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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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To all mortgage brokers, BDMs and loan approval officers! 
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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
Get involved: Why? as one petitioner explains To prevent a banking collapse here in Australia because this would have a devastating effect on the population.   The future of our economy is dependent upon a Royal Commission.  MR DAVID MURRAY must recommend  ROYAL COMMISSION INTO BANKS AND ALL ASSOCIATED SUBSIDIARIES in the PROPERTY, DEVELOPMENT SCHEMES running PONZI STRUCTURES connected to Banking - wide Terms of Reference. THIS IS DOABLE  cut and paste link and sign in.  Then send to every community group you know of. Read the 1650 REASONS OF OTHERS Both partners to sign in - then send to 100 people and you will see the momentum building as other recognized organisations and groups come on board. This is the link and thank you for support as this is sorely needed and long overdue  https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners Petitioning Mr David Murray Chairman of the Financial System Inquiry  Recommend an urgent ROYAL COMMISSION into...
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  • kddeed
    kddeed says #
    I've gone public with it on Facebook, we've emailed it to all our contacts, c'mon those who have not done so, time to get on boar
  • setup
    setup says #
    Here is a great comment amongst many others on the petition. "I'm in utter contempt for and disgusted by a system that is rotten
  • setup
    setup says #
    Lets not become complacent. we need thousands more signatures - sign and pass on.
  • Jenny L
    Jenny L says #
    Please sign this Petition. It's easy and takes just a few seconds to do. Common everyone, sign and pass on for others to sign. Pe
  • setup
    setup says #
    A couple of hundred signatures went up today and in the last 30 minutes or so 103 went up - unbelievable. I have sent the petition
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So who is looking after Consumers against the BIG END of Town - what a dog's breakfast.  Australian Government hoping that Consumers SPEND SPEND SPEND and then die!!!!   This email address is being protected from spambots. You need JavaScript enabled to view it.  the court found that the ACCC cannot hear or determine these disputes. http://consumersfederation.org.au/accc-ceases-arbitrations-following-court-decision/   ACCC ceases arbitrations following court decision Categories: ACCC, DisputeResolution 3 July , 2014   The Full Federal Court has handed down its decision on a judicial review application originally commenced by Telstra on 3 January 2014.   Telstra sought review of the Australian Competition and Consumer Commission’s jurisdiction to arbitrate three disputes that were notified to the ACCC by Vocus Fibre Pty Ltd, Adam Internet Pty Ltd and Chime Communications Pty Ltd. The disputes were notified to the ACCC under the Telecommunications Act 1997 and concern Telstra’s proposed variations to charges for access to facilities, including space for equipment in Telstra’s telephone exchanges and ducts, pursuant to...
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  • organza
    organza says #
    Ever felt like you are living behind an iron curtain?
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http://www.couriermail.com.au/business/asic-staff-spoke-of-extremely-limited-resources-in-probe-of-roger-munro-investment-scheme-storm-financial-calamity-takes-priority/story-fnihsps3-1227055816307?nk=816e36a4e98e735355db7a83a1cb9918 ASIC staff spoke of ‘extremely limited’ resources in probe of Roger Munro investment scheme, Storm Financial calamity takes priority by:Liam Walsh From: The Courier-Mail September 12, 2014 INVESTIGATORS probing an alleged $60 million “Queensland Ponzi scheme” were stretched and faced under-resourcing issues, according to documents from the corporate watchdog’s own staff. The probe into the collapsed investment operation, likened in one document by an Australian Securities and Investments Commission employee to the scam overseen by infamous New York fraudster Bernie Madoff, never reached a prosecution phase.  The missing $60 million has also never been recovered, leaving bereft investors who included elderly Queenslanders and Just Jeans founder Craig Kimberley.  ASIC maintained on Thursday the investigation “was adequately resourced” and any resourcing issues were not factors in its outcome. Yet ASIC’s internal documents, obtained by The Courier-Mail via Freedom of Information laws, indicate their investigators’ time was engulfed by digging into collapsed...
