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BFCSA: ASIC has one fan: even if its only the biased NSW CCLC and its Mates on CAP. Same Gene Pool

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For those who may think we do not give Consumers a fair go who actually loved dealing with the Australian Investment and Securities Commission ("ASIC") we have been trawling through the Senate Submissions looking for a "Happy User" of ASIC's consumer complaints experience.  SURELY THERE IS ONE HAPPY CUSTOMER?  We thought we had found one in the COMMENTS section of our useful and very public online FORUM.  But not so lucky......You see the comment was obviously written by an ASIC bod who wanted to have a say in favour of ASIC.  

Well the bias is obvious but in fairness again I have decided to BLOG this person's anonymous yet exuberant attempts at give ASIC a ten out of ten.  His/Her name is "Hello."  It quotes two submissions:  # 120 (the other is 196) from the Consumer Credit Legal Service that ASIC pays from time to time to compile reports on tricky subjects like LOAN FRAUD.   

I had utmost respect for the Consumer Credit Legal Centre NSW circa 2003, when they reported for ASIC's benefit, the instances of LAF Fraud and blamed the Brokers not the Lenders.  It is not the CCLC's job to investigate banks but merely assist with reports to highlight the complainants' concerns.

Just bear in mind that until award winning RECA (Inc) and later BFCSA (Inc), no-one knew to ask the banks for the Loan Application Forms and no-one realised the Lenders were the Engineers using SERVICE CALCULATORS to mechanically fudge income figures.  I digress. 

Mr/Mrs Hello then referred to a second happy customer of ASIC in Submission to Senate # 194 and yes readers, its the CCLC once again....same ASIC gene pool.  And as you would expect its claims: "ASIC has been a very effective regulator in the consumer credit space. It has been very active in the first few years of taking over this role from the State governments in 2010 and has taken some well target activities to address areas of likely consumer detriment."

http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions

Its is so sad that ASIC cannot find anyone that has been a happy camper in dealing with ASIC.  Surely there must be one?  Had the NSW CCLC followed up with investigations into the Sub Prime Mortgage Lending Scandal in 2003, after putting out that first 142 page report - a cracking good read - Consumers could have been spared the “detriment”:  the utterly devastating effects of the LOSS of one's HOME

 

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Finance_mortgagebrokers_report.pdf/$file/Finance_mortgagebrokers_report.pdf

ASIC is advised by CAP:   The ASIC 1999 initiative of having a (same gene pool) the Consumer Advisory Panel…….Did we not expose this lot before?  So all of these luminaries could not see the fraud?  They could not see a way of warning consumers?  They could not come up with one intelligent suggestion, like handing out copies of LAFs at point of signing?  They did not protect one consumer of banking products?  So who are these members of the elite intelligencia? 

Well let us have a look at the 2013 hand-picked Panel of ASIC friendlies :

External Advisory Panel Members 

  • Mark Johnson AO (Chair)  (ex/current ASIC as a few will be?)  You who signed the EU for Henry Kaye????
  • Allan Moss AO (Deputy Chair) ex Macquarie boss whilst all these loan frauds were being engineered.
  • Jo-Anne Bloch
  • Maile Carnegie
  • Paula Dwyer
  • Stephen Fitzgerald
  • Tony Gill
  • David Gonski AC
  • Catriona Lowe
  • Jenni Mack  ( biased by CHOICE)
  • James Millar AM
  • Professor Ian Ramsay
  • Jenny Seabrook
  • Ian Silk
  • John Trowbridge 

All of them must have hung on Allan and Mark’s every word…………………………………..Not a consumer in sight!  With respect not one of you people suggested ways to rid the market place of LAF Fraud and engineered fudged income figures calculated by Lenders service calculators?  You did not know Mr Gonski?  Allan and Mark did not mention that bit?  Yes the usual friendlies are in there….not friendly to consumers of course.

So it appears ASIC wish to ask its CCLC buddies to tell all the aggrieved consumers what a  wonderfully efficient regulator is ASIC, and how they have helped consumers. Excuse me?  How have they assisted consumers?    

Is that how so many people have lost their homes and financial well-being?  People on panels paid by ASIC, looking sideways?

Perhaps NSW CCLC must be under the influence of people like Eddie Obeid and his mates from Macquarie?  Ah well.  It intrigues me and, no doubt the comments will confound readers of this site, as to why CCLS deemed it necessary to have their say on this "backwater" website.   But I guess someone has to stick up for ASIC.

Mr/Mrs Hello also decides to put in a plug for MONEY SMART, run by ASIC.  IF ASIC was so smart it would have read the CCLC 2003 report and sent copies to every aussie, contemplating on signing up for a mortgage, AND would have insisted the LAF copy be handed over at point of signing to avoid the obvious and KNOWN FRAUD.  ASIC's real agenda as we know, is self interest - the fortnightly over-sized pay packet.  No way was ASIC ever going to tell YOU THE CONSUMER that the Banks were the Engineers on the greatest fraud ever perpetrated in our nation's history: a controlled fraud - controlled by crooked regulators and their cronies.

