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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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Subscribe to this list via RSS Blog posts tagged in Chairman ASIC Greg Medcraft
ANZ acts fast on traders by:John Durie From:The Australian November 21, 2014 http://www.theaustralian.com.au/business/opinion/anz-acts-fast-on-traders/story-e6frg9io-1227130053906   THE global banking world works in mysterious ways, as shown by ANZ’s decision to suspend seven traders on full pay amid allegations of market rigging in the bank bill swap rate. The bank disclosed the suspension knowing that, once the market was aware a bunch of traders had vacated their desks, it would become the talk of the market. ANZ and Westpac are two of the biggest local players in the institutional swaps market, so if ANZ felt the need to take cautionary disciplinary action the obvious question then is what Westpac is thinking. What is clear is any argument the local oligopoly pretends to have against the impact of global regulation is effectively shot by the sort of trading activity that has been allowed to prosper. We are not talking about breaking any laws here yet,...
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  • Wayne
    Wayne says #
    Here comes the their ugly heads starting to raise up there's heaps more than just this isue that ANZ is going to have to deal with
  • Wayne
    Wayne says #
    ANZ thinks they are above the law, but the day will come when there will be no where at all to hide. ANZ will fall the hardest in
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What a thoroughly dishonest man is Meddlesome Medcraft, Chairman of ASIC and IOSCO.  This is just plain balderdash!  Mortgage Originators are under orders from Four Major Banks and the regulator is captured by the same TOO BIG TO FAIL FOURSOME.  Ask any victim of mortgage fraud.  The fraud and forgery is carried out INSIDE THE BANKS via the processing channel using a wicked serviceability calculator that is used for fudging figures and with a note: NO COPY TO BE GIVEN TO CUSTOMER............Go Figure! Securitisation to fund real economy, says Medcraft Wednesday, 12 November 2014   IOSCO chairman Greg Medcraft has called on Australian banks and RMBS issuers to recognise the “integral role” that securitisation can play in financing the real economy. Speaking at the Australian Securitisation 2014 annual conference in Sydney yesterday, Mr Medcraft said securitisation has funded the economy in the past, very successfully in Australia, and has the potential...
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    Susan says #
    MORE securitisation? How can Securitisation fund the 'real economy' when the money that is supposedly generated through the secu
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ASIC and Bank of Queensland reach Storm Financial settlement September 22, 2014 http://www.professionalplanner.com.au/cut-and-paste/2014/09/22/asic-and-bank-of-queensland-reach-storm-financial-settlement-30980/   ASIC today welcomed its agreement with the Bank of Queensland Limited (BOQ) for BOQ to pay approximately $17 million as compensation for losses suffered on investments made through Storm Financial Limited (receivers and managers appointed) (in liquidation) (Storm). The compensation will be available to BOQ customers who borrowed from the bank to invest through Storm. Following compensation payments made by Commonwealth Bank of Australia (CBA) (of up to $136 million) and Macquarie Bank Limited (Macquarie Bank) (of approximately $75 million), the settlement with BOQ will bring to an end the existing litigation brought by ASIC to obtain compensation for Storm investors. The payment settles ASIC's unregistered managed investment scheme proceedings against BOQ commenced in 2010, and the class action commenced against BOQ in 2012. The settlement with ASIC is conditional upon court approval of the class action...
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Greg Medcraft really doesn't get it?  Or is he a corrupted and captured prisoner of the banking system?  Tens of thousands of Australians have lost their life savings and/or their homes in dodgy financial products and services from sellers acting as AGENTS OF THE BANKERS. The sellers were given an 8 day rinky-dink course and then told "you are now advisers".....find some clients (practice on your parents first) and then the bank will give you whopping commissions for bringing in new fodder for the banker cannons.  Medcraft, D'Aloisio and Lucy oversaw this tragic time in the history of banking.  The watched evil greed driven bankers go after older persons who had worked all their lives for a few pennies in the bank and a home.  The Asset Rich Income Poor ("ARIP's")were named by bankers in 2004 as the obvious "target."  "Target Older Persons" the internal emails to brokers and planners suggested....
