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BFCSA
MORTGAGE
DISTRESS SOS

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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Subscribe to this list via RSS Blog posts tagged in ASIC Failed to Identify
Hockey's current Roots and Branch Inq into Banking is being run by  BANKER who was making all decisions for engineered LOW DOC MORTGAGES.  Good one Joe!!!   Quite a sham Inquiry.  Were you mates when you were crowned Finance Minister 1999?  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.smh.com.au/business/banking-and-finance/asic-not-backing-royal-commission-into-cba-scandal-20140627-zsod1.html ASIC not backing royal commission into CBA scandal Banking and Finance  Date June 27, 2014   Georgia Wilkins The corporate regulator has refused to throw its support behind a royal commission into the Commonwealth Bank financial planning scandal, pointing instead to the costs already spent on a Senate inquiry.  A powerful Senate inquiry has called for the bank to face a royal commission to investigate fraud, forgery and allegations of a cover-up inside its financial planning arm.  But Australian Securities and Investments Commission chairman Greg Medcraft played down the need for a commission, saying there had already been a number of submissions and inquiries into the scandal. ''There has been significant...
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CommFP says ASIC always knew 16 June, 2014 Mike Taylor 5 comments Latest News Pay rises forecast for financial sector workers New dealer group picks up another practice Planners should ask hard questions to keep clients Healthy inflows boost retail and wholesale funds Solicitor free trust structure  Commonwealth Financial Planning (CommFP) has provided a Senate Committee with documents it says proves that the Australian Securities and Investments Commission (ASIC) was well aware of the extent of its compensation arrangements.  The documentation, published on the Senate Committee's web site raises serious questions about why neither ASIC chairman, Greg Medcraft nor his deputy, Peter Kell, were made aware of the extent of CommFP's arrangements and the role of ASIC's own officers and why the regulator's original submission to the committee ultimately proved to be misleading.  ASIC chairman, Greg Medcraft last month issued a statement expressing concern that the regulator had been misled and foreshadowing the imposition...
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  • Denise
    Denise says #
    If you wish to COMMENT you need to be a registered paid up member. Please use a pseudo user name but your correct email must be u
  • Denise
    Denise says #
    ASIC needs to have CONSUMER PROTECTION taken away from them. ASIC has shown at every turn they do not want the job of protecting
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http://sydney.edu.au/law/slr/slr_34/slr34_3/SLRv34no3Anderson.pdf   page 3.................. II The Recognition of Phoenix Activity in Australia The earliest report dealing exclusively with improper phoenix activity was that of the Victorian Parliament Law Reform Committee (‘VPLRC’) in 1994.13 The main recommendations — all sensible and practical — were to tighten the laws governing the disqualification of directors of companies, allocate more resources to detection and prosecution of offenders, change public and judicial attitudes to acknowledge the seriousness of this type of white-collar crime, improve information flows between regulators, and enact laws to allow the freezing of assets over which a company has a claim.  14 In response, in 1998 the ATO instituted the ‘Phoenix Project’, which allocated more staff to work with other agencies to address the phoenix problem.15 In 1999, the director disqualification provisions were consolidated but not significantly tightened.16 The 1994 VPLRC Report also recommended legislation to restrict the use of business names similar...
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New comments:  I am a new victim from 2012...Banks are Corrupt        <http://www.brokernews.com.au/templates/images/bl_list.gif>            Natalie, what happened to me by a rogue mortgage broker happened in 2012. So please dont speak when you know nothing and have not been affected? From a life of no worries and free of financial problems my life has become a worry from day to day, i have changed my whole life because of a rogue broker and cosl, fos and asic, all of who ignored my pleas. they know the loopholes and they play them. the broker made a lot of money from my "deal" and i was left to pick up the pieces of my life, including the humiliation and frustration of not being believed. Cowboys? Banks are corrupt, lets face it, why would CBA be facing $250million compensation for poor innocent people if they were 'the good guys'. This is not an old...
