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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: "Major structural concerns re Australian Major Banks" and regulator Australian Securties and Investment Commission Sub Culture over Sub Prime Liar Loans

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Our Members have now amassed 1500 plus dirty Mortgage Liar Loans including UNVERIFIED FULL DOCS.  ASIC culture permitted banks to continue as normal.....................knowing ARIPs (Pensioners who owned their own homes) were being maliciously targeted by criminals in the Australian Banking Sector.  ASIC Former investigator tells us why ASIC developed sub-cultural problems.  We know the turnover of staff down there is nauseating!  ROYAL COMMISSION into Banking Sytem urgently required.   This email address is being protected from spambots. You need JavaScript enabled to view it.

http://www.investordaily.com.au/36114-asic-public-service-culture-criticised

ASIC Public Service culture critiscised 22 August 2014

Friday 22nd August 2014

A former ASIC staffer has taken the corporate regulator to task for its “heads on sticks” approach that has prevented it from tackling major structural issues.

Stephan Kasanczuk is a director of the consultancy firm WolfThink and a former investigator at ASIC’s predecessor, the Australian Securities Commission.

Speaking to InvestorDaily, Mr Kasanczuk predicted ASIC’s current scrutiny of big institutions like the Commonwealth Bank and Macquarie will be short lived.

“The only reason ASIC is dealing with the big players now is that there has been too much public outcry and that equates to bad politics,” said Mr Kasanczuk, who has also held risk and compliance governance roles at Colonial, ING Direct and the Arab Bank.

“Once the heat dies down a little it will be back to focusing on financial advisers, managed investment scheme operators and smaller players,” he said.

Mr Kasanczuk said that the corporate regulator’s ability to take on the major institutions is limited due to the fact the directors and executives of these institutions have the “financial backing to take on the regulator in court” and are in possession of “political connections”.

The consultant also criticised ASIC for allowing institutions to oversee their own client compensation and advice review processes, arguing there is a “conflict of interest” present even where external reviewers are appointed, and that the process should be overseen by “an external party similar to [the Financial Ombudsman Service]”.

 

While in its formative days ASIC had a collaborative approach to regulation and employed a wide range of “market participants”, it is now subject to the “public service culture”, Mr Kasanczuk said, adding that this shift in regulatory approach to one that is more concerned with “heads on sticks” has made it ineffective in tackling major structural concerns. 

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  • Aries
    Aries Saturday, 23 August 2014

    Of course it will be short lived if indeed they are doing anything at all. Even if they are you can bet
    their will be a loop hole there somewhere for the banks to wriggle out of the obligation to the victims.

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