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
631477

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: "Finance Minister Mathias Cormann needs to put a rocket under ASIC" ASIC caught out stealing your money

Posted by on in ROYAL COMMISSION URGENT
  • Font size: Larger Smaller
  • Hits: 1446
  • 1 Comment
  • Print

ASIC is stealing your money:

  • by:John Rolfe Public Defender
  • From: The Daily Telegraph
  • August 21, 2014

http://www.dailytelegraph.com.au/news/opinion/asic-is-stealing-your-money-find-out-how-to-get-it-back/story-fnlrw4is-1227031179193?nk=359e8b6f47183efc5cd24dbc8b50573a

THE federal government agency meant to locate owners of $1.2 billion of “unclaimed” money no longer has time to do so because it has been overwhelmed by Bill Shorten’s decision to snatch more dormant dosh.

Not so long ago Australian Securities and Investments Commission (ASIC) staff would congratulate each other for returning — at no charge — more lost cash than money recovery agents, who take as much as 25 per cent of the amount found.  In 2009-10, ASIC proactively returned nearly $10 million. Money recovery agents returned just $7.8 million. ­Individuals doing their own digging found $9 million.  But figures obtained by The Daily Telegraph under freedom of information laws show that in 2013-14 ASIC did not return a cent. 

Meanwhile, those greedy money recovery agents located nearly $5 million, generating hundreds of thousands of dollars in fees.

The reason ASIC has stopped seeking out the rightful owners of lost cash is it has been overwhelmed by the former Labor federal government’s December 2012 decision to snatch inactive bank accounts and life ­insurance policies after three years, not seven.  The change, made while Mr Shorten was financial services minister, was designed to reap a net $93 million in 2012-13 as part of Labor’s ­ultimately unsuccessful bid to get the Budget back in the black. The value of bank accounts and life policies sent to ASIC in 2012-13 soared 687 per cent to $551 million.  ­Almost all of this increase was due to the three-year rule. Last financial year ASIC grabbed another $146 million from bank accounts and life policies, more than double the amount prior in 2011-12.  It is now holding $1.2 billion of unclaimed cash, once share dividends are included.

After the three-year rule was announced, ASIC had to redirect staff who had been locating owners.  First, it was to apply the time frame change then to deal with the consequences — the number of claims in 2013-14 was 1380 per cent higher than 2011-12 levels (38,500 v 2600).

The explosion likely occurred because most of those people hadn’t lost their account at all. They just hadn’t touched it.  “We cannot find the ­resources to be free from the amount of claims we are ­receiving,” ASIC’s unclaimed money spokesman Warren Day said.  Mr Shorten’s office referred inquiries to Labor’s financial services spokesman Bernie Ripoll, who said: “ASIC has dropped the ball here and the (Finance) Minister (Mathias Cormann) needs to put a rocket up them.” 

Unclaimed money held by ASIC for the federal government can still be retrieved through the ASIC website.

 

Last modified on
Rate this blog entry:

Comments

  • Aries
    Aries Thursday, 21 August 2014

    It seems as though ASIC need a rocket up their a*#se for not doing their job yet again.
    Can someone from Canberra tell us what it is exactly that they are getting paid for?
    It's certainly not for helping anyone that has had their money stolen from them.

    Reply Cancel

Leave your comment

Guest Wednesday, 18 September 2019