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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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Subscribe to this list via RSS Blog posts tagged in ASIC blamed for CBA protection
Bit of historical value from Gladys.  We like our readers to be fully informed  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.fxweek.com/fx-week/news/1546707/lehman-gains-cba-split Lehman gains from CBA split Source: FX Week | 17 Dec 2007 Categories: Accounting, People SYDNEY - The Commonwealth Bank of Australia's (CBA) decision to split its global markets and treasury business is playing into the hands of local competitors Lehman Brothers and the National Australia Bank. Marten Touw, previously head of global markets and treasury at CBA in Sydney, began a new role as head of fixed income at Lehman Brothers Australia on December 3. He reports to Ben Harding, chief operating officer in Sydney, and Hyung Lee, head of fixed income for Asia-Pacific in Tokyo. Vincent Hau, previously Sydney-based general manager of products and training in CBA's global markets and treasury division, also jumped ship to Lehman in the first week of December. Hau is now Lehman's head of liquid markets, Australia, which...
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ASIC finally wakes up to everyone else's nightmare DateJune 16, 2014 Read later John Addis http://www.smh.com.au/business/intelligent-investor/asic-finally-wakes-up-to-everyone-elses-nightmare-20140616-3a7me.html   Misconduct claims widen in CBA's planning scandal The Stockholm Syndrome is a psychological process whereby a hostage identifies with their kidnapper, to the point of defending the kidnapper's reasons for their own capture. For the past eight years ASIC appears to have been suffering from a similar condition, with only the public revelation of wrongdoing, rather than wrongdoing itself, provoking action. The Senate hearing into ASIC's performance shows the regulator emerging from its captive state to see the true state of financial planning at Commonwealth Bank. The daily revelations of big bank malpractice and regulatory inaction is a real-life horror show. In her work covering ASIC's investigation into Financial Wisdom and Commonwealth Financial Planning, both owned by CBA, Fairfax's Adele Ferguson reported on a 'mystery shopper' exercise conducted by ASIC in 2007. Covering 51 randomly selected planners, the...
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Commonwealth Bank compensation bill may run to multi millions DateJune 14, 2014 Read later Adele Ferguson and Ruth Williams   inShare submit to reddit Email article Print Reprints & permissions   EXCLUSIVE Illustration: Simon Bosch Misconduct claims widen in CBA's planning scandal The Commonwealth Bank could be forced to pay hundreds of millions of dollars in additional compensation to customers who claim they were victims of misconduct including fraud and forgery in its financial planning business. A powerful Senate inquiry into the Commonwealth Bank's financial planning scandal is set to hand down a report later this month. Fairfax Media understands that it will call for a broadening of the compensation being offered to thousands of customers. The chairman of the Senate inquiry, Senator Mark Bishop, told Fairfax Media he was not satisfied that adequate compensation had been paid to affected customers of the bank, some of whom lost their life savings...
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http://www.theage.com.au/business/which-bank-is-on-notice-after-asic-probe-into-scandal-20140519-38k5v.html   Which bank is on notice after ASIC probe into scandal?  Business Date May 20, 2014 Adele Ferguson  smh   Commonwealth Bank could face suspension or cancellation of its two financial planning licences if it breaches new conditions imposed on it late last week by the corporate regulator.  In the latest embarrassment for the CBA over the financial planning scandal, ASIC slapped the new conditions on the bank's licences on the basis its compensation process for customers of dodgy CBA planners was inadequate.  Imposing licence conditions rather than entering an enforceable undertaking speaks volumes about how serious ASIC is taking the latest development.  The fact that CBA has agreed to these conditions and waive its right to challenge them at a hearing shows how serious it is taking the regulator on this matter.  The Senate inquiry into ASIC's performance was sparked by ASIC's delayed response to information about a cover-up...
