BFCSA Blog

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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From My Window

These are blogs which are not specific to any other categories

Subcategories from this category: Time to Relax, COURTS & LEGALS

Recent posts from this category

  • BFCSA: CBA mulled warning dead customers about fees in product disclosure statement

    Posted by Denise - 0 Comments
    CBA mulled warning dead customers about fees in product disclosure statement Australian Financial Review Aug 15 2018 4:14 PM James Frost   The Commonwealth Bank's superannuation trustee, Avanteos Investments Limited, considered covering its tracks over the charging of dead people for financial advice by updating its product disclosure statement (PDS), the Hayne royal commission heard. Counsel assisting Michael Hodge, QC, was questioning Colonial First State's executive general manager Linda Elkins about a range of conflicts within the bank's superannuation trustee business, including the charging of dead customers for financial advice. Ms Elkins explained that following revelations that the bank's financial advisers had been charging dead customers for financial advice back in April, a review of the bank's superannuation arm took place which revealed it was charging dead superannuation customers as far back as 2015. Ms Elkins said that in a review conducted this year, it was found that a way to...
    Aug 17 Tags: Array
  • BFCSA: Suncorp used 'tax surplus' for admin rather than return money to members

    Posted by Denise - 0 Comments
    Suncorp used 'tax surplus' for admin rather than return money to members Sydney Morning Herald 14 August 2018 5:53am Clancy Yeates   Suncorp's superannuation trustee used tax refunds within funds to purchase administrative services from other parts of the financial conglomerate, instead of returning the money to members as many funds do, the royal commission heard. As part of its scrutiny of superannuation trustees, the Hayne royal commission on Monday afternoon turned its attention to how Suncorp used what it called a "tax surplus." This referred to member funds that were collected for taxation purposes, but the fund ended up with a surplus because of deductions. Senior counsel assisting the commission, Michael Hodge QC, questioned Maurizio Pinto, the head of the office of the trustee within Suncorp Portfolio Services Limited (SPSL), about the arrangement, and the monitoring of the services provided. Mr Hodge said "many" other super funds dealt with a...
    Aug 17 Tags: Array
  • BFCSA: Banking royal commission: super rip-offs, gouging revealed

    Posted by Denise - 0 Comments
    Banking royal commission: super rip-offs, gouging revealed The Australian 12:00am August 7, 2018 Ben Butler, Elizabeth Redman, Michael Roddan   Australians are being ripped off by super fund trustees “surrounded by temptation” to do the wrong thing with the $2.6 trillion retirement savings pile, while regulators are failing to search out and punish bad behaviour, the banks royal commission has heard. In one example of fee gouging outlined at the royal commission yesterday, NAB charged a customer of its MLC division an array of fees that gobbled up $892.20 of $1101.95 earned from a year-long investment in the simplest option available, cash. As the commission investigates the inner workings of the compulsory superannuation system over the next two weeks of hearings, it will explore how retirement savers are swindled through fees for services they never receive, cosy deals between retail super funds and the banks that control them, account-draining insurance premiums,...
    Aug 12 Tags: Array
  • BFCSA: Watchdog failed to act on warning over super fees

    Posted by Denise - 0 Comments
    Watchdog failed to act on warning over super fees The Australian 12:00am July 23, 2018 Anthony Klan   EXCLUSIVE  The regulator responsible for the nation’s $2.6 trillion superannuation nest egg was warned by its analysts eight years ago that the major banks and finance companies were charging members more than 2½ times the market rates for services, delivering them billions of dollars a year in extra profits. A 2010 research paper published by the Australian Prudential Regulation Authority — which can now be accessed only via a federal government archive — shows excessive fees charged by the managers of the retail, or for-profit, funds have been systemically eating into the retirement savings of millions of workers. Despite the peer-reviewed academic paper being written by APRA’s own analysts, including then APRA research head Bruce Arnold, the regulator has not only failed to take any significant steps to address the issue, it has...
    Aug 12 Tags: Array
  • BFCSA: How ASIC closed in on AMP’s ‘orphan’ customers ASIC Propaganda

    Posted by Denise - 0 Comments
    How ASIC closed in on AMP’s ‘orphan’ customers The Australian 12:00am July 16, 2018 Pamela Williams   The key document that sparked AMP to commission Clayton Utz last year to investigate its “fees for no service” scandal was already in the sights of the corporate regulator before the consultancy’s ­report was ever completed and handed to the AMP board. This explosive AMP internal document, which became known at the corporate regulator as the “orphan contracts document”, five years ago canvassed the ­severe risks for AMP if it did not cease charging fees on so-called “orphan policies” where clients had no financial adviser. The Australian Securities & Investments Commission was sharply tightening its focus on AMP last year with demands for historic paperwork after several years of investigating AMP and big banks over fees for no service. The formal demand from ASIC for all records relating to the orphan contracts document was...
    Aug 12 Tags: Array
  • Show all entries from From My Window

