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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 Doomed to Failure
ASIC is stealing your money: by:John Rolfe Public Defender From: The Daily Telegraph August 21, 2014 http://www.dailytelegraph.com.au/news/opinion/asic-is-stealing-your-money-find-out-how-to-get-it-back/story-fnlrw4is-1227031179193?nk=359e8b6f47183efc5cd24dbc8b50573a THE federal government agency meant to locate owners of $1.2 billion of “unclaimed” money no longer has time to do so because it has been overwhelmed by Bill Shorten’s decision to snatch more dormant dosh. Not so long ago Australian Securities and Investments Commission (ASIC) staff would congratulate each other for returning — at no charge — more lost cash than money recovery agents, who take as much as 25 per cent of the amount found.  In 2009-10, ASIC proactively returned nearly $10 million. Money recovery agents returned just $7.8 million. ­Individuals doing their own digging found $9 million.  But figures obtained by The Daily Telegraph under freedom of information laws show that in 2013-14 ASIC did not return a cent.  Meanwhile, those greedy money recovery agents located nearly $5 million, generating hundreds of...
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  • Aries
    Aries says #
    It seems as though ASIC need a rocket up their a*#se for not doing their job yet again. Can someone from Canberra tell us what it
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BIG POINT HERE IS:  There are 100 plus, on our list of villains........................why hasn't ASIC closed them down? Behind all these spruikers there are Bankers as when the time is right to hit these poorest of people will be fed like christians to the lions - to the lenders with the worst track record for future loans!!!!   Behind every misleading Spruiker there is a hidden evil Banker. Why hasn't Parliament outlawed PROPERTY SPRUIKERS when we complained back in 2001 to the Howard Government and in particular the then Finance Minister Joe Hockey?  Property Spruikers prey on the most vulnerable.  Rent to Buy is nothing new - old scams leading more vulnerable people into the waiting arms of bankers and high cost risky Liar Loans.  Nothing changes.  Banks need more cannon fodder to assist their developer clients of the bankers with distressed properties.  We know how the game is played and so does...
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  • setup
    setup says #
    Yes we are the poor unfortunates who innocently fell into their well organised trap and now are left to struggle through life the
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Chairman Medcraft knows that pensioners have no money for lawyers.  He knows there is only a chance of class action AFTER you lose your home: ie for HOMES LOST CLASS.  He knows there is no chance of getting class funding to SAVE HOMES.  Then he states: “Mr Medcraft said class actions backed by litigation funders was a welcome development that complemented what ASIC did. Yes Greg – you just want the funders to do YOUR JOB whilst you sit like Mother Hen on all the obscene “accumulated funds” that ASIC has at its disposal.  Problem Greg: you did not use the funds for the past decade of LOW DOC LOAN VICTIMS.  Instead you allowed Banks to run up even bigger debts for pensioners and those on centrelink benefits. You are a worm Mr Medcraft, and a W Banker and no help to Consumer Protection at all.  You did provide heaps of...
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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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Gladys - our intrepid researcher has found these gems  We suggest all victims of LOW DOC LENDING and TOXIC MORTGAGES, broaden your knowledge of FOS................................32,000 complaints per year show that these TOXIC fraudulent, unaffordable (implode in 5 years) 30 year loans have been going on for over a decade, and continue to do so.  Had proper action been taken by ASIC against the BANKS involved, FOS would be back to handling 70 complaints per year!  Now FOS is busy trying to invent ways to fast-track complaints and find excuses to close files.  Like the BLANK FORM SCAM.  No-one signed blank forms...............its a magician's trick!!!  Three pages are pre-filled in - standard industry practice.  We collectively KNOW THAT to be true.  You need to join BFCSA to find out how to watch out for Banker/FOS tricks. Is FOS' "ethics" slipping due to being swamped with complaints?  Without BFCSA's collective knowledge no-one in...
