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 Members sent in 400 letters and evidence of fraud to CORRUPT ASIC re 2012 Mortgage Fraud.

    Posted by Denise - 0 Comments
    BFCSA Members sent in 400 letters and evidence of fraud to CORRUPT ASIC re 2012 Mortgage Fraud.  ASIC told Parliament in evidence: NO SYSTEMIC issues in banking and mortgages.................................................. BFCSA Members AGREE that ASIC cannot be trusted to handle consumer complaints.  Collectively we have amassed mountains of evidence of the corruption if ASIC, sustained over 8 - 10 years.  ASIC protected the Bankers and demonised Consumers and Borrowers.  I personally had over 30 meetings with ASIC executives for over 19 years.  The Commissioners have been fully briefed.  ASIC should have been asking BFCSA/RECA discover the Australian Bankers Control Fraud and Mortgage Fraud.   BREAKING NEWS.....TODAY! ASIC have told the Senate committee on Wednesday that it's finally decided to 'look into' mortgage fraud and see for themsleves "how wide spread it really is!!!"  This is despite ASIC's blatant lies to the Senate, time and again: "we can see no evidence of systemic issues!" CORRUPT ASIC have sat on a mass...
    Jun 02 Tags: Array
  • FBAA defends commission model to Senate inquiry

    Posted by organza - 0 Comments
    FBAA defends commission model to Senate inquiry   1 May 2017   Annie Kane   https://www.theadviser.com.au/breaking-news/36012-flat-fee-model-could-lead-to-poor-consumer-outcomes-fbaa   The industry association has defended the current broker commission model to the Senate economics references committee and warned that switching to a flat fee model could lead to “extremely poor consumer outcomes”.   At a public hearing in Sydney last week, the executive director of the Finance Brokers Association of Australia (FBAA), Peter White, was questioned on the Australian Securities & Investments Commission (ASIC) report into remuneration and whether there were any poor consumer outcomes happening in the broker sector.   Touching on the ASIC recommendation that lenders “change their standard commission arrangements so that brokers are not incentivised purely on the size of the loan”, the senate questioned whether fees for service, rather than commissions, would be a suitable alternative.  However, Mr White told the senators that this would not be in the best interest of the...
    May 01 Tags: Array
  • Record numbers under mortgage stress

    Posted by organza - 0 Comments
    Record numbers under mortgage stress   1 May 2017 Duncan Hughes http://www.afr.com/personal-finance/record-numbers-under-mortgage-stress-20170501-gvw2vt Record numbers of Australian households face mortgage stress as large loans and rising interest rates start to bite, according to detailed analysis of lending, repayments and household incomes. Affluent suburban postcodes feature among an estimated 1000 households a week expected to face mortgage default over the next 12 months, the analysis reveals. "Debt stress momentum is unprecedented," according to Martin North, principal of research firm Digital Finance Analytics, who has been doing the survey for more than 15 years.  "This is not just about mortgage battlers. It is also hitting the households with bigger incomes and more leverage. It is worrisome," Mr North said. Numbers of borrowers in severe distress has increased by about one-third to about 32,000 in the past 12 months, he said.  Concern that 767,000 households – or one-in-four across the nation – are facing financial distress...
    May 01 Tags: Array
  • ASIC admits product manufacturers try to shift blame

    Posted by organza - 0 Comments
    ASIC admits product manufacturers try to shift blame   1 May 2017   Mike Taylor   http://www.moneymanagement.com.au/news/financial-planning/asic-admits-product-manufacturers-try-shift-blame   The Australian Securities and Investments Commission (ASIC) has acknowledged that product manufacturers have too often blamed distributors such as financial planners when product failures have occurred.   ASIC deputy chairman, Peter Kell has told the Senate Economics Committee inquiry into consumer protection in the banking, insurance and financial sector that such instances have occurred over many years.   Explaining why ASIC was pursuing a product intervention power, Kell said there had been an unwillingness on the part of product manufacturers to take responsibility.   Related News:   ·         Investment leaders need to transform their business   ·         Average 3.8 days for approval to go off APL   “… one of the problems we have typically encountered over many years in this sector is that if something goes wrong you often have the product...
    May 01 Tags: Array
  • 300,000 Victorian households struggling to meet repayments

    Posted by organza - 0 Comments
    300,000 Victorian households struggling to meet repayments Michael Mata 28 April 2017 http://www.yourmortgage.com.au/article/300000-victorian-households-struggling-to-meet-repayments-235555.aspx   Hundreds of thousands of Victorian households are under mortgage stress, and many more would be pushed to the brink of defaulting on their loans if banks continue to hike their interest rates, warns consulting firm Digital Finance Analytics (DFA).  Some 300,000 Victorian homeowners are struggling to meet their mortgage repayments – a figure that would nearly double if interest rates were to rise by 2%. As the Turnbull government scrambles to tackle the housing affordability crisis in the upcoming May budget, economists warn that rising interest rates would hurt those who’re barely holding onto the property ladder.  Modelling produced by the DFA shows that property-owning, working-class families in Narre Warren, Craigieburn, Endeavour Hills, and Berwick are facing the most acute mortgage stress. Even a mere 0.5% interest-rate rise would put an additional 50,000 owner-occupiers and investors...
    May 01 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: WHAT A ROTTEN BUNCH OF AUSTRALIAN BANKERS

