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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
Anybody up for a spot of fraud? How about some forgery for good measure? Doctoring the odd file perhaps?  14 April 2014 SMH  http://m.smh.com.au/business/a-ban-is-no-deterrent-for-bad-behaviour-20140411-36ih9.html   That's the ticket. Be a hero among your peers. Beam with delight as you win cash bonuses and the prized Sales Legend of the Month Award for flogging the most high-fee product to unwitting retirees. Don't worry, you won't be prosecuted. There is one rule, though, you have to work for a big bank. No point being a 16-year-old schoolgirl trying to pull off an April Fools' prank. You should be warned there is a chance that you may get a ban. A lot has to go wrong though. First, there would need to be a stubborn bunch of whistleblowers prepared to sacrifice their careers, do the wrong thing and dob you in. Even then the odds are stacked in your favour. When the whistleblowers go...
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http://www.yourmortgage.com.au/article/understanding-your-loan-contract-79411.aspx Mortgage misconceptions Even if you go through the contract with a fine-tooth comb and understand all the fees, charges, and conditions, it doesn’t mean you are fully protected. This is because of a feature known as the “unilateral variation clause”. Check the terms and conditions of your loan and you are very likely to find this clause in the fine print.  Basically this clause states that banks and finance companies can change any of the terms and conditions at any time without giving you any notice. Some of the things they are able to do is to increase the interest rate charged on your loan or even call in the loan at any time.  Experts say you really can’t do much about this clause which is basically standard in every credit contract. However, you should make sure your lender is part of an industry dispute resolution scheme as if you...
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http://www.crikey.com.au/2010/12/22/new-york-shows-asic-the-way-to-pounce-on-gfc-villains/ New York shows ASIC the way to pounce on GFC villains Adam Schwab| Dec 22, 2010   The announcement yesterday that New York Attorney-General Andrew Cuomo is seeking $US150 million in damages from mega accounting firm Ernst & Young over the collapse of Lehman Brothers is indicative of just how irrelevant Australian corporate regulators have become. While US authorities have taken legal action against the likes of Ernst & Young, Goldman Sachs, Ponzi-scheme operators Bernie Madoff, Alan Stamford and Marc Dreier and Countrywide’s Angelo Mozilo — ASIC, Australia’s so-called corporate watchdog, has laid no criminal charges and only a smattering of civil actions against the villains of the GFC.  In the claim against Ernst & Young, Cuomo claimed that: E&Y substantially assisted Lehman Brothers Holdings Inc, now bankrupt, to engage in a massive accounting fraud, involving the surreptitious removal of tens of billions of dollars of securities from Lehman’s balance sheet in...
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  • Duped
    Duped says #
    ASIC non action strikes again and again. When will government realise that they are incapable of doing their job mainly because th
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Citizens Electoral Council of Australia  Media Release  Thursday, 24 April 2014 Craig Isherwood‚ National Secretary Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Treasury knows property bubble will smash banking system—what’s it doing about it? The Australian Treasury has inadvertently admitted, in a letter to the Citizens Electoral Council, the deadly threat facing Australia’s banking system from a crash of the property bubble. This admission is a scandal, because publicly Treasury denies there is a property bubble, so it can deny the threat, and not take any action against the banking practices that are inflating the bubble. Ironically, Treasury official Meghan Quinn let slip the admission whilst trying to argue in her 14 April letter against the CEC’s call for a Glass-Steagall separation of commercial (retail) banking from investment banking. Quinn cited the banking crashes in Ireland, Spain and the UK as proof that commercial banking can have the same or even more risk as investment banking: “Further, risks...
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  • Duped
    Duped says #
    It's time for Joe Hockey to wake up and smell the roses, instead of being buddy buddy with the banks, wake up, the banks are the p
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After reading this article yesterday, I am shaking my head with disbelief and so must the writer be doing so.  Macrobusiness is on the money here with Leith van Onselen's words of wisdom and quotes from Guy DeBelle: "In short, Australia should be wary of the unintended consequences of increased mortgage securitisation, and the re-emergence of sub-prime loans in particular. Previous episodes have led to a significant loosening of credit standards.........................." Who are the dumbo's buying these loans?  40% overseas buyers?  Really?  Income streams as an "asset" when sub prime means "little or no income...... and definitely involves FRAUD BY SERVICE CALCULATOR"  This is going to only end in tears - yet again!  Where is the Government?  Having a 12 month Easter break?  I will send this article out to all the PEPPERS, CBA and NAB victims of dodgy toxic sub prime loans we are currently looking after......................so these Mums and Dads can...
