BFCSA Blog

ASIC is blowing hot air, yet AGAIN.  20 complaints?  Our members sent ASIC 150 which its officers refuse to investigate.  The evidence presented with the letters shows that fraud is being carried out INTERNAL to the LENDERS.  The LAFs are being altered after the Broker faxes the paperwork to the credit assessors.  ASIC knows this, as I spent 150 mins briefing the Commissioner.  Its not the Brokers.  The evidence shows its THE BANKS.  Otherwise how do we explain 100% LAF Fraud on all loans Low Docs and Full Docs?   ASIC wants Brokers to turn on each other and trick the industry into believing its a few rogue brokers at fault.  That is false.  How do we then explain why 100% of the LAFs we have uncovered have been tampered with, after they were signed and after they were faxed?  That's why we asked all Members to ask for Bank's copy -...

ASIC admits scrutinising Senate Inquiry submissions 20 November, 2013 Mike Taylor 2 comments http://www.moneymanagement.com.au/news/financial-services/2013/asic-admits-critical-senate-inquiry-submissions The Australian Securities and Investments Commission (ASIC) has revealed that it has examined all the submissions lodged with a Senate Inquiry into its operations, many of which have been highly critical of the regulator.  ASIC chairman Greg Medcraft has told a Senate Estimates Committee hearing that the regulator had examined the submissions in a bid to understand any complaints about its performance and to identify “how we can do a better job”.  The Senate Inquiry into the operations and performance of ASIC has received close to 300 submissions, a number of which have been kept confidential and many of which have been highly critical of ASIC’s performance.  Medcraft told today’s Senate Estimates Committee that ASIC had provided the Senate Inquiry with three submissions, the most recent of which had included a proposal for a national financial adviser exam aimed at...

Well, well, boys and girls it looks like after many tireless years of Denise's and BFCSA persistence we have struck a raw nerve at ASIC. To rate a supplement to ASIC's submission to the Senate means they are finally hearing what we are all saying. To start compiling a list of counter claims to all our evidence reeks of desperation to save their own sorry skins. To use time as an excuse is preposterous by stating the falsehood that a lot of our members were PRE all these new regulations so that must deem them to be not appropriate, you do not put time limitations on a crime as if the passing of time wipes the slate clean. One of the most obvious pontificating ASIC statements is the complete onus on the brokers for the loans and LAF's, they are completely exonerating the banks and show where their allegiance lies. To...