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  • setup
    setup says #
    Thanks Aries. The Government is ignoring Senator Biship's recommendation for an instant Royal Commission. This coverup must cease
  • Aries
    Aries says #
    Here's the link to Richo + Jones http://www.skynews.com.au/video/program_richojones/2014/09/17/richo---jones-september-16.html I
  • Aries
    Aries says #
    Just watched Richo + Jones on sky 601. Alan Jones going off about ASIC and financial planners. Interview with Robert Jeremenko sen
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 I have no idea how any bank will be able to fix up all the mess - check this out - and JP Morgan control our banks?     http://www.rollingstone.com/politics/news/j-p-morgan-chases-ugly-family-secrets-revealed-20120313   J.P. Morgan Chase's Ugly Family Secrets Revealed By Matt Taibbi | March 13, 2012 In a story that should be getting lots of attention, American Banker has released an excellent and disturbing exposé of J.P. Morgan Chase's credit card services division, relying on multiple current and former Chase employees. One of them, Linda Almonte, is a whistleblower whom I've known since last September; I'm working on a recount of her story for my next book. One of the things we were promised by the lawmakers who passed the Dodd-Frank reform bill a few years back is that this would be a new era for whistleblowers who come forward to tell the world about problems in our financial infrastructure. This story now looms...
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http://www.moneymanagement.com.au/news/van-eyk-enters-voluntary-administration-1 Van Eyk enters voluntary administration 15 September, 2014 Research consultancy van Eyk has gone into voluntary administration, weeks after the closure of its four Blueprint funds. The group has appointed Trent Hancock of Moore Stephens Sydney Corporate Recovery Group as voluntary administrator.   Hancock said the closure of the Blueprint funds created short term financial challenges due to the structure of parent company, van Eyk research. Chief Executive Officer of Van Eyk Research Pty Ltd, Mark Thomas said: "It is regrettable that we have had to initiate this course of action but it is necessary under our current corporate structure. We will work actively and constructively with the Administrator and all our stakeholders to facilitate a more sustainable corporate platform to ensure certainty and growth for our core businesses." "We remain absolutely committed to providing our client's with a seamless quality research and consulting service and it will remain business as...
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http://www.rbs.com/content/dam/rbs/Documents/News/2014/04/Clifford-Chance-Independent-Review.pdf 11 APRIL 2014 - 1 - CLIFFORD CHANCE LLP INDEPENDENT REVIEW OF THE CENTRAL ALLEGATION MADE BY DR LAWRENCE TOMLINSON IN BANKS' LENDING PRACTICES: TREATMENT OF BUSINESSES IN DISTRESS   1. INTRODUCTION 1.1 Clifford Chance LLP was engaged by The Royal Bank of Scotland plc ("RBS") to independently review the central allegation made by Dr Lawrence Tomlinson in a report entitled Banks' Lending Practices: Treatment of Businesses in distress (the "Tomlinson Report"). 1.2 Clifford Chance was instructed to investigate the central, most serious, allegation made in the Tomlinson Report: that the bank, through its Global Restructuring Group ("GRG"), was guilty of 'systematic and institutional' behaviour in artificially distressing otherwise viable businesses, putting its customers 'on a journey towards administration, receivership and liquidation'. We describe this allegation as the "Principal Allegation". 1.3 We understand that the Principal Allegation and other allegations made in the Tomlinson Report will be considered separately by...
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 GoldCoastBulletin   'Ponzi' probe pushed aside by Australian Securities and Investment Commission investigators probing an alleged $100 million"Queensland Ponzi scheme" were stretched and faced under-resourcing issues, according to documents from the Corporate watchdog,s own staff.   The scam overseen by infamous New York fraudster Bernie Madoff, never reached a prosecution phase.  The missing $100Mil has also never been recovered, leaving elderly investors out of pocket. ASIC maintained the investigation "was adequately resourced" and any resourcing issues were not factors in its outcome. Yet ASIC,s internal documents indicate their investigators' time was engulfed by digging into collapsed Townsville financial advisory outfit Storm Financial. It illustrates the constraints ASIC faces in prioritising investigations. (ASIC only gets $450 million per annum budget to run around in circles!)  Roger Munro, "categorically denies engaging in any improper conduct" the operations collapsed in 2008. When ASIC sought their market analyst expert in Sydney to chase down some leads, the expert...