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From another member: "I don't care how much it costs the banks, that's the penalty for falsifying documents and doing the wrong thing by consumers.  Jail is the answers - a good long stretch for the Banker Engineers." That's how consumers and normal people think. No real Australian wants to be ripped off by a big business! I can remember well the horror of discovering that Denise was right: no one at ASIC was willing to help.  And the similar horror of it dawning on me that ASIC and all the rest just stood by and allowed people to rob others, steal their homes where fraud had occurred.  Then today when I heard from a friend who is still waiting 18 months later for the Police to do something about their dreadful mortgage: their LAFs are the "poster child" for fraud, tampering and forgery - A real classic! What's going on,...
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  • NABbed Nanna
    NABbed Nanna says #
    What can I say Grandma. You and I appear to be in the same boat. The police were reluctant to help us when items started disappea
  • Denise Brailey
    Denise Brailey says #
    Dear Grandma, I suspect there is a little more to this, as its the only house call ASIC has made. ASIC have a big wish to nail a
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The bank scams that have invaded Australia, are tearing families apart, destroying lives, by stroke or heart attacks around the nation, all because of a product that Bank Engineers like Medcraft & Mates. A BFCSA Members tells of the pain and family suffering, better than I could ever describe: "After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these hideous bankers and their evil secret service calculator they invented, are killing the previously happy lives of ordinary Australian families....... Observers and Readers..... Yes..... You are right...... It's the Loan Application Forms ("LAF") that destroyed us. After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these bxxxxx bankers and the...
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  • NABbed Nanna
    NABbed Nanna says #
    If I had committed a fraud I am damn sure that I would be shown no mercy. No passing go, just straight to jail. Shouldn't it be o
  • Ali
    Ali says #
    It's time to extinguish all fraudulent loans and stop the pain and suffering. We do not deserve to go through this pain and tortur
  • Transformation
    Transformation says #
    "I don't care how much it costs the banks, that's the penalty for falsifying documents and doing the wrong thing by consumers" Ja
  • Duped
    Duped says #
    What I find absolutely amusing is the fact that Mr Kirk ? from ASIC said to the senators "do you realise what this will cost the b
  • NABbed Nanna
    NABbed Nanna says #
    It has nearly been 12 months since Nab took possession of our home. The pain is still there. The torment, the embarrassment, all
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For the benefit of readers:  The SECRET SERVICE CALCULATOR (only banks, brokers and insurance companies have access passwords) had its existence made known to members by BFCSA in late 2012 and for 12 months, members have all been asking for their one page copies.   A few of these documents emerged, but sadly, our banking world is a Cartel governed Industry.  Suddenly, their dirty secret was out and they could not put the Genie back in the Bottle!  The FACT that no client of banks were ever told of this secret calculator's existence and never disclosed that it was used to skew their income to say $50k up to $180k.  Bankers never intended for this one pager to see the light of day.  The SCF and the ICW was actually ATTACHED by bank command, to the Loan "Application Form."  Banks had denied the LAF discovery for some years before and we won that battle.   Discovery of the SCF and its...
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  • Denise Brailey
    Denise Brailey says #
    Senators have copies of the ICW and Service Calculator and so do ASIC - delivered in person. All have been fulled briefed. I wil
  • Denise Brailey
    Denise Brailey says #
    Dear Noemail, If you wish to view copy of service calculator (we have written many blogs on this and will be more) and ICW, just
  • Denise Brailey
    Denise Brailey says #
    Low Doc and Full Doc loans were developed to provide people with lifetime of debt. Loans you could never escape from, no matter if
  • Denise Brailey
    Denise Brailey says #
    Get tough with these banks. Its the ASSESSMENT assessor that fudged the income figures using the calculator in SECRET to mark the
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FOS complains members aren’t paying their determinations:  One Third of determinations not met by the Banks. 9 April, 2014 Jason Spits 0 comments  The Financial Ombudsman Services (FOS) has stated that the failure of some FOS members to pay determinations is “emerging as a structural issue in our investments jurisdiction” after more than $8.3 million is still to be paid to consumers.  FOS Chief Ombudsman Shane Tregellis said the figure related to 18 financial services providers who have not complied with determinations made against them by FOS during the period from 1 January 2010 to 1 January 2014.  Tregellis said while the failure to pay determinations involved a small minority of the 4900 FOS members, the $8.3 million represented a third of all determinations made in FOS’ investments jurisdiction.  The $8.3 million is owed to 99 applicants to FOS, with all the unpaid determinations - except one - involving financial advisers. FOS is required...
