BFCSA Blog

Breaking the big four’s bad habits  The Murray Inquiry Threatens to corral Australian Banks' dodgy lending practices.  Big Banks Bad Business Model to steal homes. 6 October 2014 Callum Pickering http://www.businessspectator.com.au/article/2014/10/6/australian-news/breaking-big-fours-bad-habits   Australia’s major banks are getting desperate. The Murray Inquiry threatens to corral their dodgy lending practices and misleading accounting, prompting a last ditch effort by senior management to convince members of the inquiry that additional regulation is not required. We shouldn't sugar-coat the situation: the Murray Inquiry poses a serious threat to the business model of Australia’s big four banks. That might sound dire, but don’t be fooled, this is a business model that should be threatened.  The inquiry itself -- the first into the financial sector in 17 years -- will be released in November. At the centre of the inquiry are two fundamental issues: the major bank’s low capital ratios and the government’s implicit guarantee of Australia’s financial system. Those...

If you were in any doubt there are giant PONZI's raging faster than bushfires right now, one only has to look at the corrupted FINANCIAL advice industry.  People's lives are lying in smoldering heap of ruin right now.  Over $200 billion has been lost in either savings and homes, and more carnage to be uncovered.  Retirees and Pensioners were the target market for 15 years of non enforcement of law.  Most of these scams are connected in some way to property and yet some were even connected to manipulation of the stock exchange. If you are outraged by this you need to send our online petition to as many people as possible.   Lets do more to hit 3000.   Every MP should be reading the comments on the petition.  I am putting together a submission for Sen. Sam Dastyari Inquiry into Financial Advice.  I gave ASIC 15 years of meticulous documentation...

Risky subprime mortgages staging comeback in Australia Updated yesterday at 2:55pmTue 26 Aug 2014, 2:55pm They triggered an economic meltdown in the United States and sparked the global financial crisis, but sub-prime mortgages are staging a revival in Australia. The ratings agency Moody's says Australian lenders have doled out $3 billion worth of the non-conforming home loans over the past 18 months. Pat McGrath  ABC NEWS http://www.abc.net.au/news/2014-08-26/risky-subprime-mortgages-staging-comeback-in/5697348   4 min video...