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  • setup
    setup says #
    If a thorough investigation was done with no stone unturned, it could have resulted in a prosecution. Asic can afford to write off
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We have arrived:  The Big Bank Scandals - let the games begin! http://www.abc.net.au/pm/content/2013/s3770355.htm ASIC threatened with class action after Storm settlement Justine Parker reported this story on Wednesday, May 29, 2013 ASHLEY HALL: The corporate watchdog says it's had a significant victory in the long-running saga of the failed investment company Storm Financial. Lenders, including Bank of Queensland, Macquarie Bank and Senrac, have agreed to pay a total of $1.1 million to compensate two former Storm investors in an out-of-court settlement.  But lawyers representing other Storm investors are now threatening to launch a class action against ASIC. They say ASIC has dropped the ball on this case. Justine Parker reports. PETER KELL: The settlement reached today with the Bank of Queensland and Macquarie, have agreed to pay $1.1 million to the Doyles, Barry and Deanna Doyle. That's full compensation for the financial loss arising from their Storm investment. So it's a...
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  • Susan
    Susan says #
    How about ASIC use its $500,000,000 annual budget to pay these people?? That way, the budget would be put to good use for a chan
  • setup
    setup says #
    Mr and Mrs Doyle are indeed very fortunate but why did it take so long to settle one case? Now they have hundreds more to settle a
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We do not know how valid these sites are but FYI The Evil Lies of Crazy Bankers: 6 Former Employees Expose Inhuman Greed of BofA Bank of America allegedly used dirty tactics to lead homeowners into foreclosures and in-house loan modifications, reaping massive profits for the bank's bottom-line.   37 COMMENTS37 COMMENTS               A   A   A Email Print   Photo Credit: Shutterstock.com/Rob Wilson June 19, 2013  |             Just when we thought the big banks couldn’t hit a new low, they did. Six former employees of Bank of America have come forward, alleging that the big bank intentionally denied eligible homeowners mortgage loan modifications, and lied to those homeowners about the status of their mortgage payments and documents. Bank of America allegedly used these dirty tactics to lead homeowners into foreclosures and in-house loan modifications, both of which helped...
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  • setup
    setup says #
    And those lawmakers who stand by and do nothing are just as evil. If we remain silent, we are allowing this destruction to continu
  • Aries
    Aries says #
    How evil and cruel are these Banksters..? Jail is too good for these money hungry greedy despicable bastards.
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http://beta.macrobusiness.com.au/2014/05/the-corrected-cba-hia-housing-affordability-index/ Posted by Unconventional Economist in Australian Property Featured Article at 11:33am on May 30, 2014 By Leigh Van Olsen   Over the past two days (here and here) I have uncovered how the the CBA-HIA housing affordability index, which shows Australian housing affordability at its most favourable level since March 2002 (see next chart), is built on highly dubious data........   The main issue centres around its dwelling price series, which is based on home loans financed by the CBA during the quarter, and curiously shows that Australian home prices have been falling, despite every other data provider (including the ABS) reporting strong price growth (see next chart)............. As shown above, the CBA-HIA measure of median dwelling prices curiously claims that home values fell by 2.7% in the three years to March 2014, whereas the official ABS property price index shows an 11.3% increase in dwelling values over the same period....
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  • organza
    organza says #
    Wonder how much they paid some marketing guru to dream up this clever way to get around misleading and deceptive conduct for it re
  • NABbed Nanna
    NABbed Nanna says #
    Well that is an eye opener. What gall Nab have. Sorry Nab I don't know who was the culprit to write such dribble. I know for a
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Ordinary Citizens in the thick smoke of Big Bank Battles due to dodgy Mortgages, the usual fraud and forgery in Sub Prime etc, report to us daily from all states on the state of the property market: loud and clear: " We cannot get better than 2007 prices for our home right now.  Its a disaster!" So who you gonna believe?  The grass roots honest, back-bone of this country's people or the RBA Masters of the Universe who operate from Planet Mars?  Someone is lying and cheating.  Try the fact the real estate industry has been skewing figures of years by adding Mega Mansion sales to the general suburb category to pump up the volume....same as Big Banks did to Sub Prime!    http://www.theaustralian.com.au/business/property/house-prices-rises-not-a-crisis-says-rba-member-john-edwards/story-fn9656lz-1227056153510 House prices rises not a crisis, says RBA member John Edwards by:James Glynn From: Dow Jones September 12, 2014 THE rapid rise in Australian house prices isn’t problematic and won’t continue indefinitely, a central bank board member has said,...