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  • doyla66
    doyla66 says #
    Brokers take their orders from the Lenders who supply all the necessary tools including the stationary. Exactly, Nanna. So it loo
  • doyla66
    doyla66 says #
    Getting justice is like pulling teeth from a hen. The lenders themselves are the culprits with their corrupt manipulative plans w
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http://www.smh.com.au/business/explosive-claims-on-jp-morgan-conduct-20140525-38wq6.html Explosive claims on JP Morgan conduct BusinessBanking and Finance Michael West Date May 26, 2014 A technical support person who worked for JP Morgan in Australia claims the bank regularly misled its New York parent and the US Federal Reserve by failing to report losing trades.  The explosive allegations are contained in a submission by the person to the Senate inquiry into the performance of the Australian Securities and Investments Commission. BusinessDay has met the person and agreed to allow him to remain anonymous. He appears to be credible.  The person complained to ASIC and later went to work for the regulator, but he said the regulator failed to investigate his claims.  A spokesman for JP Morgan denied the allegations. "The claims are false and misleading," he said.  In his submission, published by the inquiry, the person said he was employed at the Sydney office of JP Morgan between 2004...
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  Someone in Government should see that ASIC cannot profit from White Collar CRIME!!!  Unions upset and so are Consumer victims of Low Doc Lending and retiree victims of MIS scams....yes its corporate registry but all the complaints about directors and sham companies and lenders - registry must be a LIST of the elites of white collar crime who scarpered with billions of dollars of other people's money whilst ASIC played the fiddle!  Proceeds of crime? YES Indeed  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.canowindranews.com.au/story/2304291/planned-sale-of-asics-corporate-registry-a-body-blow-to-latrobe-valley/?cs=9   Planned sale of ASIC's corporate registry a body blow to Latrobe Valley By Georgia Wilkins May 24, 2014,   In a nondescript office building in the quiet back streets of Traralgon in Gippsland, the financial documents of every registered company in Australia, big and small, are filtered, processed and filed away.  Until a company passes through this outpost of the Australian Securities and Investments Commission, digitally or on paper, it does not exist.  The processing centre, originally set up in the coal-rich...
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  • doyla66
    doyla66 says #
    What a joke more public owned utility selloffs, increase taxes for what "no Government services" and even less Government control
  • Denise
    Denise says #
    So true Sean - a sentiment shared by many. Since when did the Australian Government decide that major banks can (with impunity) l
  • doyla66
    doyla66 says #
    What is wrong with our moronic Government this attitude of sell off all public assets for short term profit to long term detriment
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http://www.asic.gov.au/asic/asic.nsf/byheadline/04-300+No+credit+for+misleading+loan+calculators?openDocument   04-300 No credit for misleading loan calculators Thursday 16 September 2004 The Australian Securities and Investment Commission (ASIC) has acted to close down loan calculators on more than 100 websites of Australian financial institutions, including banks, credit unions, other lenders and finance brokers. The calculators suggested that using a line of credit will result in the consumer paying off their home loan more quickly. ‘Most lines of credit charge higher interest rates than standard home loans, so when you stop to think about it, it was extraordinary to suggest that paying higher interest could pay off a loan sooner’, said Mr Greg Tanzer, ASIC’s Executive Director of Consumer Protection and International Relations. The loan calculators produced a graph, comparing the time taken to pay off a standard loan with the time taken using a line of credit. However, the way the calculator was designed meant that: extra repayments were...
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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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If every BFCSA Member was sitting in a single auditorium tonight, watching FOUR CORNERS, a roar and thundering applause would be heard from all those who have suffered at the hands of the FOUR MAJOR BANKS.  Tonight was one peak at fraud, forgery, misleading & deceptive conduct, shredding documentation, cover-ups and lies at the hands of executives and lawyers at the Commonwealth Bank of Australia.  Yes on the surface it appears to be a "Rogue Planner," who was well paid for his silence.   Yet decent Planners have been speaking out that over 100 Planners in the same bank were all doing the same things, under instructions from CBA, driven by huge commissions paid by greedy bankers, with some of these banks recording $8 billion in profits per year and more.  Shareholders have no idea of the risk exposure they are under right now. Industry bods have been at pains to...
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  • doyla66
    doyla66 says #
    I remember I signed up for a con Bank Credit card due to a promotion. I never got the $50 promised as a reward. They cleverly avoi
  • doyla66
    doyla66 says #
    CommBank say they've cleaned up their act re rogue financial planners. Who believes it? CommBank were defending their concept of "
  • doyla66
    doyla66 says #
    Today I witnessed why all our cries for help to our elected leaders since 2007 have failed. We would of been better served to make
  • doyla66
    doyla66 says #
    How very interesting knowing both CBA and ASIC refused to take part in the story. Another huge admission of guilt of course re wh
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FOS complains members aren’t paying their determinations:  One Third of determinations not met by the Banks. 9 April, 2014 Jason Spits 0 comments  The Financial Ombudsman Services (FOS) has stated that the failure of some FOS members to pay determinations is “emerging as a structural issue in our investments jurisdiction” after more than $8.3 million is still to be paid to consumers.  FOS Chief Ombudsman Shane Tregellis said the figure related to 18 financial services providers who have not complied with determinations made against them by FOS during the period from 1 January 2010 to 1 January 2014.  Tregellis said while the failure to pay determinations involved a small minority of the 4900 FOS members, the $8.3 million represented a third of all determinations made in FOS’ investments jurisdiction.  The $8.3 million is owed to 99 applicants to FOS, with all the unpaid determinations - except one - involving financial advisers. FOS is required...
