GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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.

Visitors

Articles View Hits
718048

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: ASIC "so gobsmackingly inept" We agree with CRIKEY Bernard Keane

Posted by on in Corruption Exposed
  • Font size: Larger Smaller
  • Hits: 2528
  • 2 Comments
  • Print

http://www.crikey.com.au/2014/07/04/regulation-by-mateship-ian-and-mathias-show-the-way-in-financial-planning/

Regulation by mateship — Ian and Mathias show the way in financial planning

 

|Jul 04, 2014 1:02PM

 

We’re headed for an era of mateship-based regulation in financial planning, in which the big banks will get away with as much as they can until governments decide it’s politically unpalatable................... 

With all the focus on the Commonwealth since the inquiry, the ostensible sector regulator, the Australian Securities and Investments Commission has gotten off lightly. Remember, this is a regulator so gobsmackingly inept that it not merely ignored repeated efforts by whistleblowers to alert it to what was going on at CFP, when the CBA itself alerted ASIC to the activities of one of its worst planners, ASIC simply lost the report.  And that was before it had its budget significantly cut, as it did in May.

The result — $50 million so far in compensation for clients of the CBA, and almost certainly tens of millions more in further compensation, not to mention the losses inflicted on the wider financial services sector as potential customers turn away from financial planning, unable to trust planners.

You can bet your entire retirement income stream that if an industry super fund had behaved as the CBA behaved, a handpicked Coalition crony would already be heading a royal commission. Instead, the government has worked assiduously to deregulate the retail super sector.

We have an idea of the kind of 70s-style, mateship-based regulation model that will flow from this. The big banks will be permitted to gouge, rip off and exploit financial planning clients, with no intervention by a toothless, underfunded regulator, and allowed to mislead parliamentary committees about their actions, with no repercussions, until they go so far that it puts political heat on the government. At that point, the regulatory mechanism will be a government minister — say, Mathias — picking up the phone to a CEO — say, Ian — and urging them to back off and offer compensation because it’s all looking too embarrassing.

We know this is the regulatory model because, with the government’s gutting of FOFA, the past in financial planning is the future.

 

 

 

 

Last modified on
Rate this blog entry:

Comments

  • TestUser4
    TestUser4 Monday, 11 August 2014

    Comments are now open

    Yes folks. At last the blogs and comments are open. You need to re-register and then wait for activation email. Yes you can use your old user name and password. WE suggest you use a nickname for username - not your real one but you must use your correct email. Yes you can reload your own personal logo or avatar

  • setup
    setup Wednesday, 13 August 2014

    It's time the Pollies got some backbone and started helping and servicing the people who voted them in instead of focusing on their own personal gains. At the moment nobody cares about all the homes that are being lost.

Leave your comment

Guest Saturday, 11 July 2020