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  • Denise
    Denise says #
    Ordinary Citizens in the thick smoke of Big Bank Battles due to dodgy Mortgages, the usual fraud and forgery in Sub Prime etc, rep
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http://www.smh.com.au/business/markets-live/markets-live-insane-jobs-data-20140911-3f9hp.html Markets Live: 'Insane' jobs data Date September 11, 2014 The sharemarket fell on Thursday, despite strong jobs data, as weaker than forecast Chinese inflation added to jitters about the tumbling value of Australia’s biggest export, iron ore.  The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index each dropped 0.5 per cent, on Thursday to 5546.1 points and 5546.9 points respectively. The Australian dollar rose on surprisingly strong jobs data, but equities were not supported. Taking their opening cues from United States equity markets, which moved modestly higher on Wednesday, local shares traded higher briefly in the morning.  The market eased ahead of the major economic data releases of the day, and then continued to decline despite official jobs data for August that were better than expected. Australian Bureau of Statistics data showed the jobless rate dropped to 6.1 per cent last month, coming off a 12-year high of...
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  • setup
    setup says #
    The nation's in one hell of a mess. Which one of you "couldn't care less lazy" Politicians care enough about the homeless and the
  • Denise
    Denise says #
    It's more than shocking, everything is rigged and in their control, aided and abetted by computer systems using flawed computer pr
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http://www.afr.com/f/free/blogs/christopher_joye/big_banks_may_need_more_capital_T6oXX7XL6wyoNp4J7SHFjL Big banks may need $41b more capital, UBS says PUBLISHED: 11 Sep 2014 10:30:55 | UPDATED: 12 Sep 2014 10:08:54 Christopher Joye   Karen Maley | Big banks at risk of ratings downgrade UBS’s top-ranked bank research team have almost doubled their estimates of the amount of capital Australia’s major banks may have to raise in response to David Murray’s financial system inquiry, from $23 billion to $41.1 billion. In a new report, UBS say that “given Australia’s unique situation as a small, commodity-based economy heavily reliant on foreign capital, with a very concentrated banking system, David Murray is likely to err on the side of caution. “We believe this means both higher mortgage risk weights and [capital] buffers despite the majors’ vehement objections.” Australia’s four major banks are pushing aggressively to avoid any increase in their core equity capital, which would immediately lower their leverage and world-beating returns on...
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As if it wasn't bad enough for us that Australian Banks have been fudging INCOME FIGURES on loan applications without the borrowers knowledge or consent, and we know Treasury uses fudged figures from Banks to provide to (Australian Prudential Dipstick Regulatory Authority ("APRA"), now we have Federal Government Australian Bureau of Dipstick Statistics ("ABS") pulling the same stunt!  Remember Banks provide rubbery figures to APRA who hand them on to Treasury and Federal Treasurer Joe Hockey.  What happened to all the massive jobs losses in Victoria?   ENOUGH CHAPS.  No-one trusts unemployment figures because we know if we work six hours a week cleaning toilets (as I had to do for 2 years aged 62) you are marked as EMPLOYED!!!!  Time is up ladies and gentlemen.  Stop fiddling the facts.  High unemployment will mean even more home losses due to the fudged figures by Bank Calculators and UNVERIFIED FULL DOCS.  Wait for the Sub Prime Home Loan Full Docs implosion!  Its the terrorists in the Banking...
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 White Collar Criminals have to be rounded up and jailed.  NO THEY ARE NOT TOO BIG TO JAIL!!!!!

 Check Mate?

Why and how property values have been decimated to favour banks, real estate agents and government.