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  • doyla66
    doyla66 says #
    I know for a fact that the Nab are not honouring the FOS determinations. No me, but a member of our family that was caught up in
  • doyla66
    doyla66 says #
    Are FOS going to tell us which Lenders are doing this? Here's a story of a similar problem that happened last year - http://www.
  • Denise
    Denise says #
    FOS, ASIC and POLICE in each State KNOW the bank has multiple copies of the LAF for every single loan and - NONE ARE THE SAME!!!
  • doyla66
    doyla66 says #
    Good to know that about the FOS determinations not being honoured by Lenders. In other words, after everything is done, the poor
  • Denise
    Denise says #
    Demand that FOS insist on Banks handing over your client loan files. The "commercially sensitive" crap does not wash. The one pag
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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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       INTRODUCTION ADDRESS TO PARLIAMENT by Denise Brailey: 20th Feb 2014   Thank you Senators, I would like to begin my perspective of ASIC’s performance with a detailed summary of my 15 years of dealing with ASIC at Commissioner Level, in most States. My files harbour an extensive historical record of consumer complaints being ignored by ASIC. Now in 2014, we read another few hundred submissions stating the same lack of confidence exists when vulnerable consumers are forced to deal with ASIC.   Individual losses from the pockets of hard working Australians ought to be of considerable concern to the Australian Parliament. Serious financial burdens placed upon older people losing their homes, retirement funds, and financial security places an immense burden on our economy.   Firstly, I would like to table the original 2001 LIST of SCAMS that I uncovered 1997 to 2001. I briefed ASIC hierarchy in meetings...
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  • doyla66
    doyla66 says #
    ASIC have lost the plot or did they ever know what was happening? A huge money waster. No morals, no guts.!!!!!
  • doyla66
    doyla66 says #
    Your right arree, BFCSA also exists because victims of bank fraud have no where else to go as the regulator is hopeless, asleep at
  • doyla66
    doyla66 says #
    "BFCSA exists because of ASIC’s incompetence and bad performance on a national level. " EXACTLY !!
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Dear Mortgage Brokers You will all become the prize bunnies under the new NCCP laws.  Why?  Banks made onus on you to verify documentation, even though you do not have the resources, the training or qualification and are not licensed to do this task. Even though same laws apply to Banks (and have for years), ASIC is  taking NO ACTION AGAINST LENDERS.  Instead ASIC will ignore the piece of legislation that says the Banker is responsible for verification of loan documents and instead ASIC will ping a few Brokers. THIS IS A CRIME SCENE INVENTED BY THE BANKS.............................and in crime - there is always a scapegoat.   Look in the Mirror..........................say three times; "The Banks are setting me UP.  Approval of loans is the duty owed by the Bank to its customers under s27.1 of the Bankers Code....Banks owe that duty, not me, but I am being made the SCAPEGOAT." Then...
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  • doyla66
    doyla66 says #
    Well well well Brokers are you starting to see how the sting plays out, the Banksters and the Regulators ASIC and FOS are all poin
  • doyla66
    doyla66 says #
    As predicted it's now the turn of the brokers to realise they were all set up like a row of sitting ducks. Not liking having all
  • doyla66
    doyla66 says #
    I cannot understand how you Brokers have not seen this coming. How trusting you were, foolishly so. What makes you all tick. You
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FOS 'lacks timeliness': Independent review http://www.brokernews.com.au/news/breaking-news/fos-lacks-timeliness-independent-review-185299.aspxby Calida Smylie | 13 Mar 2014   An independent review of the Financial Ombudsman Service has found the external dispute regulator’s organisational model inefficient and needs a make-over.The reviewer, consultant Cameronralph Navigator, assessed FOS against ASIC’s benchmarks for external dispute resolution (EDR) schemes – accessibility, independence, fairness, accountability, efficiency and effectiveness.It found FOS, an ASIC-approved EDR scheme, did not meet its benchmark for efficiency and caused undue delays when dealing with disputes.Cameronralph Navigator said FOS needed to take immediate steps to clear its backlog and refresh its organisational approach.It recommended FOS be more proactive and change its approach to dealing with disputes involving financial difficulty by taking a more "assertive approach"."The primary issue identified by our analysis is the configuration of FOS into a series of 'production line' steps, each focusing on a particular dispute resolution technique,” the review said.“This is designed to progressively filter out the...