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How does this work? Medcraft is paid in excess of $800K per year for running a ridiculously stupid and self indulged regulator called the Australian Securities and Investment Commission.  ASIC is so appalling in its role as Consumer Protector that billions of hard earned dollars have been lost in scams and now bank scams for years.  ASIC "controls and licences" financial planners and must oversee that financial products being sold to an unsuspecting public are based upon FAIRNESS and is keen to point out CONFIDENCE and TRUST are vital in the murky world of Banking and Finance.  Our Consumer Group mushroomed from the ashes, years ago, of POOR FINANCIAL ADVICE and lacklustre performance of ASIC.  This resulted in the need for a consumer group to collectively do ASIC's job for them by exposing bad practices int eh finance industry.  

First RECA Inc and then BFCSA Inc....the members have brought to light case after case.....and then lobbied and achieved 15 Inquiries including the recent Senate Inquiry into the Performance of ASIC and BFCSA Members and older RECA Members sent a large slice of the 470 submissions ( a record number) to the Senate to complain about the regulator's indifference to consumer protection and most importantly lobbied loudly for recommendation for ROYAL COMMISSION into the entire debacle.  

Medcraft's performance/manner on the stand was uncaring, arrogant, misleading Parliamentarians and generally not telling the "whole truth."  

NOW Muddled Medcraft HAS COME OUT BLAMING ALL THOSE WHO TRUSTED HIS SYSTEM!!!!!!!!!  He also gob smacks the consumers he betrayed by suggesting the system of banking and finance is safe and the products are of a good standard, but if they collapse and cause loss of savings, loss of homes - a FINANCIAL WIPEOUT its the consumers fault for choosing to buy the TOXIC PRODUCTS from his own licencees and manufactured by Bankers!!!!  He says he has 30 staff.  His Annual Reports show he has 313 investigators so what were those bods doing in their ample spare time?

 This email address is being protected from spambots. You need JavaScript enabled to view it.  Tell me your story......................

Medcraft has the idea what TRUTH means it can be bent if necessary - exactly what the Chief Bankers practice daily.  Yet Gregory Medcraft is also head of IOSCO:  "International Order of I don't know what I am doing".....sorry.............International Order of Security Chiefs Org.   www.iosco.org

READ ON - there is more - much more

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http://www.smh.com.au/business/banking-and-finance/asic-not-backing-royal-commission-into-cba-scandal-20140627-zsod1.html ASIC not backing royal commission into CBA scandal Banking and Finance  Date June 27, 2014   Georgia Wilkins The corporate regulator has refused to throw its support behind a royal commission into the Commonwealth Bank financial planning scandal, pointing instead to the costs already spent on a Senate inquiry.  A powerful Senate inquiry has called for the bank to face a royal commission to investigate fraud, forgery and allegations of a cover-up inside its financial planning arm.  But Australian Securities and Investments Commission chairman Greg Medcraft played down the need for a commission, saying there had already been a number of submissions and inquiries into the scandal. ''There has been significant opportunities for people with evidence to present to this inquiry, and there is now the financial system inquiry,'' Mr Medcraft said.  ''So there have been a lot of opportunities to look at these matters.''  Mr Medcraft also raised the issue...
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CommFP says ASIC always knew 16 June, 2014 Mike Taylor 5 comments Latest News Pay rises forecast for financial sector workers New dealer group picks up another practice Planners should ask hard questions to keep clients Healthy inflows boost retail and wholesale funds Solicitor free trust structure  Commonwealth Financial Planning (CommFP) has provided a Senate Committee with documents it says proves that the Australian Securities and Investments Commission (ASIC) was well aware of the extent of its compensation arrangements.  The documentation, published on the Senate Committee's web site raises serious questions about why neither ASIC chairman, Greg Medcraft nor his deputy, Peter Kell, were made aware of the extent of CommFP's arrangements and the role of ASIC's own officers and why the regulator's original submission to the committee ultimately proved to be misleading.  ASIC chairman, Greg Medcraft last month issued a statement expressing concern that the regulator had been misled and foreshadowing the imposition...
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  • Denise
    Denise says #
    If you wish to COMMENT you need to be a registered paid up member. Please use a pseudo user name but your correct email must be u
  • Denise
    Denise says #
    ASIC needs to have CONSUMER PROTECTION taken away from them. ASIC has shown at every turn they do not want the job of protecting
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A mea culpa from ASIC Updated Thu 10 Apr 2014, 9:35pm AEST It's been a humbling day for ASIC. The corporate regulator has confirmed it was far too slow to take action against the Commonwealth Bank over a scandal in its financial planning arm. It's tardiness prompted a Senate inquiry into the regulator which resumed today in Canberra. http://www.abc.net.au/news/2014-04-10/a-mea-culpa-from-asic/5382428 What a miserable bunch these highly paid public servants turned out to be.   Now the long suffering public can see why so many retirees have lost money in listening to Financial Planners and the FP Industry.  Thanks to the tenacity of the Senators in a bi-partisan approach at serving the people well, we can see why so many pensioners have lost their homes to corrupted Banks and Lenders.  Toxic Managed Investment Scams, toxic Low Doc Mortgage Loans, collapses all over the place, straw companies......the list is endless and the losses more than $200 billion and...
