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BFCSA: Senate Submissions up to 382 and rising. No good words for ASIC in a 14 year Mortgage Consumer vs Major Banks war zone

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The Australian Securities and Investment Commission ("ASIC")  is under fire in a major way.  The gates are open for everyone to send in a submission and a second one if you so choose.  ASIC had three tasks: the regulation of financial products and service - banks were the engineers , consumer protection a priority and, consumer confidence in the market place - the world of Banking.

End users of ASIC's services, for over a decade, have slam dunked ASIC's ability to master the art of consumer protection and consumer confidence.  The submissions show the regulator has failed on all levels.  The bleating of apologist Greg Medcraft as Chairman of this debacle are pointless at this late stage.  He had a chance to get tough and acted as a limp lettuce, pursuing instead, his own career ambitions as head of IOSCO.   His lordship spends his days on junkets around the world doing very little if anything, for consumers in Australia.  

IOSCO has not held any benefits for Australian Consumers or they would not be under threat right now of loss of home and financial well-being.  We note that Mr Medcraft does not suffer from the same ailments as the constituents he has sworn to protect.

Queen Victoria may well have said: "off with his head."  But we are civilized society now and suggest he merely enjoy another junket and gather his thoughts together.  

When I asked to have a private meeting with me to explain the major issues,  he rejected the notion as if a little beneath him.  Oh well.  He quietly suggested I cannot wander into a Police Station and ask to speak with the Chief..........  Oh dear: you see Greg have done just that, over the past 20 years and received no such pompous notion.  We are the PEAK CONSUMER GRASS ROOTS BODY in Banking and Finance.  We may be small in numbers but that does not diminish our message in any way.  I have met with many Heads of Fraud Squads in several States in Australia and including New Zealand and have been given the courtesy of a hearing and action being taken.

Generally these officers of the people have a reason to follow and listen to what we may have to offer by way of intelligence.  ASIC suggested in 2003, we were an "excellent source of intell."  Just because we are exposing bank scandals on a grand scale is no reason to shoot the messenger.

For the first time in our history ASIC has been ordered to attend the Inquiry to answer questions and this time (as against Estimates hearings and questioning) we do not want to hear......................."can I take that question on notice!"  You are paid close to a  million dollars a year Mr Medcraft, to be fully briefed and KNOW the answers..........................One Million Dollars is more than most people ever see in a  lifetime. To receive that figure every year is obscene.  For Bankers to receive 4x that figure is criminal incentive to rob everyone in their path.  

Its time for us all to be able to speak TRUTH TO GOVERNMENT about the shocking crimes going on the the finance and banking sector.  Its time for all of those out there who are aggrieved to band together and fight back and its time for ASIC to wake up from its 14 years slumber party.  The tide is turning and there are angry storms ahead.

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  • doyla66
    doyla66 Friday, 06 December 2013

    Medcraft on You Tube while US regulators act

    No one is too big to jail, Wall Street cop says
    Although Hollywood has a movie starring Leonardo DiCaprio as the "wolf," the real one may not be the trader but rather a regulator.

    Indeed, 2014 could be a very interesting year on the Street.

    How interesting? Let's have a look:

    Someone BIG is getting steel bracelets
    In 2013 the world of finance was rocked by high-profile cases against JPMorgan Chase and SAC Capital that highlighted a year of aggressive enforcement from regulators. But while the targeted firms paid billions in penalties and suffered public shame, there were precious few high-profile arrests.

    Look for that to change.

    During a fairly stunning presentation at the Delivering Alpha conference in July, Preet Bharara, U.S. Attorney for the Southern District of New York and main sheriff of Wall Street these days, rebuffed the notion that anyone is beyond prosecution. His remarks at the assembly of prolific investors—presented by CNBC and Institutional Investor—seemed at the least to be a shot across the bow.

    (Read more: No one is too big to jail, Wall Street cop says)

    With Wall Street banks facing more than $100 billion in fines and legal costs associated with their behavior leading up to the financial crisis, it almost seems a fait accompli that criminal charges for a major player aren't far behind.

    I don't know who, but I'm betting someone huge goes down.

