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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 Gene Pool
http://www.lawyersweekly.com.au/news/give-more-ammunition-to-asic-costello Give more ammunition to ASIC: Costello 13 March, 2007 CORPORATE WRONGDOING may attract civil sanctions and higher penalties under a discussion paper released by the Treasury last week into corporate law reform.  The paper accords with a wider governmental strategy to explore ways of reducing regulatory burdens and simplify existing laws.   One proposal discusses the expansion of civil sanctions in corporate law to add more firepower to those policing dubious corporate behaviour, along with the possibility of increased penalties. The review is intended to strike a balance between the need to have strong sanctions that deter and punish corporate wrongdoing and protect the market’s integrity, as well as foster a competitive business environment.  In a speech given to the Australian Securities and Investments Commission (ASIC) summer school, Treasurer Peter Costello praised the strong record of the regulatory body. “ASIC’s enforcement record is a great testament to the assiduous work of...
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  • doyla66
    doyla66 says #
    Exactly, Nanna. Lots of grand statements about what they really want ASIC to be, but where is the evidence that any of this is tru
  • doyla66
    doyla66 says #
    Thought I was going to fall off my chair laughing at this. How sanctimonious of Costello and Lucy. ASIC must be God's gift to f
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Get a copy of SUNDAY MAIL - couriermail.com.au   11th May 2014 Great one page article - retirees and pensioners fed up with ASIC's dithering around, protecting their banking buddies, whilst dishonestly proclaiming they are protecting consumer interests. Can someone find an e-copy for me.........................great article.  This email address is being protected from spambots. You need JavaScript enabled to view it....
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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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http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/asic/asic052/~/media/Committees/Senate/committee/corporations_ctte/asic/asic_05_2/e04.ashx In late 2004 and early 2005, ASIC undertook a surveillance looking at whether advisers were complying with their obligations to disclose, in the Statement of Advice (SOA) given to clients, the costs, possible loss of benefits and other significant consequences of following advice to switch super funds.  During this surveillance, ASIC uncovered some cases where the interests of clients were harmed by poor advice. PURPOSE OF THIS REPORT The purpose of this report is twofold: •  to explain the methodology behind the surveillance; and •  to illustrate the results of the surveillance in simple language. PROJECT METHODOLOGY ASIC started surveillance on superannuation switching advice in December 2004 to assess how financial advisers were, at that time, complying with new legal obligations relating to advice to switch superannuation products. ASIC’s surveillance sample included 19 AFS licensees and 93 representatives of those licensees. Initially, ASIC reviewed 101 client files in which personal...
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  • doyla66
    doyla66 says #
    I was talking with a financial expert friend. She doesn't have credit cards, she finished off her mortgage. If a business won't de
  • doyla66
    doyla66 says #
    Who on earth allowed ASIC clowns to fiddle with superannuation? If I am reading this correctly it states to switch can incur a lo
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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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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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Our intrepid Researcher Gladys trundled through a 243 page report by Tony D'Aloisio "The ASIC Summer School Report" from ASIC 2011 School was in for the Industry Bandits.  Consumers not invited to attend......very neat fella's..............................Has anyone asked Greggie Medcraft what the default figures are right now?  Of course Greg,  we would like to compare defaults with 17% five years ago.   NB:  "Our Governments were not called upon to bail out our Banks".....yes Tony, that's because you and your successor and predecessors kept the banks covered-up, allowing the Mortgage Fraud Bank Scams to speed up to create mass damage to borrowers and with the ultimate intention of blaming the brokers and the borrowers and getting away with the Crime of the Century!   TONY D'ALOISIO CHAIRMAN - now former chair of Australian Securities and Investment Commission ("ASIC"). I am Tony D’Aloisio, the Chairman of ASIC...........on behalf of my fellow commissioners, Dr Peter...
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  • doyla66
    doyla66 says #
    Thanks Denise for painting a clearer picture for us all......... I am ready to read what next Gladys can dig up from her research
  • doyla66
    doyla66 says #
    So their cover is finally blown! Not the Mr. Fix-it Brigade we had all been deluded into thinking but they called in Whelan the W
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  An update from the Code team  (My comments in italics)     The Code Compliance and Monitoring team is a separate business unit of FOS. Our purpose is to assist the independent administration and monitoring of compliance with industry Codes of Practice in the financial services sector. We assist in monitoring the Code of Banking Practice, the Customer Owned Banking Code of Practice.  There are 694 financial services providers that subscribe to these four Codes. Code monitoring activities in the banking, customer owned banking  are overseen by Code Compliance Committees which comprise an independent Chair, a consumer representative and an industry representative. These committees operate independently of the respective industries and have powers and functions to identify and address non-compliance with Code obligations. FOS provides secretariat services to each of these committees. Code of Banking Practice The annual report for the Code Compliance Monitoring Committee (Banks) was published on...