Recent posts from this category

  • BFCSA: What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know

    Posted by Denise - 0 Comments
    You wouldn’t want to have your money tied up in Australian bank's   shonky hydrid bonds!    No wonder it’s back to re-financing and securitisation!    What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know by Wolf Richter • Feb 7, 2017    http://wolfstreet.com/2017/02/07/what-would-it-cost-a-country-to-leave-the-euro-thats-what-everyone-suddenly-wants-to-know/   It’s the closest the Eurozone has come to falling apart. Marine Le Pen, the leader of the National Front, will get enough votes in April during the first round of the French presidential election but will be defeated in the second-round runoff in May, according to the polls. So at least hopes the French political class, and by extension the European establishment. They’re hoping Le Pen would be defeated because she is campaigning on taking France out of the euro (after holding a referendum) and re-denominating the entire €2.4 trillion pile of French government debt into new franc....
    Feb 09 Tags: Array
  • BFCSA: UK Bank fraud victims - Banks pick and choose which victims to compensate via FOS

    Posted by Denise - 0 Comments
    Sound familiar In Australia?  Doesn’t take much to know why our banks now all have internal customer advocates to control what suits them to investigate internally and what suits them to be investigated by the FOS!   Hope for bank fraud victims: 'We were robbed of £47,000 – but the ombudsman took our side' 3 September 2016 http://www.telegraph.co.uk/money/consumer-affairs/hope-for-bank-fraud-victims-we-were-robbed-of-47000--but-the-omb/   In what could be a breakthrough ruling for victims of banking fraud, the financial ombudsman is to order a high street bank to repay an elderly couple who lost tens of thousands of pounds in a conveyancing scam. The ombudsman, which settles disputes between customers and financial services firms, will tell Lloyds Bank to repay £47,508 plus interest to Donald Kelly, a retired professor, and his wife, Patricia. Its decision was based on what Lloyds knew about the fraudsters. Banks are supposed to check the credentials of all customers when they open an...
    Dec 05 Tags: Array
  • BFCSA: Complete list of Wall Street CEOs prosecuted for their role in the financial crisis

    Posted by Denise - 0 Comments
    Bad business decisions are not a criminal offence but selling stolen goods off the back of a truck is...i.e. the real crime is securitisation...   This is a complete list of Wall Street CEOs prosecuted for their role in the financial crisis   By Neil Irwin Wonkblog September 12, 2013   https://www.washingtonpost.com/news/wonk/wp/2013/09/12/this-is-a-complete-list-of-wall-street-ceos-prosecuted-for-their-role-in-the-financial-crisis/   Five years after Lehman fell, taking the global economy along with it, a roll call of Wall Street CEOs serving time for their role in the crisis looks something like this: Thanks, Dangerz0ne.   So, yeah. Zero Wall Street CEOs are in jail. But we did promise you a list:   1. No one. 2. LOL. 3. Wall Street's lawyers are amazing. 4. Etc. Etc. It's not that federal government tried to prosecute a bunch of them but lost the cases. There were no serious efforts at criminal prosecutions at all. Which isn't to say nobody is in jail....
    Nov 22 Tags: Array
  • BFCSA: Standards and Poor admit: pursuit of profits to bias its ratings. People Risk ignored

    Posted by Denise - 0 Comments
    Does the S&P Settlement change EVERYTHING? 16 February 2015 https://peopleriskmanagement.com/2015/02/16/does-the-sp-settlement-change-everything/ The S& P saga rumbles on. Having been hammered by the US Securities and Exchange Commission (SEC) in January [1], S&P has received a knock-out blow, and a $1.375 billion fine, from the US Department of Justice and 20 State governments [2]. And in what might the first of many private actions, S&P also reached a separate $125 million settlement with the huge pension fund California Public Employees’ Retirement System (CALPERS) [3]. What has received little publicity, however, are the implications of the S&P settlement with regard to Corporate Governance, in general, and Codes of Conduct in particular. In justifying the huge fine, the Justice Department said that “as part of the resolution, S&P admitted facts demonstrating that it misrepresented itself to investors and the public, allowing the pursuit of profits to bias its ratings”. In the many fines against banks,...
    Oct 31 Tags: Array
  • BFCSA: Wells Fargo CEO resigns amid "a “criminal enterprise” while dodging any accountability.

