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BFCSA: Senators - do we really need ASIC? NO, due to $200 billion in financial carnage for citizens. Australia needs new Federal Consumer Protection Bureau

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Quite simply, the reason ASIC has under performed, causing wide spread misery for consumers of financial products and services, is due to the FACT that the Australian Consumers and Investment Commission inherited a massive conflict of interest in attempting to serve two masters.  After the Stan Wallis Inquiry, Phil Hanratty's critique pointed out the possibilities of this conflict.  Government at the time decided that would be true if only one departments but ASIC had several departments.....a little backward thinking of course.........but there we are!   The solicitor mortgage scandal cost citizens of this great nation over $1.5 billion recorded in 2000.  Spruikers ensured another $2 billion disappeared from retiree savings, aided by the Banks.

Next came the spectacular collapses of the managed investment scams - again by operators licensed by ASIC and sold by those licensed by ASIC.  ASIC simply handed out a few fines.  By 2006, I asked the Chairman: what's the update on Lucy's 2005 figure of $5 billion in losses.  D'Aloisio announced $35 billion in losses in response to Parliament (my questions) but then said: "wait there is more."  He mentioned categories.  I choked! what categories?  He had never mentioned those.  I asked media to dig further.......ah yes he really meant there are $80 billion of Mums and Dads savings at risk and likely that its already gone....we just wait for the cracks to appear and the Liquidators to rub their hands with glee!

Now we have losses brewing since 1999 in the covert world of toxic mortgages a la the Banksters and estimates would be the boast of 2005 of $50 billion (x 2) that's $100 billion.

Just who was ASIC protecting?  Obviously not consumers of mortgage investments, managed investment scams, promissory note scams, ANZ two tiered marketing scams, Low Doc and Full doc lending scams....and losses pile upon losses.

ASIC'S NEGLECT caused $200 billion of questionable transactions and no-one in Government sees fit to ask why?  No-one except BFCSA members are suggesting a Royal Commission into Bank and Finance.....because?

I think its high time citizens who have suffered devastating financial loss, start to take regulatory control into their own hands and demand changes.

This country has economic problems, hence the daily announcements of austerity measures.  These are necessary, not because of a slanging match between the political divide, but because no-one questioned the integrity of the corporate regulator and we ignored the massive conflict of interest flagged by Hanratty in 1996.    The ASIC FOLLY has cost citizens (mostly older Mums and Dads) around $200 billion in losses and rising!

The Evil Banks and its Banksters have done to Australia what bankers have been taken to task for in every other country.  Now the perpetrators in the USA and the UK are jumping out of windows.  Well you people that engineered the service calculators and Low Doc Loans, the toxic managed investment schemes (yes banksters at the forefront of those too, assisting "distressed developer" clientele and their own bonuses) are directly responsible for the nation's current economic worries.

The task we have ahead of us is to convince the Senators that they have one opportunity to put out an outstanding report on ASIC - warts and all.  Ladies and Gentlemen its time to put your hands up.

We have the proof, the evidence and we have completed our homework....a ten year investigation into this sorry mess.  Its a community effort worthy of David and Goliath.  In fact Goliath was ASIC, busy little bees on cover-up duty, decided to shred every bit of of evidence that we have presented for the past 15 years.  However we kept copies.

We need a Federal Consumer Protection Bureau with full powers to lay criminal charges and jail those who threaten our unique way of modest living for most citizens and above all uphold the values we were brought up on: common decency and truth.

If the Senators fail to respond we can expect more of the same plunder down under.    This email address is being protected from spambots. You need JavaScript enabled to view it.


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  • doyla66
    doyla66 Saturday, 01 February 2014

    Social Media is a good way of putting out to the world how corrupt our banking system and how corrupt our regulators

  • doyla66
    doyla66 Saturday, 01 February 2014

    Oh what a very tangled web they have woven and look at all the blood now on their hands!

  • doyla66
    doyla66 Saturday, 01 February 2014

    FOS,COSL backed in by stinking ASIC say we can see no FRAUD HERE.

    In my own and many other cases I have knowledge of all the paperwork has overstated incomes, overstated assets, many anomalies in fact too many to mention and yet the latest catch cry is show us the evidence of tax figures being supplied to your lender at the time of your loan being written up. The sheer fact is that even if you never supplied taxation figures to back your income the banks know exactly what you earn long before you hand over any of your accountant figures because they are directly linked to the ATO (Australian Taxation Office) how do you think the ATO know exactly what interest you declare. The Banks, The Regulators, The Government and the Australian Taxation Office are playing us all as fools. Well guess what we are FOOLS NO LONGER out the other end of this total fiasco will be a very educated bunch of outspoken, cant be taken for a ride citizens that will demand MONETORY EDUCATION right from the earliest of school years. It is now being constantly put out there to the masses that ASIC has a great money management site available on line, WELL IF THEY CARED THAT MUCH ABOUT THE FATE OF CITIZENS WHY WAS THERE NO WARNING ABOUT LOW DOC, NO DOC LENDING EVEN WHEN THEY KNEW IT WAS BANKSTER ENGINEERED TO TRAP ARIP's. This latest effort at looking like they care is merely a showing of guilty conscience for the dismal display of regulatory non control we have seen from them in the past. If there is real intent from our regulatory jellyfish to get thing back on track and bring the country back to balance it would demand the BANKSTERS dissolve the toxic mortgages return the victims of their filthy plight to steal decent peoples assets back to the position they were in before they met their BANKSTER and apply sanctions to make sure this is never happens again. Both the offshoots FOS AND COSL are constantly putting up blocks for the Banks allowing them longer to respond allowing their lawyers time to go over every inch of your contract just trying to find that one loophole. We the victims must be doing a great job (just telling the truth and suppling the facts) while the Banksters pick the eyes out of our cases because they know what crime they have perpetrated while they get the armchair ride assisted by the REGULATORS. My advice never take no for an answer, we all understand its stressful but we can not let these BASTARDS win, we as Denise has put it are taking on a David and Goliath battle that we must stand firm against their criminal behaviour as future mortgage takers are reliant on us to make thing honest again. Roll on the Senate Committee Hearing, please make it count gentlemen this countries future is very much reliant on the outcomes you decide. KEEP BANKING HONEST AND MAKE THEM ACCOUNTABLE FOR THEIR ACTION, ITS IN EVERYBODIES INTERESTS.

