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BFCSA
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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 doesn't lack powers, it lacks accountability, transparency and oversight - a dangerous costly mistake

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Would ASIC like to tell the Australian Public why they think they need more powers???

As Senator Helen Coonan said, ASIC doesn't lack powers, it just fails to use them.

We would add that ASIC uses and abuses their powers at their own discretion as they are not truly accountable to anyone!

So why are we continuing to fund this outrageous organisation?

Who's responsible and how do we get rid of this ASIC, an uncontrollable lawless monster from another century?

In the vast experience of borrowers, investors and other consumers of financial products in this country ASIC has not served our interests - in fact quite the reverse. It is true that ASIC has the blood of honest Australians on its hands.

Bottom line: ASIC doesn't work and we're not sure what it does, apart from write reports, give speeches and issue self-congratulatory media releases.

The information below is a chilling reminder of the other side of ASIC: unbridled evil personified, by the standards of ordinary Australians.

 


This is from submission 287.1 - Senate ASIC Inquiry - http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions
 

Requirement for Registers of conflict by ASIC and ASIC current and ex‐employees

It is demonstrably apparent that ASIC cannot be trusted by the public to wield the immense power that has been gifted them by Parliament when ASIC continues to operate in such a transparency vacuum.


Just consider a few of the things that ASIC can do:
1. Spy on you at their discretion
2. Summon you for questioning at their discretion
3. Demand documents at their discretion
4. Is not elected by the public and can’t be sacked by the public
5. Intimidate your friends, family and business partners at their discretion
6. Search and seize records at their discretion
7. Question you under oath at their discretion
8. Phone tap based on their apparent untested discretion
9. Covert surveillance based on their apparent untested discretion
10. Shut down websites based on their apparent untested discretion
11. Compel you to a hearing based on their discretion
12. Has basically unlimited resources at their discretion
13. Try and send you to jail based on their discretion
14. Co-operates with AFP, ACC, ATO, Interpol and other agencies based on their discretion
15. Vilify you publicly with secret evidence based on their discretion
16. Harass you based on their discretion
17. Destroy your business based on their discretion
18. Try and bankrupt you based on their discretion 
19. Destroy your reputation based on their discretion
20. Destroy your credit based on their discretion
21. Ban you from working in certain fields based on their discretion 
22. Much more but hopefully you can see the theme ASIC can pick and choose targets with apparent discretion with no oversight, accountability or transparency
 
Therefore I strongly recommend that ASIC put in place at a minimum the following registers to be made clearly available to the general public. The reason for these registers should be obvious.
 
1. Register of legal firms and consultants utilised or potentially utilised by ASIC and a table showing  the annual billing of each 
2. Register of any previous ASIC employee or current ex ASIC employee at legal firm which is being utilised by ASIC
3. Register of ex ASIC employees if their new employment was related to work at ASIC or in any way could be seen as conflicted
4. Register of ex ASX employees who now work at ASIC and vice versa
5. Register of any relevant government employee (for example Treasury) within last 5 years who now works at ASIC or used to work at ASIC
6. Register of  lobbyists who have access to senior ASIC officials and a log book of when they meet and the topics discussed and a log of the conversation and what was discussed.
7. Register of relationships personnel and business that any ASIC employee particularly senior may have with any person, group or company under ASIC investigation or regulation oversight 
8. Registration of any ASIC personnel relationships with government Ministers or political parties
9. Register of any other conflict that may have perception of conflict 
10. Register of meetings for public and topic of those meetings
11. Register of business interests of employees for 5 years after leaving ASIC
12. Register of any relationship reasonably considered could have a perception as a conflict for an ASIC employee

Further Recommendations 
1. Rotation of legal firms and random allocation of work allocated through an independent process.
2. A pool of public funding (similar to Medicare) for those without resources to be able to be represented fairly in regard regulatory action by ASIC. 
3. Careful random independent monitoring of ASIC employee relationships with businesses that they regulate.
4. Putting in appropriate checks and balances upon “casual lines of contact” between ASIC employees and persons or entities they regulate 

** Over 1800 employees at ASIC not including out sourced legal and no evidence of wrongdoing is a statistical impossibility **
 

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Guest Thursday, 02 April 2020