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  • NABbed Nanna
    NABbed Nanna says #
    I know for a fact that the Nab are not honouring the FOS determinations. No me, but a member of our family that was caught up in
  • Transformation
    Transformation says #
    Are FOS going to tell us which Lenders are doing this? Here's a story of a similar problem that happened last year - http://www.
  • Denise Brailey
    Denise Brailey says #
    FOS, ASIC and POLICE in each State KNOW the bank has multiple copies of the LAF for every single loan and - NONE ARE THE SAME!!!
  • Transformation
    Transformation says #
    Good to know that about the FOS determinations not being honoured by Lenders. In other words, after everything is done, the poor
  • Denise Brailey
    Denise Brailey says #
    Demand that FOS insist on Banks handing over your client loan files. The "commercially sensitive" crap does not wash. The one pag
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Government designs laws to protect Consumers of superannuation products.  ASIC then waters down the effect of those laws to help out Industry mates.  See Coonan announcement 2004 and then ASIC Class Orders and complex changes = dog's breakfast.  Which dodo gave ASIC these powers? http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2004/053.htm&pageID=003&min=hlc&Year=&DocType=0   Helen Coonan Minister for Revenue and Assistant Treasurer 26 November 2001 - 17 July 2004 Media Release of 21/06/2004   C053/04  21 June 2004    EMPLOYEES TO CONTROL THEIR SUPERANNUATION The Government has successfully negotiated an agreement with the Australian Democrats to give employees the right to choose their own superannuation fund, Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said following the Prime Minister’s announcement today. “The Government announced its intentions to provide choice of funds to employees in 1996 but for eight years employees have been denied this basic right,” Senator Coonan said. “Substantial national benefits will flow from the introduction of choice...
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 http://www.crikey.com.au/2010/12/09/bartholomeusz-cbas-competition-confession/  If they haven’t already, the members of the Senate committee should ask RAMS Home Loans founder John Kinghorn to appear before it to explain why RAMS, followed subsequently by most of the non-bank lenders, hit a brick wall and effectively collapsed at the very onset of the financial crisis.  RAMS was the first of the big non-bank lenders to be overwhelmed by the crisis because it had an unusually high — dangerously high, it transpired — reliance on very short-term funding. To a lesser degree, most of the non-bank lenders were also borrowing short in wholesale markets and also accessing securitised debt markets.  In its submission to the inquiry, lodged on Friday, Commonwealth Bank admitted that the major banks were also sourcing a growing share of their funding from those same markets before the crisis — in CBA’s case almost 30% of its funding in October 2007 came from short term wholesale markets, compared with about...
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  • Transformation
    Transformation says #
    Shock ... horror! Slashed tyres the talk of exclusive north shore beach club More grist to the mill - Kate McClymont on Kinghorn a
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read more  http://www.dailyreckoning.com.au/the-odd-economic-laws-of-the-superannuation-industry/2014/04/14/ The Odd Economic Laws of the Superannuation industry by Nick Hubble / on April 14   Clancy Yeates in the Sydney Morning Herald explained how Australians are getting ripped off by the Super industry: ‘…research firm Rainmaker estimates Australians paid $18.6 billion in fees for their retirement savings to be managed last financial year,’ which is ‘$1075 for every adult in the country, including those who don’t even have super.’ According to the Reserve Bank of Australia, only Spain and Mexico’s savers pay more as a percent of assets under management. But this is where things get weird. You see, the normal rules of economics don’t apply to the Super funds industry. Believe it or not, the reason for this blowout cost is too much competition. The Reserve Bank says the competition between different Super funds to get their hands on your compulsory contributions is so fierce that…costs go up. ...