                                                                                                                               

How can property be worth less than it was 10 years earlier when  we have inflation constantly running on average around 3.5% per year?   SOMEONE IS CHEATING as Alan Jones roared on 2 GB.     Bankers at the highest level need to face A ROYAL COMMISSION!!!

SPEAK UP!

My property was valued in 2005 for $750,000. Today almost 10 years later I cannot sell it for $750,000. Why! Because that’s all my real estate agent says a buyer will pay and because that’s all my bank will value at approximately based on recent sales. Because the majority of people do not have the money to buy it, or the confidence to invest when they see markets collapse which does not encourage them to buy. Because the majority of people do not trust the people in power , power brokers or the corrupt system we are led to follow like lambs to the slaughter.                                            

Inflation is based on the price of goods and service increasing over a twelve month period of time. The price of food ,clothing, motor vehicles, building materials, land, labour, taxes, council rates , insurances ,electricity, transport etc. You name it. Inflation being the cost of living does not get less.           Because of inflation the value of your savings has less purchasing value. When you purchase something you do not get more, you get less for your money.

 Don’t believe or trust what government or statistics want you to believe.                                                                                                                             For any self employed person or business when you get hit with rising costs you either wear it or work longer  or cut costs to compensate, or you simply pass on the cost increases to the next person. 

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  • organza
    organza says #
    My home of 19 years was sold last year for just on double the purchase price in 1994. In a nutshell I ended with 50% of the sale
  • NABbed Nanna
    NABbed Nanna says #
    In 2013 our home of 42 years was repossessed by Nab. The home and property sold for approximately 40% of the Nab agents valuation
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BOQ PROFITS FROM MALADMINISTRATION so I received my determination which was in my favour however in 11 months FOS still could not get it right and therefore the bank still profits.  We had a home loan and an overdraft and the determination states that all fees interest and charges must come off the overdraft (they also gave incorrect figures) but not the home loan and we therefore must pay back approx $46,000 out of our $280,000 compensation to the bank. I have sent an email to FOS asking why their letter states that the bank cannot profit from the fraud on my overdraft but says only that fees and charges must come off the home loan. I will also be going to the Police with the fraud and how all loans are unverified AND the use of the bank engineered serviceability calculator that fudged everyone's income!   I will be lodging a complaint of...
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  • setup
    setup says #
    Fos, Cosl, Asic and the banks are very close buddies and we are not members of their club. We are the ones they make their profit
  • Aries
    Aries says #
    They worked it out right all in favour of the banks, even if they find maladministration the banks still profit with the blessing
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  http://www.bmartin.cc/dissent/contacts/au_wba/whistle200810.pdf DENISE Brailey’s resume is littered with examples of victories she has claimed in her long-running battle against financial fraud and corporate catastrophe.   Ms Brailey, of Perth, has been the catalyst behind several government inquiries, was the whistleblower behind the West Australian solicitors’ mortgage brokers scandal and warned of the collapses of Westpoint, Fincorp and others years before they toppled. She has repeatedly drawn the attention of corporate regulator the Australian Securities and Investments Commission to holes in consumer protection laws and approaching financial catastrophes. But she was bitterly disappointed this month to learn her application for a job as an ASIC investigator, with a modest salary of $70,000 a year, had been rejected. Her application had not even progressed far enough for ASIC’s recruiters to call her referees. “I’ve opened ASIC’s eyes to numerous approaching financial disasters over many years and I would bring an enormous amount of experience...
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  • setup
    setup says #
    Why would Asic hire Denise? She would spoil their fun by exposing all their dirty laundry and making sure they played by the rules
  • organza
    organza says #
    Another Class order undercovered with no exemptions to operation selective employment rules issued by The Firm. Hiring Denise wou
  • Duped
    Duped says #
    Denise would have turned ASIC upside down most likely finding corruption from the top down. She is the only one capable of looking
  • Aries
    Aries says #
    Sorry Denise you're too over qualified for the position at ASIC we only hire dumbo's, try FOS.