So enjoy the baloney that remains on our site forever...............................its worth a LAF!  

Oh one outrageous untruth we detected in particular: "consumers are being encouraged  (by BFCSA) not to pay loan payments."  That is utterly untrue.  But then everything ASIC has to say is galvanized in untruths....hence the catastrophic losses which was always preventable, had ASIC shared information as BFCSA has with the general and long suffering public.

The comment we refer to uses the name HELLO.  Obviously an ASIC plant.   We not edited this piece, but we will reveal that the person who wrote it found it necessary to use a fake email.  How much integrity does he/she have?  The FACTs once again speak for themselves.  If anyone wants to know his/her email its This email address is being protected from spambots. You need JavaScript enabled to view it..  Well "ello 'ello 'ello.................what have we here?....a worm from ASIC.

And we know we are constantly getting up ASIC's nose with good This email address is being protected from spambots. You need JavaScript enabled to view it. (my real email btw)

 

hello- Posted on Saturday, December 7, 2013

 

worth a read

ASIC‟s performance
We are generally very impressed with ASIC's performance as a regulator of the areas of consumer law that we relevant to our work.
Our Regulator Watch report found that ASIC:
· has a steady record of enforcing the consumer law;3
· is a clear leader among other regulators in clarity and comprehensiveness of how they
report enforcement activity;4
· communicates well with the public through the media and through its excellent
MoneySmart website which provides accessible guidance and tools for consumers; and

4
The performance of the Australian Securities and Investments Commission Submission 120
· (along with the ACCC) should be seen as a model for State and Territory regulators looking to improve their performance.6
While we have some concerns with ASIC's ability to respond in a timely way to matters referred to it (discussed below), we are overall pleased with ASIC's collaboration with consumer advocates, particularly through the Consumer Advocacy Panel (CAP). The CAP provides a direct line of communication between consumer advocates and senior ASIC officials including the Deputy Chairman Peter Kell and frequently the Chairman, Greg Medcraft.
The recent introduction of a CAP “matters register” will enable progress of matters referred to ASIC from CAP members to be tracked at each meeting. This initiative was adopted as a response to a recommendation in our Regulator Watch report for regulators to set up improved systems to regularly and routinely report to consumer organisations on progress and outcomes of complaints made by or through those organisations. We would encourage ASIC to consider further the ways in which it can keep complainants as well as the broader public informed of the progress of investigations without impinging upon the levels of confidentiality required to progress investigations. We understand ASIC must comply with confidentiality provisions pursuant to section 127 of the Australian Securities & Investments Commissions Act 2001 (Cth), which are stricter in comparison to other consumer regulators like the Australian Competition and Consumer Commission. While confidential investigations are necessary for procedural fairness, confidentiality must be balanced with the public interest resulting from the public and consumers being confident that the regulator is responsive to complaints.
ASIC also provides funding for research projects on topics of concern to CAP members. In our experience the discussions at CAP meetings are informative, frank and useful, which compares very favourably with the common experience of meeting with government or industry representatives who can be unwilling to respond openly to questions or concerns.
In addition to the CAP we also have regular meetings with senior staff in ASIC's Melbourne office to track the progress of matters referred to ASIC and sharing information.

also Submission 194

We are aware from calls to our Center that many consumers are being given advice by a consumer support group, Banking & Finance Consumer Support Association, that would appear to be not well founded in law. While some of these borrowers have definitely been adversely affected by poor lending practices, the remedies available at law at the time, and even now, are not as extensive as some borrowers have been led to believe. Many borrowers are being advised to stop making payments on their loans altogether and are risking the repossession of their properties as a result (in addition to possibly being liable for further interest, charges and enforcement expenses).
The NCCP Act has introduced new remedies in the form of compensation. These laws only apply to loans made on or after 1 July 2010 or 1 January 2011, depending on the entity involved. These laws are untested in the courts but it is highly likely that similar legal principles will apply in so far as people will be compensated for demonstrated losses only. They will not be able to unjustly enrich themselves (get a free house) and any compensation payable may be reduced if the Court determines that the consumer contributed to their own loss (by, for example, providing false and misleading details themselves or signing blank forms).

Yes "Hello" was the best code name that ASIC could come up with..................................

 

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Comments

  • doyla66
    doyla66 Sunday, 08 December 2013

    Consumers invisible to government?

    The longer CAP, ASIC, FOS, COSL, APRA and all the rest lack consumers and true consumer representation the bigger the divide will become. There is no excuse for any board, panel or government that pretends that consumers are a minority group who will go away if they are ignored and misled for long enough. Even when the low life Banksters steal their homes, consumers are still willing to regularly speak out, joining with the rising chorus against this illegal conduct. We are the tip of the iceberg - thousands more are at our backs, providing support. If any Australian Government wants to foment trouble and insurrection, fury and radicalism amongst the normally placid middle and working classes, just go on doing what they're doing. We're not going away any time soon and will live on to see Banksters, ASIC and certain politicians eat carpet.
    Bring on the Royal Commission into Banking and Finance and let the rest of Australia know the truth. It's inevitable.

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