BFCSA Blog

Well Members,  here we see Banks trying to circumnavigate FOS.  Lenders ALL have COSL captured who simply look for FRAUD (very easy to find thanks to BFCSA members efforts) and then use the info to say: "sorry we cannot assist as this is fraud - we do nothing about fraud and we do not report fraud and every case has fraud."  FOS is trying to send people to COSL....do not fall for these tricks.  The EDR's are trying to tell you you must have signed a BLANK FORM.  That is is false.................every LAF was only presented as 3 pages, yet you now know the LAF was 11 pages: standard industry practice - also BANKS.  The 3 page LAF was filled in by the broker or bank manager - YOU THE CUSTOMER were not allowed by banks to fill in the forms.  How do we collectively know that?  Because all LAFs are...

Senators need to question:  ASIC Commissioner Greg Tanzer, Director Malcolm Rodgers and ASIC General Counsel Brendan Byrne as to why they signed Dec 2005 Class Order 05/1122 – exemption on serviceability calculators for Low Doc Loans – risks to consumers: 15 Dec 2005 In May 2005, IFSA suggested, according to the Wheeldon evidence (2nd April 2014), that if ASIC lawyers did not sign off on the EXEMPTIONS for Superannuation Calculators they would lean on the Commissioners.   Parliament would put in place laws to protect consumers and ASIC would then give exemptions from prosecution to the Banking Fraternity - the very people who had been preying on vulnerable Australians for years.  The laws were to protect people.  ASIC gave immunity to the Bankers and left consumers exposed to catastrophic losses of homes and life savings. The Sub Prime purpose of all these calculators: to entice and entrap consumers into RISKY strategies, investment advice, toxic loans...

Citizens Electoral Council of Australia Media Release  Wednesday, 26 March 2014 Craig Isherwood‚ National Secretary PO Box 376‚ COBURG‚ VIC 3058 Phone: 1800 636 432 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: http://www.cecaust.com.au   Hockey gives London oversight of Australia’s ‘fixed’ financial system inquiry Treasurer Joe Hockey is consolidating the push Paul Keating started to turn Australia’s economy into a financial casino, by giving oversight of Australia’s new financial system inquiry to one of the City of London’s leading financial gamblers and political insiders. [Click here to see Hockey’s “Open for Business” policy in action.] He has named British-Australian businessman Sir Michael Hintze as one of four leading international business people to oversee the so-called Son of Wallis inquiry. The City of London financial centre operates as a lawless enclave in the financial world, a deregulated zone from where most of the world’s derivatives bets and speculative currency raids have been made. Ironically, its status...

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 to be then collated...

You Can Bank on Another Crisis Written on 25 September 2013 by Vern Gowdie  MONEY MORNING The GFC brought into stark contrast just how vital the banking system is to the functioning of an economy. At the height of the GFC banks did not trust each other. And people did not trust the banks. Banks viewed each other with suspicion. Letters of credit were no longer accepted on face value. The shipping industry, which relies heavily on letters of credit, ground to a standstill. Customers lined up outside banks (some with suitcases) to withdraw their savings. Such was the demand for cash, the Reserve Bank of Australia came close to running out of physical notes. Modern commerce is a function of faith. When faith in the financial system is lost, chaos follows.  Banks are the Heart of the Financial System Money pumps in and money pumps out. The flow of money through the system is as vital to economic health...

Political Parties will find no currency in either trying to avoid the Mortgage Elephant in the room or continue to bury the bodies.  The Low Doc Loan Scandal which eeked into the Full Doc Loans with identical toxicity, could envelope every Australian in some form.   The amount of toxicity in these 30 year loans, set to implode within 4 - 6 years, is an unknown quantity.  Yet every loan we have viewed has fraud and/or forgery starring us in the face: "not one clean loan."   Collectively, members have been able to piece together the mechanics of this dreadful situation.  Both major political parties have been hiding our sub prime problem for far too long and knowingly offering no protection to consumers.  That abysmal strategy to protect the banks at the expense of ordinary Mums and Dads will costs this nation dearly on many levels. The evidence is clear: ASIC...