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ASIC is mischievously misguiding Parliament and the Senators re Public Calculators.....BFCSA are speaking of Internal Serviceability Calculators that ASIC permitted banks to use to assess loans and banks refuse to hand over copies to the victims.  ASIC permitted Banks to give the Brokers the Passwords.  We have copies of passwords for most banks (see Breaking News documents above).  ASIC has failed to mention the discussions that took place in 2005 re internal bank secret serviceability calculators.  Do not fret - we have copies.  THE TWO CALCULATORS are totally different and ASIC is attempting to mislead the Senators before they appear at the Inquiry.  But they did admit in 2005: â€˜However, ASIC is also aware that calculators can mislead consumers if they are not designed responsibly. ' YES INDEED "mislead borrowers in $57 Billion worth of TOXIC LOANS and 18% toxic FULL docs of the $1.28 Trillion mortgage market IR 05-64 ASIC releases policy on calculatorsTuesday 20 December 2005ASIC has released its...
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  • doyla66
    doyla66 says #
    Thankyou, Denise. I hope all relevant Senators are on the page with the existence of the second calculator and the fact that both
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Dear members  I am not an overly smart man but I'm not stupid either.ASIC's first submission to the Senate Hearing even I can see as an act of desperation and an exercise in damage control. Firstly ASIC states in their introduction a lot of commissioners, senior executives and senior staff are no longer at ASIC, I am assuming this is their way of saying they can't be referred to or questioned but surely a little thing called a subpoena can be called upon. In this first installment submission  ( There's more to come before the hearing ) ASIC mainly deal with the whistleblowers and Don Nguyen. In this eighteen page submission not once does ASIC mention the name Commonwealth Bank and their involvement in it. Once at the beginning they call it Commonwealth Financial Planning Limited and then hence referred to as CFPL. No doubt Nguyen was the sacrificial lamb.  52...
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  • doyla66
    doyla66 says #
    Well said, Neil. The present form and culture of ASIC has deteriorated to the point of being intolerable and unsustainable. ASI
  • doyla66
    doyla66 says #
    Just an extremely pathetic attempt to try and say they were trying to do everything they could. Stop the crap and admit your syste
  • doyla66
    doyla66 says #
    ASIC 'obfuscator' Kell; "dealing with CFPL could have been quicker/more transparent; we stand by outcomes achieved; People lost mo
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ASIC faces inquiry over CBA rogue planners DateJune 19, 2013 - 3:56PM Read later smh:  Adele Ferguson and Chris Vedelago 'ASIC is a problem as an agency,' the Senate has heard. Photo: Peter Braig Whistleblower: ASIC has let down CBA's victims ASIC deputy chief: We took the right action Fairfax Special: Exposed - Planners go rogue The corporate watchdog will face a Senate inquiry into its performance that is likely to embroil the Commonwealth Bank and raise questions about the effectiveness of new financial reforms. This kangaroo court of ASIC needs to confront a parliamentary inquiry.  A notice of motion was put in the Senate this afternoon by Nationals senator John Williams and supported by ALP senator Doug Cameron and Greens Senate leader Christine Milne, showing unanimous support from all sides of politics. CBA timeline. Senator Cameron said the inquiry into the Australian Securities and Investment Commission will be wide ranging, and...
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  • doyla66
    doyla66 says #
    Why would ASIC demand FOS and COSL insist lenders put loans on freeze? The bastards are still denying anything is wrong. Remember
  • doyla66
    doyla66 says #
    I wonder how IOSCO, IMF, Fitch, S&P etc are viewing this development with our corporate regulator? As I understand it ASIC is the
  • doyla66
    doyla66 says #
    I agree Duped and Medcraft and Kell should be stood down immediately at least until the outcome of the investigation is known. Th
  • doyla66
    doyla66 says #
    Now would be the perfect time for ASIC to demand FOS and COSL insist lenders freeze future payments for borrowers who have registe
  • doyla66
    doyla66 says #
    Asic can never again be trusted - once a liar always a liar. Abandonment of Asic is the only way to start a fresh new beginning wi
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