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BFCSA: Banksia on ASIC LIST of "concerns" 2007

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How was ASIC monitoring this fiasco as more and more retirees were encouraged to "place their life-savings" with Banksia Securities Limited?

Taken from © Australian Securities and Investments Commission August 2007 Page 64 of 79 report

Table 9: Mortgage financing unlisted, unrated debentures 


Banksia Securities Limited 

004 736 458 Permanent Nominees (Aust.) Ltd 

408.042 3.00%–6.50% Nov 00 


Mortgage financing is defined as secured mortgage lending for residential 

and commercial property ownership and improvement with security over 

real property. This category represents 42% by value and 39% by number of 

the total unlisted, unrated debentures. The largest 3 issuers’ amounts 

outstanding represent 34% by value of this category and the largest 10 

issuers’ amounts outstanding represent 69% by value of this category. 


ASIC presented at the Senate Economics Committee on 30 May 2007 a 

preliminary analysis of the market for deposits and debt securities in 

Australia. The analysis as shown in Figure 2 shows that: 

(a)  debentures issued to retail investors account for around 7% of the total 

retail market for deposits and debt securities, or some $34 billion; and 

(b)  of that $34 billion, some $8 billion (or 24%) is invested in unlisted, 

unrated debentures. Most recent failures have been in this unlisted, unrated category. 

ASIC IS THE AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION, so why did ASIC permit this fiasco to go on for so long, knowing people believed that someone was regulating these products?  They believed there was such a thing as CONSUMER PROTECTION IN AUSTRALIA.

The very word SECURITIES suggests SAFE AND SECURE.................In 2007 "some $8 billion was invested in this financial product and ASIC knew innocent retirees were being preyed upon and targeted by the NON BANK LENDERS.

No-one would invest in these NON BANK's if they were told the truth.  ASIC stood by and watched and monitored and did nothing.  Why should ASIC be in charge of unregulated products.  Why did the Government permit UNREGULATED products to become available when the future consequences contained in reports collecting dust, were being hidden from those who were most at risk?

You may well ask: "what sort of person would do such a  thing?"

Who was minding the shop?  ASIC knew that IF every potential "investor" was advised: high risk, unregulated, $8 billion of losses to date..." the industry would crash overnight.  Better then than 6 years later?

ASIC has clearly been the INDUSTRY PROTECTOR and not the CONSUMER PROTECTOR as I suggested on numerous television interviews in several states in 2001.

These retirees could have been spared this agony.

This email address is being protected from spambots. You need JavaScript enabled to view it.

BFCSA:  Banksia on ASIC LIST of "concerns" 2007,%20unrated%20debentures_Appendix1.pdf/$file/CP_89_Unlisted,%20unrated%20debentures_Appendix1.pdf

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