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BFCSA: Whistleblower says 100 CBA rogue brokers - using Bank Engineered Serviceability Calculators for lending also?

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Whistleblower claims the existence of 100 CBA rogue advisers
 
Monday, 24 March 2014 12:35pm
 
 

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 "the corruption and dishonesty" within CFP.

Morris reveals that CFP planner Don Nguyen "was widely known as "Dodgy Don" for years."

He added that him and "other crooked planners -and for that matter in-house lenders and external mortgage brokers as well- did not just directly drive their own bonuses and remuneration, but also those of all the tiers of managers above them.

"There were far more than seven rogue planners but more importantly there was a system that nourished and protected them."

Morris said that "it was the slack regulatory regime of ASIC that allowed Nguyen to operate as a financial planner in the way that he did."

The regulator's lack of action "encouraged CFP and in turn CBA, to believe that they could, with impunity, cover up what had occurred."

Morris accused ASIC of promoting the idea that "all was fine with the major players in the advice industry."

This is explained by the regulator's "willingness to accept whatever CFP told them despite evidence to the contrary."

Morris said that what prompted his decision to become a whistleblower was the realisation that non-expert clients who had been victims of Nguyen's wrongdoings would be forced by CFP "to prove their claims on an individual basis.

"They [CBA] were working on the basis that none of the clients would ever be able to "join up the dots" and could thus be fobbed off individually.

"I realised with a shock that the organisation would almost certainly get away with it unless somebody intervened and blew the whistle on them."

Morris told ASIC a number about CFP's practices, but ultimately decided to go public with his claims after realising that the regulator was not taking action.

The information revealed by Morris and initially published by Fairfax prompted the current Senate inquiry into the regulator's performance.

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  • doyla66
    doyla66 Tuesday, 15 April 2014

    ASIC was helping with the fraud they knew was happening within the banking sector, so why would they investigate anything.

  • doyla66
    doyla66 Wednesday, 16 April 2014

    Bureaucrats have an interesting way of assisting others in crime and wrongdoing. Mostly they ensure that their own backsides are safe. Then they work out who is going to carry the can for the problem. They insulate themselves and their domains against involvement as far as possible. Then they decide as it's not their problem it's best if someone else looks after it. Occasionally they raise it with their seniors or bosses, if they have a good relationship with that person, usually over a beer or off the record, not generally in the office, because that makes it something different. That's the end of any responsibility they have. Large government departments are like corporations as they are so compartmentalised. Thus the "not my problem" is acceptable. So ASIC may have known, and even if they knew they did what had always worked - pretty much more of the same. If the job description didn't change why should they? Like all public servants they rolled with the odd bit of public and government criticism but it didn't change much. They took orders from those who paid them but generally did what they though best regardless of what anyone else said. Because ASIC are really public servants with a corporate dressing up the do nothing and change nothing approach generally holds true - the closer to the top the truer it is. And as every good senior public servant knows: Politicians come, politicians go, but the public service goes on forever.
    This is why a complete axing, restructuring, rehiring on merit is the only way forward for the kind of corporate regulator that the Australian public expect and are demanding now.

  • doyla66
    doyla66 Wednesday, 16 April 2014

    All ASIC do is provide get out of jail free cards. Do not give a hoot for the plight of consumers or if they do (and I will give the benefit of doubt to some of them) they are far too lily livered to do anything about fixing problems of their own creation. Caught up all of them in their own web and it's unbelieveable that on the one hand ASIC are supposed to generate income for the Government while on the other how they operate causes the loss of untold billions more than they have or will ever earn for the Government . Too dumb and caught up in it all of them to figure out to give an exemption for one gives an exemption for the lot who operate on the edge who always find a way to turn it to their own advantage. In my view no investment of any kind is safe yet neither is having money in any bank or in superannuation or in shares or any other kind of investment on offer AND most certainly not in having a mortgage! We need a Royal Commission and desperately!

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