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  • doyla66
    doyla66 says #
    Why don't the Senators call in the staff who were given the Ferrets information over the counter and interview them? Then they cou
  • doyla66
    doyla66 says #
    With the overwhelming number of complaints against ASIC and a handful saying nice things, people are wondering what's in it for th
  • doyla66
    doyla66 says #
    You're absolutely right Neil. ASIC are incompetent liars and their cultural environment would be too difficult to eradicate withou
  • doyla66
    doyla66 says #
    I totally agree Ali, to move forward the old guard at the top has to be changed, a leopard does not change its spots and these peo
  • doyla66
    doyla66 says #
    Watching the Senate hearing yesterday, i couldn't help but to get the impression that Asic were being reprimanded (but not sternly
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Anyone listening to the Senate Inquiry into ASIC Performance today, would be forgiven for thinking: "we are listening to the same worn out excuses for non performance which consumers have had to suffer from ASIC hierarchy for more than a decade." Tanzer was the most pitiful, followed by Kell, and Medcraft was the icing on the cake.  After two years of Investigating LM investments, they have not been able to "conclude their inquires."  It's still ongoing and so was the endless twaddle coming from each member placed before the Senators. Kell left every answer to Kirk, and even he was challenged, stumbling on answers and then ending monologues with "I will take that on notice." As allegations of $10 million of wholesale products being sold to ordinary Mums and Dads, ASIC delivered a few more excuses, whilst Mr Medcraft kept muttering his dream words: "trust and confidence."  In your dreams Mr...
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  • doyla66
    doyla66 says #
    Did anyone pick this up during the Inquiry: KIRK: "One of the things we (ASIC) did towards the end of last year was to make sure t
  • doyla66
    doyla66 says #
    "greed of BIG END towners is good for consumers."....what!? So we should start preschoolers on a regular videos of Gordon Gecko an
  • doyla66
    doyla66 says #
    Great analysis Denise. I agree with Organza - we'd be laughing in the aisles if this weren't such a tragedy. The lack of depth in
  • doyla66
    doyla66 says #
    According to Asic, everyone is lying except them and what's this about talking in camera? us the public deserve to hear everything
  • doyla66
    doyla66 says #
    If not so very serious if would be laughable. Could not believe all I saw and heard re calculators class orders fraud systemic th
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Greg Medcraft is only just waking up we have CRIMINAL LAW here in Australia.  Bankers can be jailed Greg, but YOU Sir CHOSE to take no criminal action against the Australian Bank Executives for being the ENGINEERS of a hideous crime against hundreds of thousands of vulnerable citizens of Australia.  WE have sanctions but you did no investigation into Banksters, and therefore bleated "we can see no evidence to suggest......etc." You Sir are treating our citizens with disrespect.  You have made no attempt to investigate Lenders and then jail a few..........................To me and our members that Sir, is a cover-up on your part.  Stop treating other IOSCO members as if you know how to fix a crisis.  You may have the press fooled, but not those at grass roots level.  As we have been taught down the ages: "your turn will come...." You are on the back foot Greg, only because...
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  • doyla66
    doyla66 says #
    That's all well and good Medcraft but what about if banks have used fraudulent tricks and conned borrowers into loans, we (borrowe
  • doyla66
    doyla66 says #
    Oh dear looks like I added the wrong link for the Medcraft blockbuster sorry. Poor thing, it's time somebody told him he just has
  • doyla66
    doyla66 says #
    What Greg Medcraft thinks is a blockbuster looks like a bit of a flopsy to me. with just 246 viewings since launched on 14 August
  • doyla66
    doyla66 says #
    It would appear Mr. Medcraft is caught between a rock and a hard place created by himself. Just give him enough rope and he will
  • doyla66
    doyla66 says #
    no one should trust anything Mr Medcraft says.. seeking advice from overseas "bankers" should not be trusted either. They started
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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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ASIC ARE FAILING TO NAIL A BANKER.  ASIC ARE FAILING TO WARN THE CONSUMERS.  Instead Kell is intent on blaming the Broker, blaming the borrower, creating sham and biased "studies" - the usual nonsense of course. Peter the more you tell porkies about Mortgage Bank Fraud / Toxic lending by Bankers the more you will be recorded and exposed by us.  You are inflaming the situation not solving it. Eleven years ago we discussed this and you agreed the clients deserve a copy of the LAF at point of signing....precisely the reason there needs to be a Royal Commission into all ASIC hierarchy / luminaries who are conflicted by the word "TRUTH." Its a widespread ASIC disease.  Here is another gem from your MOB: BORROWERS have been warned about a disturbing rise in fraud by mortgage brokers who are pushing up incomes and falsifying other information on the promise that it will...