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  • Transformation
    Transformation says #
    The Centre of Excellence in Population Ageing Research reckons the situation is so bad Australia Post and Centrelink should be cal
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more   http://www.americanbanker.com/bankthink/morning-scan-m-and-a-double-dipping-foreign-banks-flock-to-fed-1066101-1.html Morning Scan: M&A Double Dipping; Foreign Banks Flock to Fed by Heather Landy MAR 10, 2014 Receiving Wide Coverage ... Both Sides Now: If the folks in mergers and acquisitions look discouraged today, it's probably more than a bad case of the Mondays. A Delaware judge hearing a case about the conflicts of interest that possibly arise when bankers advise both the buyer and seller in the same deal has found that RBC acted improperly when its bankers tried getting in on both sides of a 2011 merger in the health care sector. While there's been no ruling yet on damages, the Journal says the case already is a big blow to banks, while the FT more demurely warns of "far-reaching consequences." Wall Street Journal, Financial Times Wall Street Journal You know that $2.2 trillion or so that banks have parked at the Federal Reserve? Curiously, close to...
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read more   http://www.afr.com/p/national/ato_franking_credit_crackdown_targets_c1DhjFeJkLgiKzKwzZs3NN ATO franking credit crackdown targets fundies, brokers and investors PUBLISHED: 24 Mar 2014 Thousands of fund managers, stockbrokers and sophisticated investors have been hit with warning letters threatening audits and heavy penalties if they do not confess to over-claiming franking credits on shares.  Leading figures within the finance industry are fuming that the Australian Taxation Office believes it can use data matching to trawl back as far as 2010 to compare tax deductions with individual share trading records.  “Our information indicates you, or an entity closely associated with you, participated in a franking credit arrangement,” Deputy Commissioner Tim Dyce writes in one of the 3000 ­letters sent by the ATO. “In this case, two sets of franking credits have been claimed on what is effectively the same parcel of shares.” Treasurer Joe Hockey announced in November last year that the ­government would close down a ­“loophole” which allowed...
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  • Transformation
    Transformation says #
    That's interesting. I wondered how they did that. I'd never have thought of it myself. So now that everyone knows how to do it, w
  • organza
    organza says #
    Now I wonder if bank CEO's got such a letter?
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http://www.afr.com/p/national/melbourne_apartment_glut_stunts_9HX8aIdMeTL8br97RjvBuL  Apartments are selling cheaply around Melbourne’s CBD as more off-the-plan apartments come to market, reducing the sale price on units which are just a few years old. ..........    http://www.smh.com.au/business/property/city-apartment-glut-prompts-warnings-for-sydney-and-melbourne-20140401-35vgq.html   April 1, 2014  Analysts are warning that inner city apartment prices could fall because of supply that is in the pipeline.  Sydney "dwelling" prices (units and houses) are more than 15 per cent higher over the past year to March 31. Melbourne dwelling prices are more than 11 per cent higher over the same period..  Most concern is for inner Melbourne apartments, where the trend vacancy rate in Docklands and Southbank is about 7 per cent. Read more: http://www.smh.com.au/business/property/city-apartment-glut-prompts-warnings-for-sydney-and-melbourne-20140401-35vgq.html#ixzz2z9CsOWY8    ...
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http://www.smh.com.au/business/the-economy/three-banks-to-float-medibank-private-20140417-36tjp.html   April 17, 2014 - 12:38PM Anthony Macdonald The federal government has appointed Deutsche Bank, Goldman Sachs and Macquarie Capital to float private health insurer Medibank Private, after receiving pitches from 11 investment banks.  In a statement on Thursday, Finance Minister Mathias Corman said the three banks would be responsible for managing Medibank's initial public offering, including both the retail and institutional offers................The appointments come after eleven investment banks pitched for the joint lead manager roles in Canberra last week. Independent adviser Lazard, law firm Herbert Smith Freehills and Ernst & Young, who prepared a recent scoping study for the government, also had their contracts extended through to the time of the sale.  The government said other banks may be appointed as joint lead managers in the future, along with retail brokers. Read more: http://www.smh.com.au/business/the-economy/three-banks-to-float-medibank-private-20140417-36tjp.html#ixzz2z8t5RQQc...
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MICHAEL and Karen Cook were no longer happy home owners despite a landmark case attacking Australia's version of sub-prime lending. They were living in a tent with their two young daughters out the back of a friend's place in Camden.  The NSW Supreme Court attacked the sub prime lending case.  Yet the court still permitted the lenders to keep their interest, fees and charges.  That would not happen today. Why? The case highlights the 2003 prevalence of FRAUDULENT LENDING PRACTICES.  As stated in Parliament 8 August 2012: "Governments cannot, ought not to profit from a fraud."  Very simple law: neither can Banks and Lenders and all those in the SUB PRIME LENDING business can profit from a fraud. There have been few cases presented to court against the banks, displaying victory for the victims of this insidious crime. WHY?  People do not have the funds to defend their positions and homes, in...
