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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: Prime Minister and Senator Cormann wants ASIC to cease regulatory oversight into Finance Sector

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Obviously, ASIC was a waste fo money - but then no regulatory oversight into financial products and services - run by the Banking Cartel - that's caused the Global Financial Crisis.  Sounds like Hewey Dewey and Louey in charge of This email address is being protected from spambots. You need JavaScript enabled to view it.

Budget 2014: ASIC's funding cut in move away from financial sector oversight

BY LEXI METHERELLUPDATED THU 15 MAY 2014, 9:17 AM AEST

The Federal Government is cutting funding to the corporate watchdog, as it pushes for less regulatory oversight of the financial sector.

Over the next five years, $120 million will be pulled from the Australian Securities and Investments Commission's (ASIC) funding.

A spokeswoman for Finance Minister Matthias Cormann, the minister responsible for ASIC, says the saving is necessary for the Government to repair the budget.

But less than a decade after banks sparked the global financial crisis, the Government is signalling it wants to reduce regulation of the sector.

Parliamentary Secretary to the Treasurer Steven Ciobo told a post-budget breakfast in Sydney on Wednesday morning the Government is in favour of more "self-regulation".

"The Government thinks that there is scope for the financial services industry, and for all the other industries, to self-regulate more," Mr Ciobo said.

"There will always be (as a general statement of principle) our preference for self-regulation over the need to have a regulator [that is] tax-payer funded intervening in the field."

When asked whether the cuts would reduce ASIC's power as a regulator, the Finance Minister's spokeswoman said "ASIC will continue to be able to perform its statutory objectives".

The Government says it will be up to ASIC to decide how it allocates its reduced funding. ASIC is yet to reveal its plans.

The Financial Planning Association's Dante De Gori expressed concern that ASIC could raise the prices it charges for services.

"In particular we will be keeping a watch on the impact to the funding in respect to any adverse effect in terms of licensing costs, and the like, for financial planners," he said.

"We will also seek to ensure no impact on the regulator's services and capacity to monitor and supervise the industry."

The former Labor government had lifted ASIC's annual funding from $304 million to $350 million last financial year.

The regulator also generates hundreds of millions of dollars in revenue through functions such as registering business names.

The registry may be privatised, with the Government setting aside $11.7 million to examine its sale, as well as the sale of Australian Hearing, Defence Housing Australia, and the Royal Australian Mint.

Do you know more? Email This email address is being protected from spambots. You need JavaScript enabled to view it." style="color: #294e79; -webkit-tap-highlight-color: rgba(52, 123, 189, 0.247059);">This email address is being protected from spambots. You need JavaScript enabled to view it.

http://mobile.abc.net.au/news/2014-05-15/budget-2014-funding-cut-to-asic-business-regulation/5453816

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