  • doyla66
    doyla66 Saturday, 07 December 2013

    Submissions 120 and 194 - some balance

    worth a read

    ASIC‟s performance
    We are generally very impressed with ASIC's performance as a regulator of the areas of consumer law that we relevant to our work.
    Our Regulator Watch report found that ASIC:
     has a steady record of enforcing the consumer law;3
     is a clear leader among other regulators in clarity and comprehensiveness of how they
    report enforcement activity;4
     communicates well with the public through the media and through its excellent
    MoneySmart website which provides accessible guidance and tools for consumers5; and

    The performance of the Australian Securities and Investments Commission Submission 120
     (along with the ACCC) should be seen as a model for State and Territory regulators looking to improve their performance.6
    While we have some concerns with ASIC's ability to respond in a timely way to matters referred to it (discussed below), we are overall pleased with ASIC's collaboration with consumer advocates, particularly through the Consumer Advocacy Panel (CAP). The CAP provides a direct line of communication between consumer advocates and senior ASIC officials including the Deputy Chairman Peter Kell and frequently the Chairman, Greg Medcraft.
    The recent introduction of a CAP “matters register” will enable progress of matters referred to ASIC from CAP members to be tracked at each meeting. This initiative was adopted as a response to a recommendation in our Regulator Watch report for regulators to set up improved systems to regularly and routinely report to consumer organisations on progress and outcomes of complaints made by or through those organisations. We would encourage ASIC to consider further the ways in which it can keep complainants as well as the broader public informed of the progress of investigations without impinging upon the levels of confidentiality required to progress investigations. We understand ASIC must comply with confidentiality provisions pursuant to section 127 of the Australian Securities & Investments Commissions Act 2001 (Cth), which are stricter in comparison to other consumer regulators like the Australian Competition and Consumer Commission. While confidential investigations are necessary for procedural fairness, confidentiality must be balanced with the public interest resulting from the public and consumers being confident that the regulator is responsive to complaints.
    ASIC also provides funding for research projects on topics of concern to CAP members. In our experience the discussions at CAP meetings are informative, frank and useful, which compares very favourably with the common experience of meeting with government or industry representatives who can be unwilling to respond openly to questions or concerns.
    In addition to the CAP we also have regular meetings with senior staff in ASIC's Melbourne office to track the progress of matters referred to ASIC and sharing information.

    also Submission 194

    We are aware from calls to our Centre that many consumers are being given advice by a consumer support group, Banking & Finance Consumer Support Association, that would appear to be not well founded in law. While some of these borrowers have definitely been adversely affected by poor lending practices, the remedies available at law at the time, and even now, are not as extensive as some borrowers have been led to believe. Many borrowers are being advised to stop making payments on their loans altogether and are risking the repossession of their properties as a result (in addition to possibly being liable for further interest, charges and enforcement expenses).
    The NCCP Act has introduced new remedies in the form of compensation. These laws only apply to loans made on or after 1 July 2010 or 1 January 2011, depending on the entity involved. These laws are untested in the courts but it is highly likely that similar legal principles will apply in so far as people will be compensated for demonstrated losses only. They will not be able to unjustly enrich themselves (get a free house) and any compensation payable may be reduced if the Court determines that the consumer contributed to their own loss (by, for example, providing false and misleading details themselves or signing blank forms).

    ED: WE allowed this chap to have his say......obviously an ASIC plant
    We have not edited this piece, but we will reveal that the person who wrote it found it necessary to use a fake email. How much integrity does he/she have? We say ZERO.................The FACTs speak for themselves. If anyone wants to know his/her email its [email protected] Well "ello 'ello 'ello.................what have we here?....a worm from ASIC. And we know we are constantly getting up ASIC's [email protected] (my real email)

  • doyla66
    doyla66 Sunday, 08 December 2013

    Dirty Deeds Done Dirt Cheap

    So ASIC would rather see borrowers adrift in the sea of confusion and pain, all on their own and up against it, completely without support? Of course! That's in the interests of the markets, isn't it?
    When it comes to legal competencies ask any law firm that dealt with ASIC. Ask anyone who saw the Senate Inquiry 2012. Ask any member of BFCSA. Ask non-BFCSA consumers affected by fraud. Ask politicians on the quiet and off the record.
    Legal letters before or after a name do not necessarily convey authenticity. Nor do fancy titles and hype. Capacity is determined by evidence of skills and competency plus proven experience over time. Beyond LAFs, there are many other forms of fraud. Be on the look out for fakes: written, mailed, talking or walking. Attend to details, trust only your proven inner circle, beware of snakes in the grass. Treachery abounds. No doubt there will be some cool rational intellectual explanation for that as well or dismissal as "conspiracy theory". Those old chestnuts have been over used: try the actual factual truth instead. There are expert witnesses analysing evidence on a daily basis. Pay attention to their wisdoms.
    When organisations churn through masses of work they make mistakes and assumptions. Well, you know what they say about "ass-u-me", and ASIC is no exception, nor is FOS. Under pressure they're even worse, as they fast forward to clear the racks. And every time consumers suffer the injustices of mass produced "help" - until they say, loud and clear "STOP"! One size doesn't fit all. And as speed escalates the risk of undetected fraud or fakes is more likely to be overlooked - willful blindness - and even covered up quietly.
    Put simply - Royal Commission into Banking and Finance - the sooner the better, for the sake of all Australians. Let's examine the evidence, deal with it like grown ups, attend to the errors, fix the problems, censure or jail the law breakers and then clear the air.

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