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  http://actuaries.asn.au/Library/1400%20Langton-Wickham.pdf     5th Financial Services Forum  Renovating the Financial System  13 and 14 May 2010 Sydney   Current Issues:Super Benefit Projections,Web-calculators and Fee Disclosure Benefit Projections Working Group  (printed) Benefit projections Web calculators Fees and costs Olden days ISC circulars 2003ish FSR advice / Calculators withdrawn 2004 IAAust Guidance 2005 Web calculator class order 05/1122 July 2008 ASIC consultation paper 101 April 2009 IAAust GN revised 2009 July 2009 Intra fund advice class order (09/210) Oct 2009  ASIC consultation paper 122 / Draft RegulatoryGuide Jan 2010 Australian Govt Actuary consultation April 2010 Cooper –suggested compulsory projections as part of MySuper     Benefit Projections -proposed ASIC rules (CP122)   • Printed Statements (not calculators) • Voluntary not mandatory • Relief from advice requirements Corp Law • Once a year with Benefit statements • Doesn’t apply to DB(?), SMSFs, ERFs • Prescribed assumptions • Some standard disclosure eg: • today’sdollars...
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  • doyla66
    doyla66 says #
    Denise, I think rigging the game is the equivalent of Bank risk management. Certainly in investing, which includes property buying
  • Denise
    Denise says #
    Yes Transformer. Exactly like rigging the horse race - setting the outcome prior to race finish and then running home with the pr
  • doyla66
    doyla66 says #
    These could be questions for the Financial Inquiry, if anyone there gave a hoot about consumers .... If Banks can predict the perf
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Michael West gives a very good summation of the current situation in the Australian financial marketplace. It's heartening to see somebody in mainstream media doing a proper job of chronicling this unfolding saga...  http://www.smh.com.au/business/a-ban-is-no-deterrent-for-bad-behaviour-20140411-36ih9.htmlUltimately, ASIC should realise, as more and more of this comes out in the Senate Inquiry about its reluctance to exercise authority, that the very thing ASIC has been trying to maintain, confidence in the marketplace, will be badly damaged through revelations that ASIC has allowed all of this fraud to occur on its watch and has willfully turned a blind eye to it all. ASIC has worked on the philosophy that by keeping quiet on all this white collar crime, only a few old retirees will be hurt and, hey, what are they going to do about it?   But, in the end, it is the entire Australian financial marketplace that will pay, as consumers of all kinds begin to lose...
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And the comments continue whilst we wait for ASIC's next orbit (eg round in circles)....................From that height they can only see tall bank and insurance buildings the GREEDY BIG END OF TOWN....................no pesky consumers.       This observant piece from a member:- Great analysis Denise. I agree with Organza - we'd be laughing in the aisles if this weren't such a tragedy.  The lack of depth in ASICs comments is what gets to most people. It's like they're parroting buzz words and catch phrases.  As for having faith ... that's nice, but we're looking for real solutions, not just the public service PR fluff that keeps being recycled.  It's like a conversation between robots with pre-recorded responses.  But what we're saying is: "Danger, danger Will Robinson" and "Destroy Exterminate".  And the boffins at ASIC are trotting out totally inappropriate responses, like they're on another planet, which clearly they have been...
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  • doyla66
    doyla66 says #
    Mars first to burn them up, Neptune to vaporise them followed by Pluto (the ferryman and the underworld) - - - but do NOT put any
  • doyla66
    doyla66 says #
    May I suggest Kabul as a holiday destination for Medcraft, his commissioners and Mr. Field
  • doyla66
    doyla66 says #
    The adjustment of our data in the financial calculator seems to be different for different financial products across different len
  • Denise
    Denise says #
    Somewhere or other in recent times, ASIC has suggested: "the serviceability calculator was a tool to be used by brokers "as an Aid
  • doyla66
    doyla66 says #
    Very good point Neil, maybe we should be writing a letter to the senators requesting the calculator. If ASIC's claim of being a "h
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http://www.smh.com.au/business/revealing-look-at-asics-practices-20140402-35z1s.html   Revealing look at ASIC's practices Banking and Finance       Business  Michael West  SMH Date April 3, 2014 - 12:04AM James Wheeldon joined the Australian Securities and Investments Commission in mid-2004. It was his first legal job in Australia after graduating from Harvard Law School in 2000. He had just spent four years doing merger and acquisition deals with top-tier New York City law firm Skadden Arps. "I joined ASIC because I thought I would be working in the public service," says Wheeldon. "Silly me".  Assigned to the regulatory policy branch, he was soon to review an application for relief submitted under RG51 by the Investment and Financial Services Association, the body representing Australia's banks and big retail superannuation funds.  "This was not the first time I witnessed ASIC favouritism for the big banks but it was the most egregious thing I saw during my time with the regulator."IFSA,...
