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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 ON ANOTHER PLANET: "ASIC to Earth....come in please................"

Posted by on in ROYAL COMMISSION URGENT
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And the comments continue whilst we wait for ASIC's next orbit (eg round in circles)....................From that height they can only see tall bank and insurance buildings the GREEDY BIG END OF TOWN....................no pesky consumers.       This observant piece from a member:-

Great analysis Denise. I agree with Organza - we'd be laughing in the aisles if this weren't such a tragedy. 

The lack of depth in ASICs comments is what gets to most people. It's like they're parroting buzz words and catch phrases. 

As for having faith ... that's nice, but we're looking for real solutions, not just the public service PR fluff that keeps being recycled. 

It's like a conversation between robots with pre-recorded responses. 

But what we're saying is: "Danger, danger Will Robinson" and "Destroy Exterminate". 

And the boffins at ASIC are trotting out totally inappropriate responses, like they're on another planet, which clearly they have been for a very long time. 

Maybe putting each one of them in a separate room, playing back to them what they said, and asking them to explain what that actually means might assist with them achieving more meaning and better communication with the rest of us Earthlings. But I doubt it. Their internal filtering prevents them getting what the problem really is in the first place: they think in big numbers, broad concepts and can't chunk down to the anguish of the individual consumer who has lost everything. 

This must change - it's so obvious. But it's pretty clear that the same minds that have caused the entrenched culture and it's problems can't possibly solve the problem. Wheel in the external consultants - that's probably next - but if no one is paying attention to the reams of reports then it's unlikely that a perceived invasion of external analysts are going to get any traction in trying to get ASIC to behave the way we, as consumers, and the Senators as fellow consumers and leaders, are demanding now. 

It's enough to make you climb the walls, like listening to someone run fingernails down a blackboard. 

The solution: if we can't sack ASIC or starve ASIC into submission, send their management on holiday and reinvent it while they're away. There's no chance for consumers and authentic consumer protection in Australia  if these commissioners are running the show and getting away with their regular snow job reports to politicians. It has to stop and stop now, or we're all going to pay for their lavish lunches and pandering to the big end of town. 

Now, which Senator is going to finally pull the plug on ASIC?

ASIC crave our TRUST AND CONFIDENCE?    Never ever again!!!!

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  • doyla66
    doyla66 Friday, 11 April 2014

    Greg Medcraft or as he portrays himself "Mr Fix It" to the Senators, he keeps stating all these things that he has instigated under his watch and what has it all achieved under his guidance? A costly and expensive inquiry into ASIC's performance. True we cannot blame him for what happened before his tenure but if he was such a world expert he would of known about ASIC's reputation and culture before taking on the job.
    Coming from the cut throat world of high banking he should of cut through ASIC with a sythe. He knew the problems but he chose to sit back and take it easy after leaving Societe Generale, he had the power to hire or fire but chose to let things carry on as normal. Coming from outside the public service and being an industry player he was well aware of the entrenched culture at ASIC and he chose not to change it. Its now time for Caesar to fall on his sword and go and I suppose the commissioners will be promoted and moved to other departments or maybe get a draft posting to IOSCO as advisers on the world stage.

  • doyla66
    doyla66 Saturday, 12 April 2014

    Duped

    The issue of service calculators come up again in relation to super funds using them and I believe ASIC has pulled the wool over the eyes of senators again by insisting these calculators are the ones that people can access on line. The low-full doc bank mortgage fraud area has TWO calculators, one borrowers can access on line (and virtually useless ) and the other is the evil internal calculator that has fudged figures that do not resemble peoples earnings in any way, shape or form. This is the one that banks will not hand over even though they supposedly have the borrowers personal details and should. The reason we can not retrieve this document is not because it is commercially sensitive, it's that it has horrifying fraudulent false figure work on it that if it was to be passed over all hell would break loose on their evil scam. This is why it is marked "Not to be shown to borrower"
    Senators have been hood winked again by slippery ASIC.

  • doyla66
    doyla66 Saturday, 12 April 2014

    If ASIC claim that calculators are only a tool for consumers to get an idea of costs and the financial benefit then surely they can order the banksters to let us all view the calculator on which our loans were based on in the first place and which we were denied. ASIC stated to the Senate that this was their intended use so by those statements from ASIC maybe we should be asking the Senators access to the calculator information as ASIC are in no position to deny us and as Senator Bishop stated " Its not ASIC's job to protect the banks".