    Posted by Denise - 1 Comment
    WHAT A ROTTEN BUNCH OF AUSTRALIAN BANKERS INTEREST ONLY LOANS SCANDAL ABOUT TO IMPLODE and then the ugly details will be exposed. A potential $1.8 Trillion scandal......the largest BANK HEIST this country has ever experienced. The Banking Cartel, busy running their part of the Global Cabal 'CONTROL FRAUD,' in Mortgage lending and Asset-stripping of homes. Australian Bankers targeted older people who owned their own home and had no debt and yet on very low incomes. Banks preyed upon citizens who were amongst the poorest incomes in the nation. Greed drove our Banker Cartel Members to in fact STEAL TWO MILLION HOMES. How many were in the Bankey Gang? 16 Lenders including the Five Majors.................. Bankers are Bankers. The old state banks eventually turned into crooks. We need to fight Bankers in the Federal arena and clean up FEDERAL regulatory neglect. Only a Royal Commission into the Major banks and the 16...
    Jun 25 Tags: Array
  • BFCSA: Not in Consumers Best Interests: Home loan borrowers have been hung out to dry by Regulators, Turnbull and Bad Bankers

    Posted by Denise - 2 Comments
    Not in their interest: The home loan borrowers that have been left out to dry Sydney Morning Herald June 24 2017 - 12:15am Elizabeth Knight   There is a hidden and worrying risk lurking for a particular set of mortgage borrowers, whose level of financial stress is about to get a whole lot worse. It's those home owners with interest-only loans that are now increasingly under the pump - with National Australia Bank the latest of the big four to announce big hikes in rates on these types of loans. While banks, the media and the government regularly characterise those that have interest-only loans as wealthy property investors, the fact is that there are many owner-occupiers that have used this method to finance the family home. Ironically, regulators have pushed the banks to reduce interest-only lending to improve the overall risk of consumers' debt to the financial system. But for those...
    Jun 25 Tags: Array
  • BFCSA: Macquarie Securities engaged in 'reckless' conduct, pays bumper fine

    Posted by Denise - 0 Comments
    Macquarie Securities engaged in 'reckless' conduct, pays bumper fine Australian Financial Review Jun 23 2017 4:24 PM Joyce Moullakis   Macquarie Group's securities unit has paid one of the largest ever fines issued by the broking industry's Markets Disciplinary Panel, after the firm didn't adequately monitor trading activities and engaged in "reckless" conduct. Macquarie agreed to pay a penalty of $505,000 – understood to be the largest over the past decade – to comply with an infringement notice given to it by peer review group, the Markets Disciplinary Panel. The panel rules on matters that relate to potential contraventions of market rules. The fine relates to events three years ago when Macquarie brought on a client with a business model that was "a departure" from its traditional customer base, a statement by the MDP and the Australian Securities and Investments Commission said on Friday. That led to Macquarie customising its automated...
    Jun 25 Tags: Array
  • BFCSA: Banks cringe and whinge at Bank Levies: 'Where does this end?': NAB CEO Andrew Thorburn.

    Posted by Denise - 1 Comment
    Offshore bank investors asking 'Where does this end?': Andrew Thorburn Australian Financial ReviewJun 23 2017 10:04 PM James Eyers, Simon Evans, Phillip Coorey   London-based investors have warned National Australia Bank chief executive Andrew Thorburn that they consider Australia a less stable and less consistent economy for investment after the South Australian budget hit the big four banks and Macquarie with a surprise $370 million tax. Speaking from London after meetings with investors, Mr Thorburn said the first 15 minutes of every meeting he had was dominated by questions asking what's happening in Australian politics. "These are significant, global investors with capital to deploy, and they are asking, how can a few companies within an industry be targeted like this? "They are asking where does it end and can these taxes just go up and up?" The cash-strapped West Australian government said it was considering following South Australia and imposing its...
    Jun 25 Tags: Array
  • BFCSA: BANKS Furious at the SA levy. Calling the bank tax an act of 'economic vandalism'

    Posted by Denise - 3 Comments
    South Australia bank tax an act of 'economic vandalism' Australian Financial Review Jun 22 2017 9:21 PM Simon Evans, James Frost  Banks created our economic mess and should pay for the clean up   The Business Council of Australia has warned that Australia is rapidly becoming a "laughing stock" in global investment circles because of new taxes on banks as erratic decisions by both federal and state governments "carelessly undermine" the rules of doing business. Australia's big four banks are furious about the move by the South Australian government to impose a new state-based version of the federal government's major bank levy, while the broader business community warned it was partly the fault of the Turnbull government for "letting the genie out of the bottle" in the first place. The new state-based tax of 0.015 per cent on liabilities is forecast to raise $370 million over the next four years and...
    Jun 23 Tags: Array
  • Show all entries from ROYAL COMMISSION URGENT

Recent posts from this category

  • 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