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  • doyla66
    doyla66 says #
    Asic have destroyed their own reputation and i believe the Senators are on to them. It's not only BFCSA members who are complainin
  • Denise
    Denise says #
    Systemic issues of suspect corrupt practices have been inside ASIC since 1998. Now for a proper Royal Commission into the Regulat
  • doyla66
    doyla66 says #
    Will be most interesting to see how ASIC worm their way out of this. Personally I think with all being revealed the tide might ha
  • doyla66
    doyla66 says #
    ASIC will come up with some cock and bull story to try and worm their way out of this, they have been doing this since their incep
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ASIC silent on possible Macquarie whistleblower   ASIC deputy chair Peter Kell. 24 Feb 2014     http://www.financialobserver.com.au/articles/asic-silent-on-possible-macquarie-whistleblower By Kate Kachor  8  21     Related Articles: Macquarie rebuilding wealth division | Macquarie advisers caught out, wealth unit under review |     Senior members of the corporate regulator have refused to provide details about the possible existence of an informant within Macquarie Bank’s wealth management division. ASIC representatives, including chair Greg Medcraft and deputy chair Peter Kell, last week offered scant detail to a Senate committee in response to how issues within Macquarie Equities Limited (MEL) came to their attention.Macquarie’s banking and wealth division came under siege last year when MEL agreed to an enforceable undertaking (EU) with the regulator.The EU followed a nine-month ASIC investigation that uncovered a number of recurring compliance deficiencies “by and in the supervision of MEL’s advisers”.In response to a direct question on whether an informant tipped off ASIC about the “problems...
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  • doyla66
    doyla66 says #
    Well Denise I might be able to add a bit to your comment for red sports cars were in vogue when I last worked in the industry - th
  • Denise
    Denise says #
    Organza, Yep ASIC use the EU Method every time and pick up $1 million graft money for shoving everything under Medcraft's red car
  • doyla66
    doyla66 says #
    Wonder if Macquarie are one of the 2 major banks who "voluntarily confessed something to ASIC" mentioned on lateline business last
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1.  The Bank copy of the LAFs which were missing and never sent to Storm or the customers remained hidden despite a Senate Inquiry 2.   Banks Officers known as Business Development Managers BDM's frequented Storm offices - to teach Brokers how to use the CBA Service Calculator 3.  The Faxed copy of LAF from Bank (those who have secured their copy) differs from the originals. 4.  Only Brokers who kept their originals and ignored bank warnings to "shred the wet-ink LAF" have proof.  Proof the Broker was not the culprit 5.  Brokers are saying they were under instructions from Banks that ALL LAFs faxed to bank must have SERVICE CALCULATOR page and ICW (worksheet) attached to the LAF.   6.  Bank customers were told to sign  "we have read and understood everything" yet Banks only asked for three pages to be presented to all clients, knowing all other pages had...