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  • doyla66
    doyla66 says #
    Does anyone have a clue why once a dispute has been filed against a lender and the borrower should by chance be awarded a win in t
  • doyla66
    doyla66 says #
    FOS could be liable for breach of contract if the opinion of the Victorian Court of Appeal in FOS v Myscoski is followed i.e.
  • doyla66
    doyla66 says #
    Wow!!! What a revelation. Anyone who has had dealings with ASIC and FOS they are too well aware of all the corruption, ineptitude
  • doyla66
    doyla66 says #
    There is only one side benefits from slow process concentrating solely on speeding up the process e.g abolishing review panels etc
  • doyla66
    doyla66 says #
    "It recommended FOS be more proactive and change its approach to dealing with disputes involving financial difficulty by taking a
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VEDA research has suggested a report shows 2.7 million borrowers placed incorrect information or fraudulently over stated their incomes.  This leaves a worrying trail of questions about the authenticity of this report, commented about by Gadens lawyer Jon Denovan.  We have no faith in Gadens as they and Kemp Strang are the law firms sending mortgage contracts to bank clients.   Those law firms make a motza from toxic low docs....but they will say lawyers business is to draw up contracts...we have nothing to do with approvals. Yes BUT theses firms are making money from something we know to be an Australian wide spread scam.  That's our evidence in Parliament.   Gadens also make more lovely dollars from prosecuting the victims, so they must know a thing or two and do not object to making more lovely fees.  Most aussies would call them "bottom feeders." We do not say VEDA's methods...
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  • doyla66
    doyla66 says #
    I don't trust any of this. Why such a survey and why such a report? To me it looks like they are setting up something or letting
  • doyla66
    doyla66 says #
    This is dreadful. Information like this deserves thorough and honest investigation. Surely the Australian Government must call a
  • doyla66
    doyla66 says #
    Is it 2.7 million in known and admitted fraud loans in 2013? Or is it 2.7 million actual fraud loans across the board? Many more f
  • doyla66
    doyla66 says #
    Most of these reports are designed to suit. Wouldn't have any faith in Gadens given their major income stream is taking down bank
  • doyla66
    doyla66 says #
    They just dig a bigger deeper hole.... Yes many questions need to be answered.... Why on earth did the banks approve all the loans
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In 2009 I spoke with FOS again and they told me they were starting to use Maladministration in Lending to deal with issues I had raised.  We told Members to state “Maladministration in Lending on all complaints where the loan was unaffordable from day one, in line with S 25.1 of the Bankers Code.”  This was pre the new NCCP  laws......why?  We had the old laws to protect consumers from predatory lending and bad lending practices such as forgery and fraud on Loan Application Forms, and Unconcionable Conduct 2001 and Maladministration in lending, and asset lending etc....................................plenty of LAWS for ASIC to play with and for FOS to use: an arsenal of weaponry against the banks and their dodgy lending products. Banks had breached the Code at all levels of approval of loans.  Most of these loans ought to have been rejected...............................hence the complaints.  Most 30 year loans would by necessity  of structure implode within 3-5 years.  But these products made...
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  • doyla66
    doyla66 says #
    Yes Duped. They doubtless want everybody with an existing mortgage to re-finance so they can recyle the loan when implosion date
  • doyla66
    doyla66 says #
    As per the banksters guide into how to rip the borrower off organza. I'm sure that the banks want you to get refinanced because in
  • doyla66
    doyla66 says #
    What FOS told you Never Give Up is exactly what my bank manager told me when I went in to tell him I was intending to sell (before
  • doyla66
    doyla66 says #
    So if that's the case why are FOS pushing me to sell and take the bank 'offer' and haven't bothered asking me if I can afford a lo
  • doyla66
    doyla66 says #
    Time to start calling ASIC the good ship Titanic I think this is just the tip of the iceberg. Wonder what other rules they are no
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The biggest crime of all in this country is Australian Securities and Investment Commission's negligence in protecting consumers from predatory conduct in the Banking and Finance sector.  Bankers manufactured dirty mortgage loans and marketed these faulty products via the broker channel. ASIC KNEW the crooked bankers had set up the Brokers and Borrowers to take the blame when the sub prime lending scandal eventually emerged, from  the subterranean depths of evil.  ASIC were duplicitous in the scam.  They covered up every step of the way knowing older, low income Mums and Dads (ARIP's) were the target.  Those who were fortunate and worked hard to own their own home. You may say these people were the backbone of our nation - proud Australians.  Yet ASIC permitted the banks to be untouchable.  Treasury covered up as well, so they could both blame one another.  ASIC briefs Treasury once per month and we can...