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  • doyla66
    doyla66 says #
    We were never given a reason for the decline just told NO. The assessor was completely familiar with the business we were buying.
  • doyla66
    doyla66 says #
    I never knew about the DECLINE If I only I was told, I wouldn't be here today going through this shit of a time. BASTARDS KARMA I
  • doyla66
    doyla66 says #
    It's a disgrace. I guess it's in my favour that SILLY ANZ have sent me the DECLINE documents. May there be a showdown in my favour
  • doyla66
    doyla66 says #
    Forgot to put in this as well Gfs246. Nab could not locate the 2nd file the Broker LAF as well. So all up Nab could not locate
  • Denise
    Denise says #
    NAB should be first on the stand for Royal Commission (and in the dock) to explain why they refuse to hand over client files.
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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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Scrutinising ASIC: Is it a watchdog or a dog with no teeth? Adele Ferguson, Ben Butler, Ruth Williams November 23, 2013   The AGE Under fire: Greg Medcraft and ASIC now facing criticism from a range of quarters. Photo: Arsineh Houspian Investors have lost billions under its watch and the business scandals are many, but opinions are divided on the cause of ASIC's problems. ASIC chief's overseas trips draw criticism It was a busy June day in 2010 when Jan Braund, a Sydney retiree, bundled herself and her frail husband Alan onto a train for their long-awaited shot at justice. A year earlier, the Braunds had been left financially ruined after a Commonwealth Bank financial planner named Don Nguyen switched the couple's life savings from conservative to disastrously risky investments. He did it without their knowledge or permission, allegedly forging their signatures along the way. Now, the Braunds had been summoned by Australia's...
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  • doyla66
    doyla66 says #
    Thanks for the well written article. Agree Lisa, "it's time for ASIC to leave," and we will be keeping the pressure up! Bank on
  • doyla66
    doyla66 says #
    It was a theme he returned to the following year, saying that ''it might be better to prohibit certain products from being offered
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Well Whoooppeeee Doooo  ASIC nails a Broker but fails to ping the LENDERS.......................WHAT ABOUT THE LENDER PETE????? BREAKING: Melbourne broker hit with five-year ban Breaking News: ASIC "getting tuff" by Adam Smith | 07 Nov 2013   ASIC has issued a five-year ban to a Melbourne broker and cancelled the licence of his business. The regulator has announced it has handed a five-year ban to Tony Quach following an investigation. ASIC alleged Quach, through his company TQ Smartchoice Pty Ltd, submitted six home loan applications to two lenders that contained false or misleading information. ASIC said Quach had obtained information and documents from a source other than the home loan applicants, and had failed to verify the information with the applicants. "ASIC takes allegations of loan fraud very seriously. We will continue to remove from the industry those involved in misleading loan applications." ASIC Deputy Chairman Peter Kell said. The watchdog also cancelled the...
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  • doyla66
    doyla66 says #
    All this hoopla over 6 loans and two lenders by one broker!? How many work hours did that piece of magic take, ASIC? ie. what did
  • doyla66
    doyla66 says #
    Enough of the BS that is coming out of ASIC's Propaganda Machine, the plain reality is that ASIC and the Australian Federal Police
  • doyla66
    doyla66 says #
    What rot Peter Kell, taking fraud seriously ? Are you joking ? You have not lifted a finger to help thousands of consumers bitten
  • doyla66
    doyla66 says #
    Well Whoopdee Doo. If this is not a set up I will eat my hat. How very convenient that ASIC are looking tough nailing the Broker
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I have been a little busy this week.  I have just read ASIC's ridiculous Supp Sub 45.1  Omissions are in fact a criminal offence and ASIC excels in omissions.  In fact, if you want a good LAF, this report that took 5 luminaries two weeks to write, is a must read.   My team is busy listing the errors in law, untruths, misleading statements and unsubstantiated claims, and yes, we are listing the glaring omissions.  In fact, the ASIC document is an historical and at times hysterical attempt to cover up one of the greatest banking crimes this country has ever seen.   So if there are only 750 of you (1200 people), why don't the lenders pay you right now and BFCSA has finished its job?  Its because the issues we have raised are TOO BIG.  ASIC has to keep all of the evidence swept under the carpet.  It continues its...