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  • doyla66
    doyla66 says #
    We all have solid evidence that seems to be ignored....
  • doyla66
    doyla66 says #
    All part of the big smokescreen GFs and using the same old tactics and the same old script they did after earlier investigation in
  • doyla66
    doyla66 says #
    There is all this media about the brokers...... I don't get why they are not asking the questions? So yes, we get it, your blaming
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Dear members Its the ground swell of public discontent at ASIC's performance  that has now reached tsunami levels. Even on short notice of dates and venue BFCSA's presence will be felt. After ASIC head Greg Medcrafts appearance we are up against a majority of hard hitters who are predominately pro-ASIC from the ASIC Gene-Pool, you can form your own opinions because each witness has a submission number next to their title so you can refresh your memories. I have read all the submissions to the Senate hearings and all those who are pro-ASIC seem to be people who have something to gain either directly or indirectly as ASIC stands in its present form . Some of the witnesses gain monetary profit from ASIC's inaction and others are protecting their jobs and futures while others are trying to protect the supposition that they weren't performing their duty of care to the aggrieved...
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  • doyla66
    doyla66 says #
    Too right - their system - their crisis - their rules - their lies - time now for a good dose of their own medicine! Must be a lo
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Medcraft is attempting to orchestrate the loooooooongest list of excuses, as to why he has to lie to Parliament and say "no systemic issues in banking practices regarding obvious fraudulent loans and barrels of Maladministration in Lending.  In other words to say every mortgage loan application approved by Banker Mates was checked and verified as affordable loans to people who could afford to sustain repayments. You can see the build up in small stream media.  You can almost guess the exact words these luminaries will use on the witness stand prior to Greggie flying off on his usual IOSCOnian Adventures.   The problem is Mr Medcraft, you Sir will be leaving behind fractured banking industry riddled with bad practices, bad procedures and definitely toxic financial products, riddled with fraud.  You did not start the banking cartel here, but you were in on the ground floor in 1994.   You will attempt...
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  • doyla66
    doyla66 says #
    We hear daily lot about the scams and cheating on these issues. Therefore government should come in front and should make strict p
  • doyla66
    doyla66 says #
    You are so right Neil we are certainly seeing yet another limp wristed sook out to appease the masses instead of making the long r
  • doyla66
    doyla66 says #
    Members if you think the banksters have it good now wait until Joe Hockey relaxes all the rules which he stated he was going to do
  • doyla66
    doyla66 says #
    I am so interested to see how Greggy handles genuine pressure (the same sort of pressure we victims have had to cope with every da
  • doyla66
    doyla66 says #
    From the asic website......... Greg Medcraft was appointed ASIC Chairman on 13 May 2011 for a five-year term. Greg joined as ASI
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BFCSA have lobbied long and hard for an Inquiry into ASIC, calling for one in 2001 as RECA.  Greg Medcraft Chairman of Australian Securities and Investment Commission, and also Chairman of IOSCO (International Org of Security Chiefs) has hit back at his critics of which our members are staunch by experience in their criticism of ASIC.   In fairness, we are happy to record Mr Medcraft's views of his own leadership and staff.  We do note however, that a boast of recovering $345 million, is embarrassing as over $400 million was lost in Westpoint, which ASIC sat on like a Mother Hen and did nothing for five years until its collapse.  It also fails to quantify the absolute losses ASIC has recorded as being well over $80 Billion, whilst ASIC slept.   Medcraft boasts that ASIC has banned 168 people in 3 years.....no LENDERS MENTIONED.   No criminal charges to assist in...