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PLEASE HURRY WITH YOUR SUBMISSIONS TO THE PARLIAMENTARY INQUIRY FEW DAYS LEFT FOR FAWCETT INQUIRY PLEASE DON'T BE COMPLACENT Dear Senator Fawcett Pursuant to the committee's duties set out in section 243 of the Australian Securities and Investments Commission Act 2001, the committee will examine proposals to lift the professional, ethical and education standards in the financial services industry, including these terms of reference: tE   the adequacy of current qualifications required by financial advisers; 2.     the implications, including implications for competition and the cost of regulation for industry participants of the financial advice sector being required to adopt: a.     professional standards or rules of professional conduct which would govern the professional and ethical behaviour of financial advisers; and b.     professional regulation of such standards or rules; and 3.     the recognition of professional bodies by ASIC. Committee Secretariat contact: Committee Secretary Parliamentary Joint Committee on Corporations and Financial Services PO Box 6100 Parliament House...
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  • setup
    setup says #
    We believe that the new inquiry into financial planning of the continued parliamentary scrutiny of the big 4 banks should include
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http://www.afr.com/p/business/financial_services/banks_lust_after_customer_data_Z9Ptuy9HQAxCULUP0Q2YOI The good, bad & ugly of unlisted property Published 24 July 2014 James Frost  The Australian Securities and Investments Commission review of the unlisted property sector has confirmed what most already knew: that despite frequent attempts to clean it up, the industry remains the wild west of the investment world.  Commissioner Greg Tanzer delivered the regulator’s version of a no confidence motion to the sector on Wednesday, describing its attempts to comply with disclosure requirements as “disappointing” and investors in the schemes as “vulnerable”.   The findings – which are levelled at unlisted unit trusts and higher risk debenture schemes – come less than two years after the $650 million collapse of Banksia, and one year after the $150 million collapse of Gippsland Secured Investments.  Smart Investor estimates that there is another $1 billion at risk in woefully undercapitalised debenture companies alone. The sector has had more than two years...
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  • organza
    organza says #
    So Greg Tanzer has finally come out of the woodwork and admitted to having had a bit of a light bulb flash. Afraid all these warn
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Our Petition on change.org has reached over 1000  WHITE COLLAR CRIME IS RAMPANT $300 Billion in losses from fraud in Australia Denise Brailey Dowerin 10 Sep 2014 — Australian Financial Services Industry would not have a clue. The Sellers are trained with multiple choice exam for 34 hours and given the answers. It costs just $1460 to become an "expert" financial adviser.....no we are not kidding!. The sellers to retirees of suggested inappropriate investments in property and shares is not the fault of the Planners and, nor is it the education of the Investor Mums and Dads that's the hub of the white collar criminal problem that millions of investors experienced and are now facing. The losses are the fault of WEAK REGULATORS of the finance markets. In the same way as Pensioner borrowers have been financially raped by Bankers, the Banks driven by greed for extreme profits, easily and wrongly blamed...
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People are suffering from A DECADE of poor advice Tuesday, 09 September 2014 05:34 RECENT weeks have seen the Murray inquiry into the financial services sector in Australia unearth some ugly truths, as has the Senate inquiry into the CBA. These truths range beyond just the dreadful decade-long history of financial planners steering clients into the clutches of funds managers who have subsequently collapsed, leaving nothing in their wake, like Westpoint, MFS and City Pacific. And even the humungous losses investors suffered at the hands of Storm Financial, CBA's financial planners and those operating under the Financial Wisdom brand, also owned by the CBA. These disasters have been the results but what of the symptoms? In the last week of August, corporate watchdog the Australian Securities and Investments Commission admitted that its so-called RG146 guidelines which set the educational qualifications of financial planners (or advisers) are inadequate, and that financial planners...