  • doyla66
    doyla66 Saturday, 12 April 2014

    Duped

    Very good point Neil, maybe we should be writing a letter to the senators requesting the calculator. If ASIC's claim of being a "helpful tool to borrowers" then they should have no problems supplying. when they refuse maybe the senators should be informed.

  • Denise
    Denise Saturday, 12 April 2014

    Somewhere or other in recent times, ASIC has suggested: "the serviceability calculator was a tool to be used by brokers "as an Aid." This of course was FALSE as ASIC KNEW the calculator had to be ATTACHED TO THE LAF "or we will not process your deal." We have the proof in emails which stated that from banks to all brokers across Australia. If you see the quote please send it to me as I am searching my notes. The calculator printed page contains YOUR PERSONAL FINANCIAL DETAILS and therefore is discoverable. Why do the banks blatantly forbid staff to hand over copies (or broker agents)? Because the document shows the bankers' creative engineering in exaggerating INCOMES on EVERY document without your knowledge or consent. Blatant Fraud by Big End of Town! [email protected]

  • doyla66
    doyla66 Saturday, 12 April 2014

    The adjustment of our data in the financial calculator seems to be different for different financial products across different lenders. Thus they argue that is not our financial data and contains their applied ratios and adjustments, which they don't want to get out to other lenders.
    The refusal to supply the calculator pages can also be used to hide the lender's relationship to the broker and others in the chain of application processing in establishment of the loan. Where the lender is trying to disown the broker as agent this should hiding of the calculator can be important.
    Given the unpredictability of markets, growth figures, fluctuating values in property and risk of losing your mob or income, the only prudent lending is that which does not include variations on the original financial data and only uses a 1:1 ratio on the internal calculator ie. do away with the internal calculator altogether and if using the broker accessed or normal calculator then use actual figures with no variations or allowances.
    According to industry sources the online calculators and usually teasers, marketing tools, inaccurate compared with the real thing used by brokers. Thus they also should be strictly regulated if used at all as they are misleading and used as bait to hook potential borrowers.
    All this should apply across the board to all retail clients as a positive action toward preventing fraud.
    What lenders do with their sophisticated borrowers and the big end of town is not our problem, provided that these clients are not onselling borrowing to retail clients, especially credit impaired borrowers.
    Sure there would be fewer loans but they would be safer loans if these practices were implemented. It rests with the lenders and Banks to decide whether putting a risky home loan on their books is worth the hassle of being hammered at FOS, attacked by angry borrowers, blamed for everything under the sun and have their reputations dragged through the mud for years on the basis of slack lending practices.
    The moral of the story is always use real figures, practice transparency with borrowers, apply procedures that minimise the risk of mistakes and fraud occurring in every way possible and don't take ASICs word for what is 'best practice' or 'according to Law' as the borrowers know more about that than ASIC, FOS or COSL do, especially if they've been burned before. The Law and Regs change after there is enough of a problem. They have yet to catch up with our expectations of standards of lending practice and conduct. Borrowers carry the risk and the impact on them is far greater than on the Banks, Lenders, ASIC, FOS, COSL, Senators, Government. Borrowers have to be able to see into the future and protect their assets, their families and their lives. If you can't afford to take risks like that then don't touch securitised lending, especially in the present climate of change.
    So read the BFCSA self protection processes and be an informed consumer every step of the way before you sign anything.

  • doyla66
    doyla66 Saturday, 12 April 2014

    Asic , Fos and Cosl Holiday

    May I suggest Kabul as a holiday destination for Medcraft, his commissioners and Mr. Field

  • doyla66
    doyla66 Tuesday, 15 April 2014

    Line ASIC up with a battle against

    Mars first to burn them up, Neptune to vaporise them followed by Pluto (the ferryman and the underworld) - - - but do NOT put any coins over their eyes 'cos they do not need to be protected, and he can carry them into the underworld to be burned in hell. Yeah!!!

    Planet Earth will then be far cleaner without these devils - either that or leave them up there lost in orbit!

    Then BLOW Joe Hockey has NO excuse not to create a genuine consumer advocate protecting real consumer interests. (Geez, Denise and BFCSA might actually get some funding them . . .)

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