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  • doyla66
    doyla66 says #
    Mr Medcraft must be really silly to boast about stats like that without doing the sums... (well done Denise!!) What a joke! No won
  • doyla66
    doyla66 says #
    Just running for cover it appears. Imagine giving out terrible percentages like that. I think Mr. Medcraft would be ashamed of h
  • doyla66
    doyla66 says #
    ROFLMAO ASIC! We've said it before and we'll say it again: ASIC did it - we just reported it No extra effort required: just writ
  • Denise
    Denise says #
    5 elite ASIC staffers were given the task of compiling the "close to zero %" results for ASIC in their three submissions to Parlia
  • doyla66
    doyla66 says #
    In another similiar article -'We see cyber crime as a key risk not only to the markets we regulate but to the stability of the glo
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Profile: Greg Medcraft DateAugust 10, 2011 SMH Read later The new ASIC chairman attributes his outstanding success to a can-do attitude. If Greg Medcraft's track record is anything to go by, the Australian Securities and Investments Commission is in for a shake-up. During his lengthy investment banking career, Medcraft notched up a string of firsts in Australia, Paris and New York. ''I built a reputation for doing deals that other people thought were too hard,'' says Medcraft, 55, who took over as ASIC chairman from lawyer Tony D'Aloisio in May, after 27 years with French banking giant Societe Generale. Those deals included putting together the first securitisation of non-mortgage assets outside the US in the late 1980s and the first securitisation of a credit card portfolio outside the US in the early 1990s. ''It's actually about getting things done, a bit of a can-do attitude and innovation,'' says Medcraft, who rose...
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  • doyla66
    doyla66 says #
    Medcraft has certainly done some deals with the banks in Australia to allow them to escape from prosecution. Very well thought ou
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ASIC hamstrung by inexperience and out-of-date regulations 20 November, 2013 Jason Spits  http://www.moneymanagement.com.au/news/financial-services/2013/asic-hamstrung-by-inexperience-out-of-date-regs In a submission (#282) to the Senate Standing Committee on Economics, Niall Coburn, a senior specialist adviser with ASIC’s enforcement directorate from 2009 to 2012, also stated the regulator is hampered by having limited skilled staff capable of handling complex cases.  Coburn, who was also the former principal lawyer in ASIC’s enforcement directorate from 1993 to 2002, stated ASIC was able to tackle investigations of medium complexity but struggled with more complex matters due to limited skilled staff being “able to deliver on these major projects”.  According to Coburn, experienced senior staffing levels at ASIC’s Enforcement Directorate have fallen to the point that there was only a handful of staff “who are capable of handling large complex investigations and who, most importantly, are able to deliver a prosecution result”.  Coburn said many at senior management level were not engaged...
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  • doyla66
    doyla66 says #
    ASIC's excuse of UNSKILLED is not our the public's fault who rely on the integrity and skills with ASIC. We are the ones who suffe
  • doyla66
    doyla66 says #
    It's not only the regulations that are out of date at ASIC. It's high time they got on the page that strategic enforcements and t
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http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/News-from-the-regulator-FOS-speech-2-June-2011.pdf/$file/News-from-the-regulator-FOS-speech-2-June-2011.pdf Has the Chairman's determination to talk to Industry - not to pesky Consumers - affected you and the financial security of your own personal family life? Have your say:  Senate Inquiry into Performance of ASIC   send submissions to This email address is being protected from spambots. You need JavaScript enabled to view it. Email us if you have done so "YES SUBM SENT"  This email address is being protected from spambots. You need JavaScript enabled to view it. So did the Chairman shovel all the complaints off to the EDR's, preferring to have lunch with Industry bods?  He admits he is the Gatekeeper but failed to address the issue of bank fraud.  Is that what happened? The Senators would love to hear from you. Were your loans faulty products?  Why do you think that?  Should ASIC have alerted you with the information they were sitting on? ASIC KNEW of Low Doc and Full Doc Loan Fraud in  2003.  Could that knowledge have helped save your family from financial ruin had you known then? Has this catastrophe affected...
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  • doyla66
    doyla66 says #
    ASIC has known about the crack in the system we fell through. Did they do anything about it? You gotta be kidding! ASIC do anythin
  • doyla66
    doyla66 says #
    I have lost my home because of the gatekeepers fraudulent tactics. Yep you got it, same as everyone. ASIC real interested original
  • doyla66
    doyla66 says #
    ASIC's role to actively oversee EDR's and to exercise it's power to intervene, where appropriate, of course does nothing, but cond
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