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  • doyla66
    doyla66 says #
    There are people who are pursuing this and more and more information is being uncovered. What happened with Storm Financial loan
  • doyla66
    doyla66 says #
    Declan Carnes from BOQ North Ward is only being defended by BOQ and ASIC at the moment because if they do anything to him - he wil
  • doyla66
    doyla66 says #
    Anything less than jail time for persons who know that this fraud on low doc loans is occurring is unacceptable. If staffers at FO
  • doyla66
    doyla66 says #
    ASIC has tolerated Banks stating "files are missing" If files are missing then loan must be immediately extinguished as no proof
  • doyla66
    doyla66 says #
    It may take time Denise but I'm sure I speak for all members if BFCSA:...we will not give up until the truth is exposed, it's only
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I feel a few Dear Greg letters will be heading his way, pointing to the EXIT DOOR. http://nigelball.org/2013/10/09/reserve-bank-of-australia-cover-up http://www.prnewswire.com/news-releases/sg-corporate--investment-banking-launches-us-rmbs-business-54367417.html   SG Corporate & Investment Banking......... (SG CIB), an arm of Societe Generale, today announced it has created a U.S.Residential Mortgage-Backed Securities Group (RMBS) and hired a number of experienced RMBS professionals to launch the business. The new initiative allows SG CIB to develop U.S. RMBS capital market  capabilities to compliment its existing RMBS businesses in Europe and Australia.   SG CIB Securitization Group............. Active for more than a decade and organized on a global basis and led by Greg Medcraft, SG CIB's Securitization Group has over 100 professionals  providing arranging, structuring and advisory services in Europe (Paris,  London, Madrid, Milan, and Amsterdam), the United States (New York and  Chicago) and Asia-Pacific (Sydney...).  Our New York and London syndication  and trading teams provide global distribution capacity in the public and  private markets.   http://www.sec.gov/rules/policy/s72204/wmk071904.pdf...
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 36% of these loans were written by Bank Officers and Managers - no Broker involved.  We are sick of ASIC covering up for their banker mates and saying "the Butler Brokers did it!!!!"  Neil T writes – “Paul emailed me back, to my gratitude and said  he wasn't aware of any emails from BFCSA members  If you want us to look at this we will need some specific details but initially keep it short.’ Alan Jones Production manager reckons in an email to Neil T yesterday that he has not heard from any BFCSA members yet about how the banks have financially crippled them.  2GB needs to know what the banks are really up to?    Its up to bfcsa members to get this story out. EG. BFCSA has discovered how our Lenders  are financially crippling Aussies via their own internal Credit Assessors who are committing fraud to this day, by altering our loan...
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  • doyla66
    doyla66 says #
    I have just sent my email to the Producer of Alan Jones' show with a copy of my LAF and have pointed out the errors (which is most
  • doyla66
    doyla66 says #
    Hi Maggie, what paper ? what state are you from ? Can you post on blog once printed. I will keep an eye for it. I have also conta
  • doyla66
    doyla66 says #
    Saturday morning, The Newcastle Herald I have just emailed every high school and university professor in our town that are in lega
  • doyla66
    doyla66 says #
    I have found a journalist who will be running my story as well as our groups story in Saturday morning main paper in our town- the
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ASIC claim the emails I gave to their executives are "merely marketing by banks."  Dear Reader, I invite you to be judge and jury.  I have over 2000 emails between various Bank BDMs and Middle Management to Broker Channel - all brokers all states in Australia. In February 2013 I travelled 400km round trip to deliver to ASIC Commissioner a PACK OF 200 emails.  I placed all of these documents into my storage files in PDF form. I then placed them on to this website for the world to READ.  ASIC had their crack team of five investigators pour over these documents, including the SERVICE CALCULATOR FORMS and ICW worksheets.  ASIC kept these documents for 4 months.  I then travelled same distance to ask ASIC to hand back my originals.  These are in a SEALED PACK.  I have not opened the PACK - its in a safe house - waiting for...
