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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: ASIC Worlds most expensive librarians

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From a Members:  ASIC (A SIC Joke) complained that people made complaints, but were not forthcoming with the evidence. (Liar liar - pants on fire). ASIC received 400 specific complaints from BFCSA Members four weeks ago.  Senator Williams referred to BFCSA Members and Denise and, ASIC said they had asked Denise for some evidence and she has not given it to them.  And just why should Denise Brailey be doing your job?

I have said that very thing to an ASIC Commissioner in a face to face meeting in 2001:  “why am I doing ASIC's job?”

“This is not my job to go out and find evidence for ASIC……….you have the powers and the corporate databases to research…..I do not have the powers to go down to the bank and conduct a raid and seize documents.”   In fact ASIC charge me $30 a time to search every document.  ASIC officers must be staring into space, such is their consumer complaint workload.

I then stated in continuing friendly terms:  “If I had your budget…….I would be rounding up these bank bandits.”

Friendlier response and a chuckle: “If you had our budget Denise, you would be positively dangerous!!”

 But this is no laughing matter.

On reflection, how many people have lost their homes, lost their dignity, suffered the stress of extreme loss and even the death of a loved one due to ASIC’s gross negligence and malfeasance in public office? 

The Federal Government must end the pain TODAY.  There could well be 100,000 families caught up in these Low Doc/No Doc and Full Doc Scandals.  To quietly sit on the fence and pretend fraud doesn’t matter….well it’s a criminal offence, last time I looked up the regulatory manual, and has been for decades.

 In fact, LUCKY DIP ASIC has been allowed to pick and choose which fraudulent file it will to work on: one from 100.  Officers then throw the other 99 complaints of fraud in the regulatory bin.  Officers are skilled at sending out form letters to those who dare complain: “ASIC cannot investigate very case…..”  The one file it has chosen to work with, the officers ask you to send in all documentation.  ASIC shows you none of the bank files that consumers are entitled to see under The Privacy Act 1988.  That lucky dip person then receives another generic ASIC letter: “we can find no evidence to suggest.”  CASE CLOSED!

The evidence suggests that ASIC has been utterly corrupted by the banking sector.   My own files prove this statement…going back to 1998.  The public can have no confidence in their ability to handle even the simplest of cases or the commissioners decision making capabilities: $30 million to go after Andrew Forrest and on the same week ASIC loses the cases it fails to offer $225,000 surety IN THE PUBLIC INTEREST to carry on with the granting of an appeal in the WA Appeal Court.

Chairman Mr Greg Medcraft’s performance in the Senate (Economics) Estimates Hearing was utterly appalling, according to streams of emails received, but that is no surprise to victims of this scandal

The Treasurer needs to explain to these victims, why he appointed this wishy-washy person without tender process.  The stench from this No Doc / Low Doc / Full Doc Scandal is nauseating.

Welcome to “The Aussie Emperor has No Clothes” or the “Aussie Elephant in the Room.”

If all these families lose their homes due to the abject negligence of the Federal Government and failure to provide proper investigations into these cases, their personal loss will translate into anger and the fall-out will be immense.  The fallout from extended families will be savage.

How is ASIC funded?  Every time we wish to search a company or a specific banker it costs BFCSA Members $30 for one search.  ASIC Officers are paid to sit on a corporate database like Mother Hens…none have experience in investigation of consumer complaints.   They do not investigate cases.  ASIC rake in close to $700 million in fees per annum, which is fed into Federal Government consolidated revenue, who in turn feed back to ASIC in a $350 million budget to run seven useless offices.  Recently, ASIC bleated it was running low on funds, so Treasury has generously coughed up an additional $100 million to assist ASIC to become one of the world’s most expensive bunch of librarians. 

For the Federal Corporate Regulator to suggest they are "waiting on BFCSA Members and Denise Brailey to hand over some files" is pure farce! 

Please, please Senators, the people of Australia need a Royal Commission into the Banking Sector.  Just bring down the recommendations and we will prepare for a major battle.

ASIC needs to be stripped of its powers immediately relating to consumer protection and exposed for acting as a laundromat for its banker mates.

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  • doyla66
    doyla66 Saturday, 20 October 2012

    Watchdog failed basic probe of banknote scandal

    What chance of ASIC acting on BFCSA 'substantive' complaints when, ASIC tell AFP "take a running-jump" on RBA bribery scandal.

    An ASIC spokesman said; "a thorough assessment of the material provided by the police had been done before it was decided not to investigate. He declined to answer specific questions".

    "Mr Medcraft has yet to explain publicly the basis for his decision not to investigate, despite promising more openness about watchdog decisions."

