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BFCSA: ASIC blame Broker and do not investigate Banksters approval process - AGAIN!!!!

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The Australian Securities and Investments Commission (ASIC) has announced that two Sydney finance broking companies and their owner who were found to have engaged in unconscionable conduct have discontinued their appeal to the full Federal Court of Australia and have been ordered to pay ASIC's costs.


 The appeal arose from proceedings which ASIC commenced in relation to five clients of Australian Lending Centre Pty Ltd and Sydney Lending Centre Pty Ltd, owned and controlled by Christopher John Riotto, relating to conduct that occurred between 2005 and 2008, prior to the introduction of the current consumer credit laws which ASIC now regulates.


 ASIC and Australian Lending Centre have also agreed to impose a condition on Australian Lending Centre's Australian credit licence for the appointment of an independent compliance expert to conduct reviews of Australian Lending Centre's business (including reviews of client files) and to regularly report to ASIC on its review. Sydney Lending Centre has not applied for a licence under the new credit regime.


 In February 2012, the Federal Court found that Australian Lending Centre and Sydney Lending Centre engaged in unconscionable conduct by:


 having clients sign broking contracts for business loan when they knew clients wanted personal loans. The court found that the practical effect of this conduct was to remove important consumer protections provided by the Uniform Consumer Credit Code (UCCC) - which applied at that time


•in one case, brokering a secured loan over a client's house when it was known the client could not afford the repayments, and


in another case, exploiting the clearly identifiable disability of a client by having him sign a broking contract and loan with an interest rate of 5% per month, secured over his only asset


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  • Denise
    Denise Sunday, 18 November 2012

    The Riotto case proves that ASIC is unwilling to use its powers to look at the role of the Banksters and how and why the loans were approved in the first place. ASIC took the easy way out and merely nabbed the Broker. It looked no further into the scam of Australian mortgage fraudulent approvals and lending practices. ASIC remains condemned for not telling the whole truth. ASIC is not capable of an unbiased investigation into the banksters' approval methods. It predicatably went after the Broker. How do4es that assist the victims who complained to ASIC in good faith? All that happened is Riotto is fined and bansketrs remain protected. [email protected]

  • doyla66
    doyla66 Sunday, 18 November 2012

    I have found many lawyers don’t know what to do in court and what to refer to. They have no idea of the law in this area in my opinion, they need to led by the nose to case points and law to cite to the court.
    It is dismal the quality of legal advice and lack of understanding of the lawyers this includes barristers.
    Any going to court with a solicitor or barrister with this type of case needs to question the lawyer what is the case points being used.

  • doyla66
    doyla66 Sunday, 18 November 2012

    Gang of 36 escapes again

    Not one of them is brought to account by our 'watch puppy'.
    I wonder if those brokers would be prepared to release their mountain of emails to add to the 4,000 plus stockpiled by BFCSA Inc?
    That might be the only way they will get some retribution. ASIC has shown a very clear bias in the way they have handled this matter. Once again, ASIC has displayed their fear of following the links in the chain to get to the real originators of this mess. Denise has already published those links in a .pdf on this site so more than half of the path is available to those wasteful 'Watch Puppies'. Someone put a lead on them & show them how it is done -- please.

  • doyla66
    doyla66 Sunday, 18 November 2012

    ASIC quick tricks to distract public & senators from the obvious: BANK LOAN FRAUD

    ASIC are legendary around the world for being unable to track a bleeding elephant through snow.
    The result is that is anyone else steals their thunder publicly they have to either take the credit or prove the person wrong. It's a public service thing.
    Denise Brailey has been attempting to warn, counsel, educate and successfully made ASIC look like the bone head bean counters they are for around 20 years. ASIC have on more than one occasion tried to make out Denise's work was their work, especially when Denise and others had done all the work for years, arranged litigation funding, cared for the homeless, supported the elderly victims of vicious bank greed and then ASIC turn up with pamphlets and go "ta-da" and do media stunts to collect the accolades.
    This time Denise and BFCSA have gotten right under ASIC's skin. ASIC want Denise to be a "good girl" and hand thousands upon thousands of pieces of evidence. It's pretty hard for ASIC to discount evidence they haven't seen. And ASIC know that people in high places and senior media have seen the evidence. So ASIC's logic is to make sure the brokers are booked so the banks get off - and, of course, it's cheaper.
    Plus CBA announced that ASIC will protect them by restricting criticism of banks in the media. (Joke, Mr Turner!)
    ASIC were publicly shamed at the Senate Inquiry into Storm, into post-GFC Banking, in the televised Senate Estimates Committee and in the media. It wasn't hard: their performance was appalling.
    So the minister said "Do something"!
    Then ASIC pulled out something they could do quickly and relatively inexpensively to show their ability to spend their budget well and get better publicity.
    Only problem: ASIC continue to fail to see the bleeding obvious: the very public elephant in the room ie. the involvement of the Banks in the broker cases ie fraud and the ASIC and Bank duties to borrowers and brokers under Law. After all, lenders granted the loans and under Law lenders are responsible for unconscionable lending in the majority of cases. ASIC should read the cases that we have read which are publicly available on the internet.
    Of course thousands of cases related to Bank misconduct and loan FRAUD are currently going through FOS, under wraps, and they don't reach the public eye.
    ASIC working hard to overshadow the truth with their version of "ta-da": bread and circuses to keep the media, government and tax payers entertained.
    Nice try ASIC - we can see right through you. That distract the masses approach used to work, it doesn't now.
    Everyone has debunked ASIC shams and even mainstream media have blown open the ASIC media machine.
    We understand that a certain Mr Robinson outed ASIC for their deliberate effort to upset his Storm clients: ASIC was too busy doing damage control on behalf of CBA, while supposedly being on the side of Storm clients in the case - in the running for the "Classic & Public Conflict of Interest Awards" this year.
    Now the big question for me is:
    When are accused brokers going to wise up and tell all to BFCSA before they're publicly fried by ASIC?

  • doyla66
    doyla66 Monday, 19 November 2012

    interesting but Christoper Riotto was once the NSW President of finance brokers Association Australia FBAA

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