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  • David
    David says #
    How easy to award Maladministration and Unconscionable Lending to we who have been and are being defrauded by the Banks and Bankst
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 Stuart Washington September 10, 2007 MICHAEL and Karen Cook were no longer happy home owners despite a landmark case attacking Australia's version of sub-prime lending. They were living in a tent with their two young daughters out the back of a friend's place in Camden. As the rain fell and winter closed in, they were homeless. They had lost the house they had built and owned in Currans Hill, near Campbelltown, since 1992. They still owed the principal and interest repayments on a loan ruled unjust by the NSW Supreme Court. And their youngest daughter, Tara, then aged three, had a cold. "Me sleeping outside I wasn't worried about, it was more the wife and daughters. You get a kid with a cold …" Mr Cook, 40, told the Herald. The Cooks are the human face of the high cost that can be exacted by subprime lending, as calls mount for...
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We need an urgent ROYAL COMMISSION into BANKING and financial services and products and to include ASIC into the probe.............................  Australians need to stop being so complacent............................ ANZ backs down on ad conditions after ASIC probe 27 March, 2014 ANZ has agreed to send out gift cards to income protection insurance customers after the banking regulator deemed the fine print on ANZ’s advertising potentially misleading.   The Australian Securities and Investments Commission (ASIC) raised concerns about newspaper ads that ran late last year offering ANZ Visa gift cards for customers who purchased the insurance.   However, the fine print stipulated they would only receive the gift card if they maintained their coverage for a year and paid all premiums on time.   ASIC said the conditions were not prominent enough to catch the consumer’s eye.   read more  http://www.moneymanagement.com.au/news/financial-services/2013/anz-sings-asic-s-praises ANZ sings ASIC’s praises 5 November, 2013 ANZ Banking Group is the only major market participant which did...
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  • Neil Toplis
    Neil Toplis says #
    Seeing ICAC is so good at rooting out those who abuse the system may be we could get them to investigate ASIC. People and busines
  • organza
    organza says #
    Just adds to the suspicion of what might ASIC be covering up for on behalf of ANZ!
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Whistleblower claims the existence of 100 CBA rogue advisers   Monday, 24 March 2014 12:35pm   By Laura Millan  |  In Financial Planning   Former Commonwealth Financial Planning adviser and whistleblower Jeffrey Morris has "no doubt" that a proper investigation by the Australian Securities and Investments Commission (ASIC) would reveal at least 100 current or former rogue CBA advisers. In a submission to the Senate inquiry into the regulator's performance, Morris said that ASIC and CFP's claims that there were only seven rogue planners within the organisation were "simply inconsistent." "ASIC did virtually no investigative work of their own but basically just added what CFP gave them to what the whistleblowers did," Morris said. "I have no doubt that a proper investigation would reveal at least 100 current or former planners of CFP whose clients should be compensated for dodgy and or just plain incompetent, advice." The 39-page document offers a detailed account of...
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  • Transformation
    Transformation says #
    Bureaucrats have an interesting way of assisting others in crime and wrongdoing. Mostly they ensure that their own backsides are s
  • Maria B
    Maria B says #
    ASIC was helping with the fraud they knew was happening within the banking sector, so why would they investigate anything.
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CBA execs grilled over Nguyen departure Friday, 11 April 2014 | Tim Stewart   http://www.investordaily.com.au/35340-cba-execs-grilled-over-nguyen-departure       Today's News Global players set to enter advice market AMP Capital departures spark ratings concern AVCAL lobbies for SIV expansion Converge with planners, accountants told Regulation hindering product innovation: ASFA Market neutral funds reduce volatility: Pengana     inShare   Senior CBA executives have faced questions about the removal of banned Commonwealth Financial Planning adviser Don Nguyen in July 2009. The publication of allegations about Mr Nguyen in InvestorDaily on 22 June 2009, one month before the Commonwealth FP decision to lodge a breach report with ASIC on 27 July 2009, was a major sticking point in a public hearing yesterday.  CBA group executive wealth management Annabel Spring, CBA general counsel/group executive corporate affairs David Cohen and CBA executive general manager wealth management advice Marianne Perkovic appeared before the Senate inquiry into the performance of ASIC in Canberra. Responding...