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  • doyla66
    doyla66 says #
    Just another tosser who is another greed driven narcissist like the rest of them that are playing the cover up game-you penguins w
  • doyla66
    doyla66 says #
    Does an application to rent or lease an office to get back to work (or a tent space or caravan or shed when our homes are illegall
  • doyla66
    doyla66 says #
    Perth radio: 6PR spoke with an ASIC senior credit guru this morning in relation to the new credit check point scoring legislation
  • doyla66
    doyla66 says #
    Talk about blankety blank! Check this out - Senator WILLIAMS: Was your appointment advertised or were you just appointed to the
  • doyla66
    doyla66 says #
    I wonder if Greg Medicraft thinks he has FOOLED the good Senators? I don't think so Greggy boy...... Bad boys go to jail...... Tel
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More from our Gladys: SUMMER SCHOOL ASIC 2009 Our program this year is very much focused  on the financial markets and this morning, we will focus on what went wrong and what we’ve learned...........the principals—taxpayers, shareholders, bond holders and so on—are being very badly let down by their agents— the regulators, supervisors, central banks in some cases (not here in Australia I hasten to add), treasuries, CEOs, Boards and so on............ there were many, many things going on over many, many years that basically led toincreased debt versus equity throughout the system........going back to the 1986 tax reform in the US, we also had the concession that allowed things like mortgage-backed conduits to become possible—where the entity wasn’t taxed and could operate like a ‘pass through’ certificate—which greatly encouraged the use of those conduits to make mortgages. They didn’t give that concession to equities and other assets, they gave it to...
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  • doyla66
    doyla66 says #
    Share market usually goes through a seasonal adjustment coming up to EOFY. For all the hype, most are adding to their private go
  • doyla66
    doyla66 says #
    So ANZ boss (and the rest of the Banksters) can go out and sell his shares for millions of dollars to buy his beach side estate, a
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In the middle of a Tsunami of 30,000 complaints against banks, lenders, financial products and services, ASIC have nothing better to do with their $450 million budget than design a website....to protect consumers you may ask?  Add on to woof woof FIDO page that even Fido does not read?  No No No, something much more important.........ASIC want to name and shame.....waaaaaaaaaaaaaaaaaaaaait for it......name and shame award winning journalists who are game enough to criticise our useless Corporate Doormat Cop for snoozing on the job. The sooner the nation rids itself of the Monolith of Uselessness known as Australian Securities and Investment Commission ("ASIC"), the better consumers will be protected.   If we have to go back to BUYER BEWARE then let it start with Buyer Beware of ASIC....as the so called regulator was never there to protect YOU.  ASIC protects the charletans and banksters....evidenced by the escalating numbers of consumer complaints...
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  • doyla66
    doyla66 says #
    Yes Honesty, the ones who need to go are they at the very top. It's how they continue to operate and get away with evil - replace
  • doyla66
    doyla66 says #
    Oh what a great new market Greggy Medcraft and his mate Wayne Swan can sell all those left over RMBS to all that fresh meat they a
  • doyla66
    doyla66 says #
    Organza those with integrity leave ASIC,I have it from the horses mouth, comments like: "I don't like the way they are going",and
  • doyla66
    doyla66 says #
    This article I am afraid to say says has literally knocked the socks off me knowing ASIC have now dared to stoop so very low to fu
  • doyla66
    doyla66 says #
    Bravo Michael West .. your story literally sent shivers down my spine.
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We are all good Australians who have worked hard to build our country and live good law-abiding lives.  We have all made many sacrifices along the way with the aim of owning our own home and rearing good children and instilling into them all needed for them to become good solid law-abiding Australian citizens as we are.  Not one of us ever expected nor deserved to be treated like imbeciles yet that is exactly what has happened and is still happening. The authorised dream stealer called ASIC has ruined everything and is responsible for the theft of our homes, our life savings, our superannuation and in many cases our health and our sanity and not just for our generation who thus far have had to bear the brunt of their incompetence but for future generations who are the ones who will be responsible for dealing with all the home truths of...