The most telling piece of evidence that our Members are now discovering:  Banks ensured the customer only ever sighted a three page Loan Application Form.   The Brokers we have spoken to admit they were taught by their Business Development Manager's (BDM’s): "the LAF is only three pages and make sure client signs only three pages, then come back to the office, go online to the BANK generated serviceability calculator and type in the base income.  Then the CALCULATOR DOES THE MATH FOR YOU....easy peasy!. Then write the FUTURISTIC INCOME on the wet ink copy of the LAF."  What the BDM's did not realise, they were setting up the Brokers to take the rap and go directly to jail if necessary.  "So if income is say $50K, futuristic income will be $180K.  Do not worry because it’s not against the law according to our favourite lawyers, to use englobo income figures.  ASIC,...

Dear members As of this morning Tony Abbot has accepted an invitation to debate with Kevin Rudd, he wants the first debate to be held at the Canberra Press Club and the next two as open public forums. As David Speers will be the adjudicator and Foxtel will be broadcasting nationally I've taken the opportunity to check out the Sky news website. On the site are a lot of little sub sections but one caught my eye and so I clicked, this section is called "your say" so I thought why not. They ask for your name, email address and town or city location but then you get a small space to put your comment in, if you prefer you can ring 1300 32 88 80 to make a comment. I requested for David Speers to ask both leaders why they both won't address the problems of the thousands of Australians...

YOUR SUBMISSION TO THE SENATE INQUIRY is vital.  If you ignore this Inquiry there will be no reason to hold a Royal Commission into the Banking Sector.  Then the banks will move in with a united rush! Please email This email address is being protected from spambots. You need JavaScript enabled to view it. “YES SENT Submission” in address bar and email to us.  We are counting heads. Rate ASIC’s Performance on what if they had investigated all those cases they did receive and as a result ASIC gave public warnings – would you have been aware of the dangers and not fallen into the mess you are all in right now?  Senators want to know how you feel about that. Eg:  If you were travelling on a highway and the bridge had collapsed and there was no warning “Bridge Collapse – STOP IMMEDIATELY “ and you continued around the bend and over the cliff into 200m ravine…..would your family be upset? If Government KNEW...

Australian consumers of mortgages, whether FULL DOC or LOW DOC are far better off without any regulator at all, than trust ASIC.    Reliance on ASIC caused consumers to believe there was regulatory industry oversight, enforcement of law, corporate policing.  When the full extent of this scandal is revealed, it will rock the nation and cause thought-provoking economists to gasp.  Had ASIC placed a massive sign on each of the buildings as a serious warning to consumers, no-one would have even thought to TRUST A BANKER.  ASIC is breaching a very old REGULATION called: PASSING OFF.  ASIC is passing itself off as a consumer protector when it clearly is protecting its Bank Buddies.  Slight case of "Malfeasance in public office." In the interest of Consumer Protection the sign ought to read:   "ASIC PROTECT BANKS......NOT CONSUMERS.....please be warned." In order for ASIC to continue its historical DO NOTHING POLICY, now in...

Australian Manufacturers know that if they manufacture faulty products, laws are in place to ensure Manufacturers must make good and repair or replace the faulty item.  Consumers must be protected from faulty goods and services. Manufacturers know they cannot "pass-off" something as trustworthy brand name knowing links in the chain are severed.  Manufacturers also know they cannot hand out "false and misleading" literature to entice unwary customers into purchasing faulty goods.  Nor can they engage in "misleading and deceptive" conduct.  Time to write to the Australian Competition and Consumer Commission ("ACCC"). Australian Banks have been manufacturing a financial product (Low Docs, No Docs and Full Docs) that Bankers knew for 15 years, was not only fraudulent but contravened all of the ACCC's list of criminal behaviour.   Our federal Governments have turned a systemic "blind eye" to sub prime mortgages for almost two decades.     How does the probability fo over 100,000 - 200,000 families losing their homes and living...