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  • organza
    organza says #
    Caught red-handed yet promoted so he could fob off client complaints? If that does not reek of guilt and cover-up of gigantic pr
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FBAA slams LMI insurers for non-disclosure   by Calida Smylie | 15 Apr 2014  AUSTRALIAN BROKER NEWS The Finance Brokers Association of Australia believes there is a need for greater transparency and disclosure on behalf of lenders and Lenders Mortgage Insurance insurers to make sure consumers are not being ripped off by having to pay LMI. The Reserve Bank of Australia estimates more than one quarter of housing loans in Australia are subject to LMI.  In the financial year ending 30 June 2013, banks made an estimated 761,880 home loans, totalling $247.9 billion in lending, which indicates around 190,470 loans created in that financial year were subject to LMI. But FBAA said in its submission to the financial services inquiry that there are many issues surrounding LMI, including consumers not being provided with LMI product disclosure statements, including any details regarding any commissions payable to the lender. “Privity of contract is the...
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  • Transformation
    Transformation says #
    Some LMI Insurers used to send the borrowers a copy of the policy, as a matter of course. Now borrowers have to use some heavy ha
  • Denise Brailey
    Denise Brailey says #
    BFCSA is looking after 1262 consumers of mortgage products. Everything the FBAA is saying is true, and we have material suggestin
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http://www.afrsmartinvestor.com.au/p/market-intelligence/asic_secret_weapon_OEM0jYMawpCjSjjsLa4obN   ASIC is about to employ a surveillance system to put the finger on high frequency traders. ASIC’s secret weapon Published 22 August 2013 12:05 Australia’s new market surveillance system, designed to catch high frequency traders who flout the rules, has been built by a firm which sells software and services to the same people the regulator is looking to catch.  The new $47.3 million system will be rolled out to allay fears that Australian investors could be the target of nefarious trading activity, after reports of unusual trading activity had risen.  The new system, which the Australian Investments and Securities Commission refers to internally as Project Fast, has been designed by Irish-based developers First Derivatives.  First Derivatives says that its services and products are for firms “seeking to reduce their time-to-market” and to make sure that “orders are executed at the most optimal venue”.  Clients of First Derivatives include...
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  • organza
    organza says #
    ASIC need to come clean and change their mission statement to you scratch my back and I'll scratch yours!
  • L Mehan
    L Mehan says #
    This no different to that mole on secondment in ASIC that pushed the policy to free up those god-awful online calculators. As alwa
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Dear members The axe is about to fall, this morning Tuesday15th  in the Australian it appears the government is contemplating selling off ASIC assets.The corporate regulators register of companies is being sized up as part of a plan that could inject $1billion cash into government coffers.This comes as a result of Greg Medcraft stating its not part of ASIC's core function and was a technology business. Could this be a sacraficial lamb to apease the government directive that all departments must suggest ways of saving costs across the board. In light of all the bad media exposure and the revelations of the Senate Inquiry could this be ASIC's attempt to stave off job losses especially at the top? The CSIRO and next the ABC are starting to bare the brunt of expenditure cuts so its only a matter of time. Just the chairman and his commissioners wages runs into millions and...
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  • Maria B
    Maria B says #
    Maybe the Senators have woken up to the fact Denise has uncovered all of the scam and helps victims with no funds from the governm
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'Financial success is so easy'   canada.com     A suspected Australian con man who's made headlines for allegedly fleecing mom-and-pop investors out of an estimated $20 million has set up shop in Kelowna after fleeing Australian authorities.   BY THE VANCOUVER PROVINCEJANUARY 1, 2006         A suspected Australian con man who's made headlines for allegedly fleecing mom-and-pop investors out of an estimated $20 million has set up shop in Kelowna after fleeing Australian authorities. Gabrial Pennicott, a Tasmanian businessman now known as "Gabe Pennycott," is being investigated by the Australian Securities and Investments Commission for allegations he defrauded up to 200 Melbourne and Queensland residents in property investment schemes. Now he's operating in B.C. and is believed to have recently married Cynthia Cowie, the daughter of an Abbotsford couple who run a Christian church in the community. Cowie's mom, Betty Rubinak, told The Province she was...
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