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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Subscribe to this list via RSS Blog posts tagged in Federal Treasurer Joe Hockey
Jobs to go with axed government agencies Date December 13, 2014 - 10:20AM   http://www.brisbanetimes.com.au/federal-politics/political-news/jobs-to-go-with-axed-government-agencies-20141213-126ek7.html Jobs will go when the federal government moves to scrap a large number of government agencies. Finance Minister Mathias Cormann indicated that the axing of government agencies, reported to be 175 in total, will lead to job losses. "If you reduce the number of government bodies, there will be an impact on jobs across the public service," he told Sky News on Saturday. "What we will see is that as a result of our reform efforts so far, that the size of the public service will be back down to the same level as what it was in 2007, 2008."  We think that's appropriate." News Corp Australia reported that 175 government agencies will be scrapped in a bid to make budget savings and streamline the public service. Mr Cormann was expected to announce the cuts on...
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  • Louie2U
    Louie2U says #
    Why is it that the Liberal governments, be they state or federal, always think that this is the solution? Strategy & Reform is equ
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Financial Advice laws reversal to go ahead Business Banking and Finance Date September 27, 2014   Gareth Hutchens and James Massola http://www.smh.com.au/business/banking-and-finance/financial-advice-laws-reversal-to-go-ahead-20140926-10monm.html#ixzz3Eb1nDszu The federal government looks set to secure its plans to wind back Labor's changes to the rules governing financial advice, despite a senate committee filing a disallowance motion on the bill this week.  Finance Minister Mathias Cormann says he hopes to introduce the bill to the senate next week, while Clive Palmer says his Palmer United Senators will vote for the bill, to honour an agreement struck with the government. Confusion arose on Thursday about the future of the government's controversial financial advice laws after the senate standing committee on regulations and ordinances committee, chaired by Nationals senator John ­Williams, moved a disallowance motion on the bill.  The committee said the FoFA regulations were not the appropriate way to introduce the financial advice regime and it gave notice it...
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A true hero in our midst.  James Wheeldon.  Hockey at last admits ASIC and APRA have failed abysmally in holding bad banks and their planners who are really sellers of bank engineered dirty products) but fails to point out that David Murray AO has not the slightest interest in suggesting the miserable banker chiefs should be called to account....lest he name This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.thesaturdaypaper.com.au/opinion/topic/2014/07/19/asic-one-eyed-watchdog/1405692000 August 9 2014   ASIC a one-eyed watchdog James Wheeldon    It seems everyone is piling on ASIC. In June, a senate committee handed down a scathing report on its failure to respond effectively to reports of fraud and forgery within the Commonwealth Bank’s financial planning division. Last Tuesday, Joe Hockey told his Coalition colleagues that the regulator had “failed miserably” in holding banks and financial planners to account.  Things are so bad, even the successful prosecutions of the Australian Securities and Investments Commission have become a source...
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Its seems Federal Treasurer and Finance Minister Cormann were too quick to say NO to Royal Commission into Banking.  The simple answer ought to have been YES.  Now the warranted mistrust and lack of confidence in Banker Elites and their captured mates at the Australian Securities and Investment Commission ("ASIC") and the Australian Prudential Regulatory Authority ("APRA") has rubbed off onto the Government itself....all because of a three letter word: NO! The Treasurer should have known better to defend too quickly, the indefensible conduct of Bankers under the self-regulation regime for privileged Bankers who preyed on the under privileged and put profits before people.  No matter who is to blame, this problem must be exposed and severely dealt with.  We cannot stand by and see $10 million bonuses per person to those who ran amok leaving clients in financial ruin and without homes.  How does that help the economy.  The Bankers...
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read more   http://www.afr.com/p/national/ato_franking_credit_crackdown_targets_c1DhjFeJkLgiKzKwzZs3NN ATO franking credit crackdown targets fundies, brokers and investors PUBLISHED: 24 Mar 2014 Thousands of fund managers, stockbrokers and sophisticated investors have been hit with warning letters threatening audits and heavy penalties if they do not confess to over-claiming franking credits on shares.  Leading figures within the finance industry are fuming that the Australian Taxation Office believes it can use data matching to trawl back as far as 2010 to compare tax deductions with individual share trading records.  “Our information indicates you, or an entity closely associated with you, participated in a franking credit arrangement,” Deputy Commissioner Tim Dyce writes in one of the 3000 ­letters sent by the ATO. “In this case, two sets of franking credits have been claimed on what is effectively the same parcel of shares.” Treasurer Joe Hockey announced in November last year that the ­government would close down a ­“loophole” which allowed...
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  • doyla66
    doyla66 says #
    Are the ATO looking at lenders who double dip as well? With small lenders hitting the wall (how convenient!) while owing compensat
  • doyla66
    doyla66 says #
    So why have the Government not yet enacted it when announced last November? Smart shareholders and fund managers have been onto t
  • doyla66
    doyla66 says #
    That's interesting. I wondered how they did that. I'd never have thought of it myself. So now that everyone knows how to do it, w
  • doyla66
    doyla66 says #
    Now I wonder if bank CEO's got such a letter?
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Australian Securities and Investment Commission ("ASIC"), our criminal Federal Corporate Cops had known that Major Banks were selling Low Doc Loans to Pensioners back in 2002 - 2005. They attended bank events, as I did, whereby even the Treasurer attended saying "look for new markets....ASSET RICH INCOME POOR ("ARIPs") = PENSIONERS.  I was front row for that gem!!!! ASIC are blatantly misleading Parliament and the Prime Minister and Joe Hockey Fed Treasurer are allowing ASIC to get away with these crimes against consumers of financial products and services. When is ENOUGH IS ENOUGH?  When do we as a nation, get to the point of saying: Action is necessary to clean yup the Banking & dodgy finance Industry?   The Chair of the Senate Inquiry into ASIC a valid question of me:  "Why didn't the respected Consumer Groups discover what you are saying?" Indeed.....Senator Bishop could see what was happening.....then along comes James...
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  • doyla66
    doyla66 says #
    "There comes a point you have to stop pulling people out of the river, get upstream and find out why they're falling in." - Desmon
  • doyla66
    doyla66 says #
    Yes should prove interesting reading and a good few pe-fabrications just might be picked up in those submissions knowing all we no
  • doyla66
    doyla66 says #
    If you Google Financial Inquiry submissions you will get an index of nearly 250 submission including a lengthy one from our esteem
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