BFCSA Blog

Hot topic of the week: Clawbacks Australian Broker News http://www.brokernews.com.au/news/breaking-news/clawbacks-not-okay-says-broker-185672.aspx#latest http://www.brokernews.com.au/news/breaking-news/hot-topic-of-the-week-clawbacks-185724.aspxby AB | 24 Mar 2014   Friday’s article on the unfairness of clawbacks attracted a huge amount of commentary from you in a short space of time, signalling intensity of broker feeling and highlighting the importance the industry should be placing on addressing the issue.Many interesting and constructive opinions were expressed; with the overwhelming response being clawbacks are unjust punishments on brokers for something they largely have no control over.“The banks simply eat brokers to the bones if they could,” said VIC Broker. “Of course it is UNFAIR! Brokers are only ones who suffer in the end.”Anne questioned what other professions apart from mortgage broking give a free marketing, sales and process operation. “It is manifestly unjust and would be deemed immoral for a large industry to expect unpaid workers to share the risk of what should be the cost of the lenders doing business.”Brett Perth said: “How professional...

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...

Dear members Its not long now before our day will come and we get to face the men responsible or should it be the irresponsible men who were supposed to be our protector and watchdog by making sure no consumer was taken advantage of. As Medcraft and Kell were first and second in charge they have,to take full responsibility for ASIC's failings over the last few years. Its unfortunate that Denise will have a time limit to get across as much information that's humanly possible in the one hour allocated. I'm sure Greggies minions have been devouring every bit of information concerning BFCSA from individual Senate submissions to blogs that get posted on this site. If and when Greggy takes the stand he will be well rehearsed in what the likely questions will be, his body language will be a give away though. He is one of these people who...