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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: Useless ASIC about to sell of techno data for $1 Billion - towards Compo for Consumers perhaps?

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Time for ASIC to pay the Piper.  I noticed Budget set to carve up ASIC.  Should have been executed long ago.  We now need a Federal Consumer Protection Bureau with Serious Fraud Unit.  They will find a lot of data errors and deliberate wipeouts in their system as we have found over 15 years.  Many coy directors have six DOBs.   So a private concern gets the benefit of all this data but the public do not?    Certainly ASIC was wallowing the info to collect dust!  Might as well sell off all our libraries!!!!  ASIC needs to be chopped up and sold off bit by lousy bit.  Have you noticed the Prime Minister is determined to get rid of all these monoliths of uselessness, but ASIC is a cash cow.  So its a sell off of the generated $750 million per annum income.  OK SO ITS BACK TO 1950's BUYER BEWARE for consumers.  That's OK as long as we all know that BEFORE we sign a contract or mortgage document.  Better there are no regulations or pretend regulators, than lied to and made to believe there are criminal sanctions against bankers who break the law on a daily basis and utterly protected from scrutiny by lazy regulation techniques!

Better we are warned we are on our own than being lied to that there is CORP REGULATION in Australia.  The Banks are a Law Unto Themselves.   This email address is being protected from spambots. You need JavaScript enabled to view it.

ASIC's registry function could be sold for $1b

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by Calida Smylie | 16 May 2014
 
The federal budget has earmarked $11.7 million in 2014-15 for studies to look into ownership options for a variety of government assets, including the registry function of ASIC.
 
The immense database provides information about Australia’s 1.9 million companies, business names, and financial service licensees.
 
In February, ASIC chairman Greg Medcraft foreshadowed the budget announcement, telling the economics references committee the corporate register was “frankly, a technology business”.
 
The registry would reportedly attract as much as a $1 billion price tag.
 
It generates about $535 million in reporting fees, earns more than $90 million a year from business names and searches for corporate details, and carries annual costs of about $140 million, according to The Australian.
 
The sale could lead to a restructure of fees that could produce savings for small businesses, which mostly register their details with ASIC, paying an annual fee.
 
On the other hand large financial services and credit providers may be charged on a user-pays basis for the services.
 
One of the government agencies hit hardest by the budget is the Australian Taxation Office, which will lose more than 2,300 staff by 2014-15.
 
A Roy Morgan survey conducted after the budget announcement shows the large majority of Australian consumers (88%) and businesses (74%) overwhelmingly feel the budget will not benefit them.
http://www.brokernews.com.au/news/breaking-news/asics-registry-function-could-be-sold-for-1b-187616.aspx
 
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