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  • Aries
    Aries says #
    Can someone in the Inquiry please ask Medcraft this vital question. How was one woman able to find out and expose with evidence t
  • setup
    setup says #
    A special investigation into the GFC lending spree. http://www.abc.net.au/news/2014-09-09/a-special-investigation-into-the-gfc-le
  • ire
    ire says #
    Andrew Robertson of ABC Business 24 was on today interviewing a broker about the low doc problem here in Australia, the broker sai
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http://www.macrobusiness.com.au/2014/07/one-disturbing-asic-interview/ Find below an interview with ASIC chief Greg Medcraft from the Centre for International Financial and Regulation. The context is Medcraft’s leadership of the the International Organisation of Securities Commissions as a part of the G20. The beauty of this interview is that exposes exactly how scandals like those currently afflicting the CBA take root. Medcraft has no time for rules or regulations and is focused entirely on the notion that the “culture” of an organisation is the only point of contact that the regulator should approach, using such frightening tools as surveys. This is “light touch” regulation par excellence and I just wonder how Mr Medcraft sees cultural change transpiring without changing any rules. Mr Medcraft came to this job with a questionable record in securitisation here and abroad. His knowledge is no doubt peerless. But as Chairman of the American Securitisation Forum in 2005, he was also at...
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http://www.crikey.com.au/2013/07/05/double-standards-as-gutless-asic-targets-the-little-guy/?wpmp_switcher=mobile Double standards as gutless ASIC targets the little guy Bernard Keane|Jul 05, 2013   Is there a bigger joke in Australian regulation than the Australian Securities and Investment Commission? Journalist Adele Ferguson’s excellent exposé of ASIC’s stunning lack of interest in detailed evidence provided by whistleblowers on misconduct within the Commonwealth Bank, which has led to a Senate inquiry into the regulator, is only the latest revelations about ASIC’s remarkable ineptitude. Whether it’s failing to successfully prosecute references from the Australian Stock Exchange, waving through exemptions on financial reporting, a failed seven-year investigation of Offset Alpine and Trevor Kennedy, the regulator’s spectacular failures on Westpoint and Storm, its abandonment of any action against ABC’s Eddy Groves or its miserable litigation record, ASIC is a byword for incompetence. It is unable or unwilling to do its job of corporate regulation properly, particularly when faced with having to go after big companies...
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  • TJ
    TJ says #
    In a word - Pathetic. How comforting must it be for the big lending institutions and other FS organisations to know that they can
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https://au.news.yahoo.com/a/24912947/asic-should-lose-consumer-protection-role-says-consumer-advocate-denise-brailey/ ASIC should lose consumer protection role, says consumer advocate Denise Brailey By business reporter Sue Lannin September 5, 2014 Corporate regulator ASIC has again come under fire from politicians and consumer advocates over its regulation of financial planners.  Members of a parliamentary joint committee have criticised the Australian Securities & Investments Commission for not permanently banning a Victorian financial planner who sold his clients forestry investments that failed. ASIC deputy chairman Peter Kell was grilled by Senator John Williams over why WA financial planner Stuart Jamieson was banned by the Financial Planning Association, whereas ASIC was still conducting an inquiry.  Senator Williams said ASIC was undertaking too many investigations, which were taking too long.  "This is the problem, Mr Kell, you have too many ongoing investigations," Senator Williams told the committee.  "One organisation can ban them in four weeks and report it to the detectives, and yours seem forever ongoing."...
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Pursuant to the committee's duties set out in section 243 of the Australian Securities and Investments Commission Act 2001, the committee will examine proposals to lift the professional, ethical and education standards in the financial services industry, including: the adequacy of current qualifications required by financial advisers; the implications, including implications for competition and the cost of regulation for industry participants of the financial advice sector being required to adopt: professional standards or rules of professional conduct which would govern the professional and ethical behaviour of financial advisers; and professional regulation of such standards or rules; and the recognition of professional bodies by ASIC. Committee Secretariat contact: Committee SecretaryParliamentary Joint Committee on Corporations and Financial ServicesPO Box 6100Parliament HouseCanberra ACT 2600Phone: +61 2 6277 3583Fax: +61 2 6277 This email address is being protected from spambots. You need JavaScript enabled to view it. ...
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  • Duped
    Duped says #
    Just listened to the Alan Jones 2gb link and can only say the government has been and is controlled by the banks and must put a st
  • organza
    organza says #
    Here is something to help and get the blood boiling - Alan Jones this morning interviewing the senior lawyer from the Taxation Ins
  • Jetfighter
    Jetfighter says #
    I agree kddeed
  • kddeed
    kddeed says #
    Hope it's all part of the Royal Commission
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