BFCSA Blog

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...

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...

Dear members Its not long now before our day will come and we get to face the men responsible or should it be the irresponsible men who were supposed to be our protector and watchdog by making sure no consumer was taken advantage of. As Medcraft and Kell were first and second in charge they have,to take full responsibility for ASIC's failings over the last few years. Its unfortunate that Denise will have a time limit to get across as much information that's humanly possible in the one hour allocated. I'm sure Greggies minions have been devouring every bit of information concerning BFCSA from individual Senate submissions to blogs that get posted on this site. If and when Greggy takes the stand he will be well rehearsed in what the likely questions will be, his body language will be a give away though. He is one of these people who...

We are all good Australians who have worked hard to build our country and live good law-abiding lives.  We have all made many sacrifices along the way with the aim of owning our own home and rearing good children and instilling into them all needed for them to become good solid law-abiding Australian citizens as we are.  Not one of us ever expected nor deserved to be treated like imbeciles yet that is exactly what has happened and is still happening. The authorised dream stealer called ASIC has ruined everything and is responsible for the theft of our homes, our life savings, our superannuation and in many cases our health and our sanity and not just for our generation who thus far have had to bear the brunt of their incompetence but for future generations who are the ones who will be responsible for dealing with all the home truths of...

What is going on with our leaders?  Either PM Abbott or Treasurer Joe  Hockey have lost the plot or they are both best mates with the Bankers. The appointment of David Murray AO and ($50 million bonus packs from CBA for "job well done") cannot be tolerated by any citizen, even those not affected by the need for an INQUIRY INTO OUR FINANCIAL SYSTEM."  This "Son of Wallis" must be making Mr Wallis choke with embarrassment.  The arrogance of Murray shows through in that he accepted the appointment.  Had he enjoyed a modicum of decency he would have graciously declined, somewhat bemused.  Mr Wallis had a powerful presence of integrity. Mr Murray does not. The very reason we have lobbied for all these inquires (15 to date) is due to the aggrieved being thrown out into the streets because of the likes of David Murray.  Many BFCSA victims are suffering because...

Dear Mr Hockey,  Congratulations on your new role as Federal Treasurer.  In 2010, and again in 2012, you did promise a "Roots and Branch" Inquiry into the BANKING SECTOR, and we are ready to deliver the evidence members have amassed since 2008.  I can personally assure you that all our members have been waiting for this moment to arrive.  We simply need the date due to the urgency of cases.  We also ask for a freeze on all mortgages pending the outcome of the INDEPENDENT INQUIRY. I can also assure you the roots spread underground in a far wider pattern than the above ground branches show.  This is an urgent plea for all Australians with toxic mortgages who are currently battling these devious bankers.  All we ask for is a wide Terms of Reference and a fair go! Kind Regards   Denise L Brailey   President of BFCSA (Inc) Banking and...