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Subscribe to this list via RSS Blog posts tagged in IOSCO and Greg Medcraft
Crap indeed......no matter how many qualifications. financial advisers have, it will make no difference if all they have to offer are FLAWED FINANCIAL PRODUCTS!  This macrobusiness article says it all.......Medcraft was the Father of Securitization, globally............go figure!  So You should all work out what happens from here on in, if no action taken against the Bankers. In a nutshell to explain what Murray failed to discover (what a surprise!) read below and, for full report cut and paste the link  http://www.macrobusiness.com.au/2010/12/deep-t-is-securitisation-the-spawn-of-the-devil-part-1/ ............The guys with all these new spreadsheet skills were employed by investment banks globally and told to analyse anything and everything and come up with ways to increase profits ie bonuses. This was of course delivered by gaming the system. In this case the system was.  (i) securitization, (ii) how the rating agencies gave opinions on RMBS (Residential Mortgage Backed Securities) and (iii) how investors were incentivized through government regulation globally, to rely...
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http://www.smh.com.au/business/banking-and-finance/timid-asic-under-fire-over-crackdown-inconsistencies-20140905-10ct4r.html Timid ASIC under fire over crackdown inconsistencies Banking and Finance Date September 6, 2014 Adele Ferguson   "What do you have to do to get banned for life?" federal politician Tony Smith asked the corporate regulator at a parliamentary inquiry in Melbourne on Friday.  Smith was referring to a three-year banning order slapped on financial adviser Peter Holt for providing inappropriate advice to retail clients, including gearing them up with margin loans and high-risk managed investment scheme (MIS) Timbercorp, which culminated in their financial ruin. The tone of the questions by Smith, Senator John Williams and Senator Debra O'Neill, and the accusation that Holt's "inappropriate advice" was influenced by the payment of high commissions, put the blowtorch on ASIC and how it decides whether a financial adviser should be banned for three years, seven years or for life.  In Holt's case, ASIC banned him from providing financial services for three...
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  • Jetfighter
    Jetfighter says #
    That is right, ASIC is only looking after the Banks and not the consumer. serving the greater of two masters is not a viable polic
  • organza
    organza says #
    The bunch of clowns at the helm of ASIC do no more than scout with their mine sweepers and then bury all evidence of what they fin
  • Aries
    Aries says #
    The only ones worthy of being a staff member of ASIC are the ones who have left in disgust knowing the deviousness going on behin
  • Duped
    Duped says #
    ASIC will never learn from their mistakes, it's their culture of looking after the big boys in the financial world. Isn't it funny
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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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Greg Medcraft has his say..........................does not explain why he took no bank to court re fraudulent Loan Application Forms?  Smoke and mirrors regulation methinks.   Why not back consumer calls for Royal Commission into all lenders Greg?  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.investordaily.com.au/35789-i-m-not-afraid-of-the-banks-medcraft I'm not afraid of the banks: Medcraft Monday, 30 June 2014 | Tim Stewart   ASIC chairman Greg Medcraft has declared he is "not afraid to take on any big institution" in the wake of a damning Senate committee report into the regulator's handling of the Commonwealth Financial Planning scandal.  Speaking at the ASIC offices in Sydney following the release of the final Senate Economics References Committee report into the performance of ASIC, Mr Medcraft pointed to his past record. "We’ve taken on the CBA and sued them for hundreds of millions. We’ve taken on Macquarie Bank and sued them for hundreds of millions. Bank of Queensland is something that I continue to pursue," he said.  Mr Medcraft...
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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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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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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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Lenders, including the Major Banks dreamed up a dastardly weapon against consumers known as THE SERVICEABILITY CALCULATOR.   The clever little lenders, on salaries and bonuses of $4 million per year, wanted 20,000 "agents" to use their tools to fudge income figures.  How did they manage to find 20,000 dishonest people to become brokers and earn commissions from a  grand scale fraud?  Truth is the possibility of finding 20,000 dishonest people was a little ambitious.  No, this plan was subtle: "how to have 000's of Bank Officers (BDM's) and 000's of brokers, use the Service Calculator Tool, and allow the tool to create futuristic income, yet at the same time convince bank staff and its agencies that "all of the above was within the law." Brokers ask: "what is your income please?"  Little old lady ("ARIP") - that's bank jargon for Asset Rich Income Poor......the bank taught TARGET MARKET.....she quietly answers...
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  • doyla66
    doyla66 says #
    It seems to be that there is not one honest person in either the political arena or regulatory authority or for that matter the on
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ASIC chief's overseas trips draw criticism Adele Ferguson, Ben Butler and Ruth Williams November 23, 2013   The AGE Globetrotting... Greg Medcraft's travel this year. Scrutinising ASIC: Watchdog or toothless tiger? Paris, New York, London and St Petersburg are among cities visited by Australia's top corporate regulator, Greg Medcraft, during extensive taxpayer-funded travel that has caused him to miss crucial parliamentary hearings into the Australian Securities and Investments Commission. A Fairfax Media investigation reveals Mr Medcraft has spent at least 51 days overseas in the first 10 months of this year, not including the time spent travelling to and from Australia. He flies business class, funded from ASIC's budget. Mr Medcraft, who has already drawn fire from Finance Minister Mathias Cormann and Defence Minister David Johnston, was in the Russian city of St Petersburg during a Senate hearing on June 5 that sparked an inquiry into the performance of ASIC. ASIC is...
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  • doyla66
    doyla66 says #
    Greggy has to go overseas to get his glory because he is a laughing stock in his home country Australia.ASIC is still dysfunctiona
  • doyla66
    doyla66 says #
    It just so happened that i mentioned to a media manager this week, that Greggie's US Securitisation Program cost US citizens $11.9
  • doyla66
    doyla66 says #
    Wow! Not a bad job.!!!! Guess it doesn't matter really, he has a lot of UNSKILLED workers within ASIC who can hold the fort. prob
  • doyla66
    doyla66 says #
    When the going gets tough, Greggy goes globetrotting! Tell him not to bother coming back. I'm sure we can manage without him. ASI
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Banks Shredding Evidence has become a Global Phenomenon - a master grand slam.  Like the raising of the Costa Concordia, the Banks have no plan B and have been left with their pants down.  In the United Kingdom and Ireland, no victim of toxic loans has been told by regulators or support groups to obtain their Loan Applications Forms and why.  I have been fielding international calls from distressed mortgage holders the past couple of months. No-one knew these documents existed.  Nor did they know the Service Calculator was used to have the bank program fudge income figures.  The Brokers did not pluck figures out of thin air, as global regulators (members of IOSCO) would have the world believe!   Now Medcraft is in charge of all Security Chiefs around the world!  What is going on??????  Charles Ponzi must be chuckling around Bank Heaven...................................double up in LAFTER.  The LAFs were hidden...
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  • doyla66
    doyla66 says #
    Medcraft probably runs the ALP behind the scenes.....something stinks!!
  • doyla66
    doyla66 says #
    This bloke is a gangster he has set up the scene for the perfect crime to be completed by his crooked mates. The ALP put this blok
  • doyla66
    doyla66 says #
    It's a world wide con job - similar problems, similar methodologies. When there's enough evidence of this around the world what w
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