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  • doyla66
    doyla66 says #
    Have you yet had a call from our PM Denise? He can hardly say he is afraid to deal with thugs after calling for a Royal Commissio
  • doyla66
    doyla66 says #
    I think the current government is not happy with Medcraft, Kell et al. They did querie Medcraft's appoinmtnet when in opposition a
  • doyla66
    doyla66 says #
    Time to round up and behead all those slithering red bellied black snakes and entomb them in a metal time capsule below the Arctic
  • doyla66
    doyla66 says #
    Medcraft and Kell live in public service land, they know best and no matter how much facts you present them they will not change t
  • doyla66
    doyla66 says #
    Like i have said before many times, i'm sure they all know what's going on. Why else has everybody ignored our letters. We, as a g
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A Royal Commission into the Banking Sector is long over due.  The last one occurred in 1986 and immediately after, the banking and finance market became de-regulated.  If there was a semi regulated uneven playing field prior to 1986, to ensure 1929 never happened again, protections for consumers were intentionally vaporized in 1986.   During the eighties and nineties, ordinary Mums and Dads lost over $2.2 billion dollars.  Notoriously, the Estate Mortgage collapse 1989 rocked Australia as "the big one." Retirees had ploughed masses of dollars into worthless developments, whereby any cream had been milked by promoters.  At the bottom of these dung heaps, bankers, lawyers, accountants, friendly valuers and developers (elite customers of our banking system)  featured in the rape of ordinary citizen's  modest nest-eggs.   Many other investment companies collapsed soon after and the old Corporate Affairs Commission ("CAC") felt the hot air of public wrath breathing down their...
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  • doyla66
    doyla66 says #
    Organza , No need to change the rules FOS just say they will use their discretion (which they don't have ) and with the use of le
  • doyla66
    doyla66 says #
    I feel like I discarded reading a book in 1989 and have only just picked it up again to finish reading it. Bet not much work is d
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ASIC hamstrung by inexperience and out-of-date regulations 20 November, 2013 Jason Spits  http://www.moneymanagement.com.au/news/financial-services/2013/asic-hamstrung-by-inexperience-out-of-date-regs In a submission (#282) to the Senate Standing Committee on Economics, Niall Coburn, a senior specialist adviser with ASIC’s enforcement directorate from 2009 to 2012, also stated the regulator is hampered by having limited skilled staff capable of handling complex cases.  Coburn, who was also the former principal lawyer in ASIC’s enforcement directorate from 1993 to 2002, stated ASIC was able to tackle investigations of medium complexity but struggled with more complex matters due to limited skilled staff being “able to deliver on these major projects”.  According to Coburn, experienced senior staffing levels at ASIC’s Enforcement Directorate have fallen to the point that there was only a handful of staff “who are capable of handling large complex investigations and who, most importantly, are able to deliver a prosecution result”.  Coburn said many at senior management level were not engaged...
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  • doyla66
    doyla66 says #
    ASIC's excuse of UNSKILLED is not our the public's fault who rely on the integrity and skills with ASIC. We are the ones who suffe
  • doyla66
    doyla66 says #
    It's not only the regulations that are out of date at ASIC. It's high time they got on the page that strategic enforcements and t
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Ever tire of hearing ASIC willbee's?  See how many times ASIC executives answered the Senators questions In Parliament with: "we will be."  Remember ASIC's bleating in 2004 "we will be getting tough with wealth creation spruikers."  Their idea of 'tough' and using Enforceable Undertakings is not the public's idea of getting tough and applying the law.  ASIC have power over criminal law and remedies, so why is it that those tools are rarely if ever used?   What's an EU?  Its a piece of paper signed by the crook and signed by ASIC Executives stating "ASIC agrees to shred the complaint, wipe the slate clean, drop the mention of misleading and deceptive and/or fraud and forgery and all is forgiven.  Criminal agrees to stand in the naughty corner and never transgress in the future."  Problem solved and, the victims can all go home....if they have one to go to.  Everyone happy.  Done...
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  • Denise
    Denise says #
    Dear Mr Munchenberg and other dumbo's at the ABA. Our sub prime lending cartel is everyone's business and everything to do with t
  • doyla66
    doyla66 says #
    ASIC - "do as we say, not do as we do" eh? The rules obviously don't apply to ASIC! ASIC are corrupt, incompetent at Law governanc
  • doyla66
    doyla66 says #
    Remember when the ASIC Inquiry was announced and the ABA said, well that's nothing to do with the Banks? Are the ABA and Munchenb
  • doyla66
    doyla66 says #
    Yeh, ASIC are certainly consistent!!!! Just fob us off with "GO TO FOS" we cannot help. That is consistent alright. All 3 compla
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