne says #
    Yes it is is always an ex banker who is the regulator of banks, It sounds stupid I know but that's how it is, Truly, that shouldn'
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Rattled banks up the ante Banking and Finance Date December 8, 2014  Michael West http://www.smh.com.au/business/banking-and-finance/rattled-banks-up-the-ante-20141207-121vy8.html When it comes to reports to government, there is a deep schism between recommendations and implementations. Still, the Financial System Inquiry report handed down yesterday is certain to rattle Australia's most powerful institutions, the Big Four banks. Already the backlash will have begun. Bank lobbyists are no doubt whiteboarding up a storm, plotting how to undermine the more-substantial proposals from the Murray report that entail the big banks lifting their levels of capital as a buffer for times of crisis. More will become clear in coming days as analysts model the recommendations on extra capital and risk weightings. Suffice it to say that, on very rough numbers, the big four may be up for $20 billion in rising capital ratios – the recommendation is an increase from 8.3 per cent presently to between 10 per cent...
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Treasurer Joe Hockey urges banks to co-operate with regulators Date December 8, 2014   Elizabeth Knight, Matthew Knott and Jonathan Shapiro http://www.smh.com.au/business/treasurer-joe-hockey-urges-banks-to-cooperate-with-regulators-20141207-121vxt.html   Analysis: Banking sector reform will affect every Australian Higher interest rates, lower credit card transaction costs and cheaper superannuation are likely if Treasurer Joe Hockey accepts the recommendations of the government-commissioned Financial System Inquiry. Former Commonwealth Bank head David Murray spearheaded the wide-ranging report that aimed to shift the responsibility and cost of shoring up the strength of the financial system away from the government and taxpayers and place it with the banks. He also raised the spectre of large changes to superannuation that will make it more competitive and add up to 40 per cent to the retirement income for an average weekly earning male. The inquiry recommends the Reserve Bank of Australia ban merchants from surcharging for debit card transactions and that it set surcharge limits...
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So bankers don't understand how finance works?    Combine that with Murray not understanding how criminal service calculators and rigged computers work.......?  But Hockey chose him because he was a Banking Engineer.   Murray's work to shape our financial world for years to come Banking and Finance Date December 5, 2014 Clancy Yeates http://www.smh.com.au/business/banking-and-finance/murrays-work-to-shape-our-financial-world-for-years-to-come-20141204-12043d.html   What you need to know about the Murray inquiry If history is any guide, David Murray's financial system inquiry will shape the landscape of banking, superannuation and insurance for years to come.  Its final report, to be published on Sunday, follows in the footsteps of inquiries that have had profound legacies for consumers, businesses and the entire economy. The 1981 Campbell inquiry paved the way for a wave of deregulation, and the 1997 Wallis inquiry recommended Australia's modern system of market and banking regulation.There have been seismic shifts in finance since Wallis: a six-fold rise in the $1.9 trillion superannuation pool, a...
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Consumer says to us:  I said in my submission to Dastyari Inquiry that banks had forgotten about page numbers on faxes and when these Bankers woke up  so many Members and other people who requested one were told by Bad Bankers: "sorry documents have all gone missing..."  It's a joke...the FOS did not ask ANZ for a copy of my LAF or if they did were not given one.  FOS told Parliament "many bank files are ina  muddle and documents have gone missing. Yes that's what happens when its a Crime Scene run by Banking Cartel.  Consumer Confident and Trust is shattered for years to come. FOS CIRCULAR Sept 2013 is a must read re Maladministration in Lending:  FOS Circular    Issue 15 - Spring 2013   http://www.fos.org.au/the-circular-15-home/fos-forum/maladministration-and-low-doc-loans/   Maladministration and low doc loans   Our Annual Review highlights the increase in disputes we received in 2012-2013 about maladministration in lending - that is, cases...
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  • Wayne
    Wayne says #
    FOS, is a total waist of our Money & Time. Ex bankers running a consumer industry.. what a con. Some even handling Bank cases whil
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Financial system inquiry: David Murray smacks down banks’ ‘wild’ capital claims PUBLISHED: 7 hours 37 MINUTES AGO | UPDATE: 6 hours 32 MINUTES AGO   http://www.afr.com/p/business/financial_services/financial_system_inquiry_david_murray_IlZFq8Xod3SVrMNGeJDP5K Jonathan Shapiro At a glance | Financial system key recommendations Financial system inquiry calls for banks to hold billions more capital Murray pushes lower fees, bans on SMSF borrowing Regional banks call for fast action on big four David Murray may have spent most of his career in banking but that hasn’t prevented him – or the financial system inquiry he has led – lambasting the lobbying efforts of the big four banks. He has emphatically rejected claims by the banks that they are among the best capitalised in the world and that efforts to force them to hold more capital will cause harm by increasing rates to customers and reducing returns to shareholders. What has become immediately apparent in the FSI report’s opening chapter...
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