BFCSA Blog

   ASIC’S FALSE AND MISLEADING RESPONSE TO PARLIAMENT contained in their supplementary submission #45.1.  BFCSA responded to these in our Supp Sub # 156.1   IN BRIEF AND KEY POINTS   Response to 85 & 86  (pg 23)  ASIC states: “there was no specific onus on lenders to ensure that borrowers could afford to repay loans.”  (see s 25.1 of the Bankers Code – now 27.1)   That is a false assertion and likely to mislead the Senators and the Inquiry.   Response to 95 (pg 24) “ASIC has been looking for evidence of breaches of the law.”   Response to 96 (pg 24) “It is difficult to establish that conduct is unconscionable”   Response to 97 (pg 25) ASIC states: “Context of earlier laws……the material provided by borrowers does not provide evidence of breaches of the law by the credit providers involved.  It does not establish:   a)Lenders had awareness...

The Australian Federal Government must approve a Royal Commission into the Banking And Finance Sector: here is why: What we already know and have the proof of:--  The issue is a giant fraud involving between  $57 Billion and $100 Billion. We also KNOW that a massive percentage of fraudulent and imprudent loans are TOXIC FULL DOCS.....no brokers involved! A devious business plan was devised and executed by the Banks 36 lenders including the Majors in the mid nineties here in Australia.       Set patterns emerged and we have emails between the lenders staff and brokers which we have decided to load onto the LINKS in "Breaking News" at the top of the Home Page.  See above. ·         The victims are left with impossible lifetime of debt and they have painstakingly listed the discrepancies/fraud on their Loan Applications.  These were fudged figures devised by a service calculator and not by the Broker/Planners.  BFCSA...