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  • doyla66
    doyla66 says #
    Asic refuses to accept their glaring liability to all the claims that they have recieved from these poor stressesd out suicidal pe
  • doyla66
    doyla66 says #
    Ali,I love the simplicity,for the broker/agent/lender scenario. If only the legal fraternity could see it as that simple. By the w
  • doyla66
    doyla66 says #
    Ali, our Broker also did not receive any payment or commission from us. He received .5% payment/commission from Nab and ongoing as
  • doyla66
    doyla66 says #
    Asic are still harping on about how the brokers are the agents of the borrowers. Wrong, We did not pay the broker anything but the
  • doyla66
    doyla66 says #
    As far as ASIC are concerned any loans entered into before the national credit act commenced are irrevelent, earlier this year ASI
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Blatant and systemic cover-up by ASIC permitted the Major Lenders to profit from an obvious fraud.  That is the bottom line.  ASIC continued this farce of protecting Banks for over 14 years knowing NSW consumers in particular could be protected.   Since 1980, ASIC haqd the benefit of the Contract Review Act in NSW and most contracts could have been ripped up had ASIC truly wanted to protect consumers.  But ASIC had to chose between protecting Banks and also protecting consumers.  ASIC chose not to warn consumers that this was a Bank scam.  ASIC chose to watch RECA and later BFCSA dig into this scandal and knew most loans would implode within 6 years and ASIC planned to say "out of time."  That is in itself false as FRAUD AND FORGERY were everywhere across all documents known as Loan Application Forms.  It knew about the dreaded service calculators, whose ingenious creator...
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  • doyla66
    doyla66 says #
    All Australians have a right to expect a more diligent and honest work ethic by ASIC management. They have failed, repeatedly and
  • doyla66
    doyla66 says #
    ASIC should have told their mates (banks/lenders) to pay up and move on long ago just to shut us up. Their liability may have been
  • doyla66
    doyla66 says #
    BFCSA will keep the pressure on you Asic until you decide to tell the truth. You know and everyone else knows you are guilty. Ther
  • Denise
    Denise says #
    I have just read ASIC's ridiculous Supp Sub 45.1 Omissions are in fact a criminal offence and ASIC excels in omissions. In fact,
  • doyla66
    doyla66 says #
    Very harsh and damning words but TRUE, TRUE, TRUE. ASIC have gone past the point of no return now. They have committed a mortal si
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There are hundreds and hundreds of submissions waiting to be "cleared" for publication, including mine.  Most of the submissions are regarding victims of bank fraud that ASIC had powers to address and contain and then irradiate.  ASIC failed on all levels and that is why the public collective cry for ASIC to be pulled down and rebuilt.  Spare a thought for staff at the Senate who have been lumbered with the greatest dump of submissions of discontent ever waged against a regulator.   This Inquiry is long over due and the submissions received are the proof.  The BFCA Submission has been received but may take several weeks to be loaded up on to the website. The very name ASIC implies "security in investment" and their role has been to ensure markets are not permeated with fraud and forgery and thereby instilling CONSUMER CONFIDENCE across the banking an finance industries.  Trouble, is the bodies are...
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  • doyla66
    doyla66 says #
    This enquiry will give all of us back our faith in human nature. We have all been pushed and shoved from pillar to post by bureauc
  • doyla66
    doyla66 says #
    If as ASIC say they do a great job at regulating and investigating, then they will have the proof. Most of us have had the ground
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Well we know what ASIC has been busy with this past decade:  handing out fines to Brokers for "non compliance of its old and new laws."  We have been consistently warning Australian Mortgage Brokers that ASIC will come after you chaps but will not use the 2010 laws against fraudulent loans generated by bank engineered SERVICE CALCULATORS that automatically fudge client income figures.   ASIC have been fully briefed on what is going on but refuse to act against the PROTECTED Bankers.  ASIC have the laws and the powers to handcuff and charge every bank executive involved in LIAR LOAN engineering.  So what is ASIC doing about that gem?  Absolutely NOTHING..........NIENTE......ZIP............In three years the "new" laws are now "old" laws and they are copies of previous legislative tools that ASIC had in its arsenal but failed to use for 14 years.  AUSTRALIAN BANKS have been handsomely profiteering, racketeering from fraudulent LOW...
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  • doyla66
    doyla66 says #
    "Commissioner Greg Tanzer says that ASIC regularly checks the veracity of information lodged as part of the requirement to lodge a
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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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Ponzi accused facing more charges The man accused of a $400 million Ponzi scheme has made a second appearance in the Wellington District Court, without entering a plea. Ross Asset Management director David Ross, 63, now faces eight charges including three new counts brought by the Financial Markets Authority as well earlier charges brought by the Serious Fraud Office. David Ross did not enter a plea when he appeared at court. RADIO NEW ZEALAND He was in court on Friday and was remanded on bail to reappear on 22 August. An investigation began in October 2012 when the FMA received complaints from investors who had been unable to withdraw funds. In June this year, police and the SFO charged David Ross with five counts of false accounting and theft by a person in a special relationship affecting more than 1200 of his clients, many of whom lost their life savings. The...
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  • doyla66
    doyla66 says #
    Australian Federal Police doing nothing about fraud in Australia. That is so right. If New Zealand Serious Fraud Office can lay ch
  • doyla66
    doyla66 says #
    Thankyou, Denise !! I'm not alone! - a very familiar sounding case ... useful to know, when I get the next "duck for cover" lette
  • doyla66
    doyla66 says #
    ah..I keep forgetting ... didn't one of our PMs tell the UN Australia doesn't have fraud? Just like Banks don't repossess homes .
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