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BFCSA: Australian Securities & Investment Commission boast 42 actions in 4 years. ASIC took ZERO ACTION against Lenders of Liar Loans

Posted by on in ROYAL COMMISSION URGENT
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You would think ASIC has got its act together after being questioned for hours by Senators.  ASIC has 320 investigators who managed to pool resources and deliver 42 actions against brokers and non against lenders, since 1 July 2010 and now they boast its a great record of "activity."  Oh My Gosh!  Clueless Kell is the dumbo that managed to frustrate the Senators to the point of painful to watch.   Peter, what about the $100 Billion worth of toxic loans and what about doing something against the banks who engineered such wretched mortgage products?  You have no concept of conflict of interest - looking after bank mates.  You do not go after the big player brokers who are the bankers favourites.  Go after the Lenders and only THEN will consumers be protected.   Its like talking to Hewey and Dewey.  This email address is being protected from spambots. You need JavaScript enabled to view it.

ASIC sings the praises of tough love - all hail Caesar

16 May 2014

 Staff Reporter:  The Adviser

ASIC has told the MFAA conference that it is helping brokers to help themselves through firm regulation.

Deputy chair Peter Kell told the annual conference that a strong regulatory regime not only protects consumers, it also benefits honest brokers.

“Businesses that do the right thing by their clients, and the industry, need to be confident that the actions of unscrupulous operators don’t place them at a competitive disadvantage or undermine the broader public trust in the industry,” he said.

“ASIC recognises the role played by the MFAA in promoting professionalism within the finance industry, which is crucial to building public confidence in its members’ services.”

Mr Kell said ASIC had banned 42 people since the introduction of the National Credit Act and had no tolerance for loan fraud.

The regulator had noticed an improvement in brokers’ conduct in the years since it had taken responsibility for consumer credit, he added.

“For example, over the course of our reviews we have noted that licensees are collecting, recording and considering more information about consumers’ financial situation and their requirements and objectives,” he said.

“We have also seen licensees implementing new systems to ensure compliance of their representatives and the reliability of information provided by other third parties.”

However, Mr Kell also warned brokers that they needed to remain vigilant to ensure consumers are not disadvantaged by conflicts of interest.

 

“We have seen in the financial services space how investor confidence can be quickly undermined if they form the view that businesses are putting their own interests ahead of consumers’ interests,” he said.

http://www.theadviser.com.au/breaking-news/30237-asic-sings-the-virtues-of-tough-love

 

 

 

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  • doyla66
    doyla66 Saturday, 17 May 2014

    ASIC's claim to fame will end up in the Guiness Book of Records for being the greatest regulators of "inactivity" in the world's history. If Peter Kell feels 320 investigators divided by 42 bannings over a 4 year period is worthy of bragging about there must be something seriously wrong with his calculator. Wonder which bank smight have slipped that pressie into his Xmas stocking?

  • doyla66
    doyla66 Saturday, 17 May 2014

    If ASIC want to earn some brownie points, could they please take the restrictions off FOS regarding pre UCCC and post UCCC loans? Some lenders have been exploiting this to get away with blatantly fraudulent incomes that don't get investigated properly. Similarly FOS has been using this to close cases where the misconduct is very obvious, because clever lenders made borrowers sign documents to say the loans were for mixed purposes, investment and other reasons. The UCCC was not designed to make it harder for consumers to achieve just outcomes in disputes with rogue lenders. ASIC and FOS should keep stats on these types of cases. As consumers in this situation have no other recourse to justice this is unfair practice and should be of interest to the Ministry. In the absence of any real alternative dispute resolution, apart from fruitless arguments with FOS and ASIC, the only other option seems to be to take the case straight to the police. Lenders don't like it, nor do consumers, so how about a fair go?

  • Denise
    Denise Sunday, 18 May 2014

    ASIC need to immediately lift any limits to compensation on toxic loans. Clearly there were no limits imposed on BANKERS in lending toxic loans and that's why we have this dirty loan problem. People are sick to death of the current limits of $280,000 when the average loan to pensioners (for banks to steal their homes) was over $600,000 and with buffer monies for years after the loans escalated in four years to $1 million plus. People are also sick of FOS cutting the miserly $280,000 limits down to the current test pilot lunacy of: "we will give you $5000 to disappear" plan. BIG ROYAL COMMISSION into the EDR's and their bank masters is long overdue. [email protected]

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