    Posted by organza - 0 Comments
    Wells Fargo CEO resigns, bank president succeeds   Published time: 12 Oct, 2016 21:59 Edited time: 12 Oct, 2016 22:06   https://www.rt.com/usa/362564-wells-fargo-ceo-john-stumpf-resigns/   Chairman and CEO of Wells Fargo & Co. John Stumpf has retired under pressure amid a scandal involving fraudulent sales tactics. Some two million accounts were created without customers’ permission. President and COO Timothy J. Sloan will replace him.   Stumpf stepped down from both of his leadership posts Wednesday, the Wall Street Journal reported, citing a person close to the situation.   Wells Fargo, which until recently had been the most valuable big bank in the US for years, settled a lawsuit with regulators and a city official last month for $185 million.   To meet sales quotas, the bank created accounts for unwitting customers, some of whom paid fines and fees on them. It is estimated that millions of customers were impacted. More than 5,000 Wells...
    Oct 13 Tags: Array
  • Show all entries from BANKSTERS

Recent posts from this category

  • BFCSA: Melbourne and Gold Coast house and land projects suffer in Ausin China collapse

    Posted by Denise - 0 Comments
    Melbourne and Gold Coast house and land projects suffer in Ausin China collapse Australian Financial Review Aug 17 2018 11:45 PM Su-Lin Tan   House and land projects in Melbourne and south-east Queensland are allegedly some of the projects where settlements are lost, following the collapse of residential project marketer and sales agency Ausin's Chinese offices on Thursday. Melbourne house and land projects, Elpis by developer Bridgefield Estate and Williams Landing by Cedar Woods, are in the growing western corridor, while Willow Pimpama Village project lies in the booming south-east Queensland region near the Gold Coast. Construction company Oliver-Wolfe Homes might also be a victim of the fallout in China, Ausin Group director Joseph Zaja confirmed. Mr Zaja is a director of the company. While Mr Zaja said Oliver-Wolfe Homes was still operating, the website of that organisation was defunct and an ASIC notice on August 10 showed the company's NSW...
    Aug 18 Tags: Array
  • BFCSA: Stupid Kelly O’Dwyer blasts banks on rorts, yet LNP were alerted by Shorten and Team the need for an RC into Banks 4/4/2016

    Posted by Denise - 0 Comments
    Kelly O’Dwyer blasts banks on rorts The Australian 12:00am August 18, 2018 Ben Butler, Michael Roddan   Financial Services Minister Kelly O’Dwyer has blasted the banks over the “disgraceful” rorts and rip-offs of the nation’s super­annuation nest egg, and criticised the sector for opposing proposed laws that would lead to dishonest executives being sent to jail for up to four years. “The behaviour of some of the superannuation sector revealed during the hearings of the royal commission is disgraceful,” Ms O’Dwyer said last night. “Without doubt the most egregious misconduct identified by the commission in the past fortnight has been in the for-profit and bank-owned sector of the superannuation industry, where hundreds of millions of dollars have been wiped from the retirement savings of hardworking Australians who have received seemingly nothing in return.” Ms O’Dwyer’s intervention against the big banks came as it emerged the corporate regulator was poised to refer...
    Aug 18 Tags: Array
  • BFCSA: Banking royal commission: Call for more scrutiny of CBA's takeover of Bankwest

    Posted by Denise - 0 Comments
    Banking royal commission: Call for more scrutiny of CBA's takeover of Bankwest Australian Financial Review Aug 17 2018 4:55 PM Tom McIlroy   NSW Liberal Julian Leeser has called for the Hayne Royal Commission to hold more public hearings to scrutinise Commonwealth Bank's takeover of Bankwest. The Berowra MP told Parliament cross-examination was needed to consider CBA's revaluing of Bankwest's commercial loan book. He called on CBA executives to support calls for additional hearings. "The central allegation of the Bankwest victims is that the Commonwealth Bank... acted in a way that might entitle the victims to the right to equitable relief for unconscionable conduct," he said. "I don't carry a brief for the victims. I'm equally happy for either the victims or the banks to have their cases disproven and for them to be embarrassed in a full public hearing. "For years, the victims and advocates... have been walking these corridors...
    Aug 18 Tags: Array
  • BFCSA: Lazy ASIC decides to investigates IOOF and will embed agents

    Posted by Denise - 0 Comments
    ASIC investigates IOOF Australian Financial Review Aug 17 2018 4:39 PM Patrick Durkin   The corporate regulator has revealed it is investigating IOOF and will embed agents into the wealth giant as it extends a controversial plan to put staff inside the banks and comes under fire for inaction. In a feisty five hour-plus grilling by  Parliament's oversight committee, Labor members complained the Australian Securities and Investments Commission is more "puppy" than "watchdog" and "CEOs don't stay up at night worrying about enforceable undertakings". ASIC chairman James Shipton's honeymoon ended abruptly as the regulator was criticised for dropping an investigation into insider trading at IOOF but ASIC Commissioner Cathy Armour countered by revealing it was "not the only piece of work we are doing" as part of an investigation into IOOF. ASIC, APRA drop ball on super The alarming gap between regulators in supervising super trustees exploded across opposite sides of...
    Aug 18 Tags: Array
  • BFCSA: NAB scandal heading to court - criminal investigation