  • doyla66
    doyla66 Saturday, 01 February 2014

    Feel the fear chaps as judgement day draws closer...we are not missing one second of the coming showdown. Suffer the way you made us suffer....karma is universal law.
    Do unto others as you would have them do unto you....

  • doyla66
    doyla66 Saturday, 01 February 2014

    The is a distinct smell around ASIC and getting worse everyday. Looks like ASIC are going to cop a licking in the inquiry. It is about time. How many years do honest Aussies have to put up with a consumer body that does not look after consumers. Turn the old blind eye trick.

  • doyla66
    doyla66 Saturday, 01 February 2014


    may the light shine through in feb 2014
    bring on the royal commission and may the worms slither from the can to jail.
    Agree Ali.......KARMA will bite those who have committed the crimes right where it hurts.
    NT is right, faith keeps some going and there is light at the end of the tunnel not to far away

  • doyla66
    doyla66 Saturday, 01 February 2014

    They got me... or did they?

    I am new to the forum and this is the first time I have read any of the blogs.
    I have just read the blog written by Thomas Giles who explained how the banks are directly linked to the Taxation department and this baffled me to say the least. Not for the obvious reason, shocked at banks and the Tax Dept. being closely linked, but for the fact that when I applied for my business loan in 2009, I was a non resident of Australia and had not submitted an Australian Tax form for around 30 years. (I am now a resident again, paying Australian Tax and on the electoral roll.)
    If the banks and the Tax Dept. are so closely linked, why was I able to borrow so much money?
    Who verified my income?
    My assets were overstated, another loan ($139k from a private lender but through the same loan broker) and credit cards monthly payments were not mentioned on the LAFs and a good chance that at least two of the properties used as collateral were not properly evaluated at the time!
    I have my LAF’s, not a faxed copy but enough to show that I did not sign the Acknowledgement of Alternate Lenders on the back of two of the three loan forms.
    More research and perhaps I need to look into having a go at the bank!

  • doyla66
    doyla66 Saturday, 01 February 2014

    I'm telling my son to never commit to any loan minus dotting i's and crossing t's and to insist on a paper copy at the point of signing anything. Up to us to educate them re what is legal for his generation alas are who are going to have to try and sort out the unholy mess and they are all already locked well in with HECS debts up to their ears before they even get started.

  • doyla66
    doyla66 Saturday, 01 February 2014


    good point organza....
    they are horror stories as well.
    i know of students that owe $100K in schools fees.
    these kids are our future & look how they are treated.......
    they are behind the 8 ball before hey even get started in life.
    this country is one big MESS

  • doyla66
    doyla66 Saturday, 01 February 2014

    $200 hundred million is probably only the tip of the iceberg. When the time comes and the banks come to heel I imagine there will be hundreds of Aussies step up to the plate with their fraudulent LAF's.

  • doyla66
    doyla66 Saturday, 01 February 2014

    Yep not just forgotten their ABC but their ones and zero's as well. Probably need to add another zero or two to the real total!

  • doyla66
    doyla66 Saturday, 01 February 2014

    ASIC's answer to everything when caught out......we did not know, thanks for telling us, we will look into it.


  • doyla66
    doyla66 Sunday, 02 February 2014

    None of them have ever grown up have they? All they do when caught out is lie like naughty children caught stealing from the lolly jar!

  • doyla66
    doyla66 Sunday, 02 February 2014

    Asic knows what's going on. Fos Cosl Apra and previous and current PM's know what's going on. Federal Police, the Fraud Squad, Treasury etc etc. Even the Governor General knows, as all members wrote to her and to every Government Department.
    So now everyone in the Government circle knows about the scam but no one is courageous enough to rock the boat for fear of affecting Australia's financial stability. The truth cannot stay hidden for ever so watch out banksters....Asic's lies will sink to the bottom while bfcsa's truth and evidence rise to the surface. Barrel loads of Truth will all break open at the Senate Inquiry this month and mainstream media will start to pick up on it as more and more evidence is revealed. This has to then lead on to a Royal Commission into BANKS/Lenders who approved these toxic mortgage loans.

  • doyla66
    doyla66 Sunday, 02 February 2014

    Yes indeed and could not have summed it up better myself -
    When people are referring to an "emperor with no clothes" scenario, they mean that other people are collectively denying the truth of the situation. So it takes one person with the guts (or naivete) to speak the truth and blast through the corporate BULLSHIT.

  • doyla66
    doyla66 Wednesday, 05 February 2014


    And that's our nighties in shining armour..... DB

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