    Read more: http://www.smh.com.au/national/watchdog-failed-basic-probe-of-banknote-scandal-20120914-25xq3.html#ixzz29muTPwAH

    Watchdog failed basic probe of banknote scandal"
    Date
    September 15, 2012
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    Richard Baker, Nick McKenzie, Maris Beck
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    "This is serious enough to warrant a special taskforce from the ASIC" ... Senator Nick Xenophon. Photo: Andrew Meares
    AUSTRALIA's corporate watchdog badly bungled its handling of one of the nation's biggest bribery scandals by failing to interview a single relevant witness and misspelling the lead police investigator's name in emails, leaving crucial correspondence stalled or unread.

    The Australian Securities and Investments Commission announced in March that it would not act on a referral by the Australian Federal Police to investigate the Reserve Bank banknote scandal, despite the federal police and government lawyers finding compelling grounds to do so.

    The Herald can reveal that so strong is the evidence of possible corporate malfeasance that before referring the matter to ASIC, the police considered taking the rare step of getting a special delegation from the Gillard government to investigate corporate law offences.

    ASIC's failure to conduct the most basic investigation has not only infuriated senior law enforcement sources in Canberra but left a big part of the corporate corruption scandal untouched. It has also sparked questions about whether the political sensitivities that could flow from a probe that ensnared serving and former Reserve officials has influenced ASIC's conduct.

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    The Liberal MP Tony Smith said he intended to grill the ASIC chief, Greg Medcraft, about the issue and the independent senator Nick Xenophon questioned ''the extent ASIC has been blind-sided by the fact that these allegations involve subsidiaries of the Reserve Bank.

    ''It seems extraordinary that given the seriousness of these allegations and what is at stake, that not one relevant witness has been interviewed by ASIC.

    ''This is serious enough to warrant a special taskforce from ASIC. If they need more funding from the government, they should get it,'' Senator Xenophon said.

    A senior legal source aware of evidence implicating some of the directors of the allegedly corrupt Reserve subsidiaries Securency and Note Printing Australia said it was very strong and included the reckless approval of payments to a suspected corrupt arms dealer and to front companies in known tax havens.

    Yesterday the Herald revealed that several directors of both companies, including top Reserve officials, were told of explicit bribery and corporate corruption concerns in 2007 but chose not to call police.

    It was revealed in court yesterday that a corruption whistleblower, Brian Hood, was made redundant in 2008 by the top Reserve official Bob Rankin after Mr Hood repeatedly raised corporate corruption concerns.

    Australian corporate laws prohibit reckless conduct by directors and the victimisation of whistleblowers.

    ASIC's task of starting an inquiry was made vastly easier after the police gave it boxes of evidence related to possible corporate charges identified during the police probe of criminal bribery offences.

    But it is understood ASIC investigators did not question a single director, or interview a single relevant witness, about the material police provided.

    Documents obtained by the Herald under freedom-of-information laws reveal ASIC only twice corresponded in writing with police about the scandal before deciding not to launch a formal probe.

    In July last year, a senior ASIC investigator emailed the head of the police taskforce investigating Securency and NPA to seek advice. ''The deputy chair of ASIC has requested that I inquire of the AFP as to the scope of its investigations and the charges that have been laid, before ASIC makes any decision as to whether we need to investigate anything arising from this matter," the ASIC investigator wrote.

    "ASIC would not want to duplicate any work that the AFP has already undertaken so it would be appreciated if you could assist ASIC in determining whether it should commence any investigation."

    But the investigator misspelt the email address of the police officer, calling him Roland Pike instead of Rohan Pike. This meant Mr Pike did not receive the initial email.

    In the email, ASIC also mistakenly wrote that the police were ''given delegation by the minister to prosecute Corporations Act offences as part of their investigation", despite the fact that this was not ultimately given to the federal police by the government. ASIC declined to release the only other correspondence between it and the police, emails sent in March just before it announced it would not investigate directors of the Reserve firms. Police have charged Securency, NPA and eight former executives with criminal bribery offences but no action has been taken against the directors.

    Mr Medcraft has yet to explain publicly the basis for his decision not to investigate, despite promising more openness about watchdog decisions.

    An ASIC spokesman said a thorough assessment of the material provided by the police had been done before it was decided not to investigate. He declined to answer specific questions.

    Read more: http://www.smh.com.au/national/watchdog-failed-basic-probe-of-banknote-scandal-20120914-25xq3.html#ixzz29mtTZcsI

  • doyla66
    doyla66 Sunday, 21 October 2012

    Is is not the case that NO federal agency is permitted to make profit? Has this policy changed? Or, is it only applicable to other federal agencies & ASIC gets "special" treatement? Dear Senators, this needs to be looked at pronto.
    What cost basis is ASIC using to detemine the cost to access a file for $30? This is no different from the profit the banksters generate from those ridiculous fees they charge for something that, when costed, probably costs a line item of $1-2. Again, something else for our dear Senators to investigate if they are genuine, that is.

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