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  • doyla66
    doyla66 says #
    ASIC have one hell of a lot to account for, urgent Royal Commission please Senators along with a good dose of Epsom Salts to flush
  • doyla66
    doyla66 says #
    THE BANKS MUST BE MADE ACCOUNTABLE FOR THIS MESS. THEY MUST EXTINGUISH EVERY TOXIC LOAN WITH THE BILLION DOLLAR PROFITS THEY MAKE.
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DEFRAUDED TRUSTEE LODGES ASIC COMPLAINT   Written by Richard Mayo Thursday, 12 December 2013    An SMSF trustee who lost $110,000 in the collapse of Trio Capital has written to the Senate complaining about the corporate regulator’s failure to prevent the fraud. In a formal submission to the Senate inquiry into the performance of ASIC, Mrs Kay Gal said the money from her SMSF had been invested through Tarrants Financial Services, a Wollongong-based financial planning firm now in liquidation. “As a victim of the Trio Capital fraud we were under the impression that ASIC were the financial regulators and were [supposed] to create confidence in the marketplace,” Ms Gal wrote in the submission. “Giving a licence to an alleged fraudster to handle Australian superannuation money betrayed our confidence,” she added. “We respectfully request your intervention and assistance in granting us compensation for the money that was stolen.” In April 2011, the government announced...
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  • Denise
    Denise says #
    Exactly Scotty, There are powerful laws available to ASIC but no Policing, no Enforcement of Law. Tanzer says this week: "we con
  • doyla66
    doyla66 says #
    Can someone out there tell me how it works. The Government tells us invest, invest, invest if you want a quality retirement as the
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The endless stream of "Our Story" blogs from members highlights the abject dishonesty of Australian Securities and Investment Commission("ASIC").  ASIC and it's agencies say "NO SYSTEMIC ISSUES" and "we have seen no evidence....etc"  ASIC has failed on all levels to completely cover up these wrong-doings in the banking sector.  These frauds and "maladministration in lending" are running through the Banking Ombudsman's office at FOS, like a dose of epsom salts.   Each consumer complaint is a crime scene in its own right.   State Police should tie a yellow ribbon around every state in Australia and call it a WHITE COLLAR CRIME SCENE.  These monstrous criminal activities were engineered by the Executive level of the Major Banks, yet ASIC has not nailed one banker.  Why?  Well that's the $100 billion question as to why mostly older Australians were targeted for equity loans to invest the proceeds of 40 years of saving...
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  • doyla66
    doyla66 says #
    Ditto Honesty - even saw it done in front of my own eyes a few times by my Bank Manager when all the help to assist (sorry meant f
  • doyla66
    doyla66 says #
    Greedy bankers: Please Note - to retrieve all loan files simply 1.Input customer details 2.Type in the loan number Hit enter and
  • doyla66
    doyla66 says #
    Mmmmm Nanna I think your right....they set u up Thats very scary Shouldnt it just be all voided No documents No loan If only it wa
  • doyla66
    doyla66 says #
    FOS seem to be in bed with the banksters it can be said. FOS believe everything the banksters say and do, or should I say don't a
  • doyla66
    doyla66 says #
    P.S Again I will jump on the phone and request my god dam paperwork! I have some but I want it all. These banks are so hard to dea
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Quite simply they are cheating.  They are targeting older people who own their own home and suggesting in an aggressive media campaign that people will be better off financially if they listen to the Evil Bankers and their agents!!! Australia has only 23 million people and most banks north of the hemispherical divide have never heard of Australia.  So how do they become the most profitable?  Making paper money? Or, perhaps plucking money and figures out of thin air in a wicked attempt to grab people's land titles?  REUTERS are on to this insane situation which we have been warning of for years.  Consumers are at last being listened to.  Their stories are important when one is seeking THE TRUTH about Australian Bankers.   Australian Securities and Investment Commission is there to protect the banks, not the people. Parliament dictated that ASIC is responsible for the Financial Markets, Consumer Confidence and...
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