    Posted by Denise - 0 Comments
    NAB scandal heading to court The Australian 12:00am August 18, 2018 Michael Roddan, Ben Butler   The corporate watchdog is poised to hand its criminal investigation of National Australia Bank to the Commonwealth Director of Public Prosecutions to pursue action against the bank over its wholesale charging of fees for no service and subsequent alleged cover-up. The Australian Securities & Investments Commission is also well advanced in its talks with the DPP over its investigation of scandal-hit wealth manager AMP, which misled the regulator 20 times over its fees-for-no-service scandal, The Weekend Australian can ­reveal. The revelations came after the big banks endured a brutal fortnight of hearings at the financial services royal commission that uncovered rampant gouging, systemic misconduct and thousands of breaches of the law in Australia’s $2.6 trillion superannuation sector. While executives at some of Australia’s largest banks, including NAB, Commonwealth Bank, ANZ and wealth managers AMP and...
    Aug 18 Tags: Array
  • Show all entries from ROYAL COMMISSION URGENT

Recent posts from this category

  • BFCSA: AUSTRALIAN BANK DRIVEN MORTGAGE FRAUD on TRIAL. Time to FIGHT BACK

    Posted by Denise - 0 Comments
    I hope you managed to purchase a copy of this very important magazine article. A five page feature on MORTGAGE FRAUD.  Bank Rolled AUSTRALIAN MAGAZINE Greg Bearup & Anthony Klan Saturday 30/6/2018 The most FAQ:  HAVE YOU EVER WONDERED HOW and WHY HAYNE WAS PREVENTED FROM CALLING DENISE BRAILEY TO THE STAND?  Given my extensive background into the Mortgage Fraud complaints during the past 18 years people ask why I have not been called to the Royal Commission which started with my pleading to Tony Abbott to call a RC in 2013.  Instead we were given a "Hockey Roots and Branch Fiasco" run by the head of the CARTEL David Murray who ha zero integrity in taking that position. In March 2016, I wrote 8 page letter on why consumers are desperate for a Royal Commission. Unlike Abbott, Shorten responded immediately.  His 2IC called me on a Sunday night (2nd April) and...
    Jul 02 Tags: Array
  • BFCSA: A little laugh for all whistleblowers

    Posted by doyla66 - 0 Comments
    YES FOLKS  Its illegal to expose the things that public servants and their puppet masters have been illegally engaging in.  If you are a public servant whistleblower and you try and expose your Mindless Masters for corruption and illegal activity, you will be the one hanged...................Should we bring back the STOCKS in Martin Place?  No not the ASX stocks..........................old fashioned naming and shaming in public square!...
    Dec 14 Tags: Array
  • BFCSA: Cartoon - Suspend Bank Licenses

    Posted by Denise - 4 Comments
    Suspend Bank Licenses
    If the Australian public's demands for a Royal Commission into the Australian banking sector are going to be ignored, the power to demand the truth will be felt at the coming election.   As the old saying goes, give them enough rope.... ...
    Mar 11 Tags: Array
  • BFCSA: Homeless People or Peopleless Homes?

    Posted by Denise - 3 Comments
    Homeless
    Is this really what we want to see across Australia? Royal Commission into the Australian Banking sector, with broad terms of reference!  
    Mar 08 Tags: Array
  • BFCSA: Cartoon #1

    Posted by Denise - 1 Comment
    3 Wise Monkeys
    We now have a resident cartoonist and will be sharing cartoons with you on a regular basis.  We all need a good LAF from time to time. "3 Wise Monkey" ...
    Mar 07 Tags: Array
  • Show all entries from PROPERTY MARKETS

Recent posts from this category

  • BFCSA; Brokers cry fowl after being caught out by PETTY CASH scammer.

    Posted by doyla66 - 5 Comments
    Dear members For once the shoe is on the other foot, in the online magazine 'The Advisor" ( just google it) brokers and advisors are whinging and bleating poor me after being caught out by a former financial industry person turned scammer. When I first started reading the article I assumed it must of  been large sums of money but no it sums of a thousand dollars or less. These poor souls are calling on everyone from ASIC to the police to act to bring this known fraudster to account, they are victims of fraud and want the courts to act. Well, well welcome to our world and we aren't talking little piddling amounts of less than a thousand dollars, we're talking in excess of a million dollars in some cases. The irony of this story is a lot of these people are the very people we trusted and yet they...
    Sep 27 Tags: Array
  • Show all entries from BROKERS & PLANNERS