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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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So much for new laws and surveillance....................consumers lose yet again!  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.brokernews.com.au/news/breaking-news/is-the-perpetual-process-flawed-40910.aspx   Is the Perpetual process flawed?   by Luke Cornish | 16 Mar 2010   The Australian Institute of Conveyancers (AIC) has claimed that Perpetual staff are not qualified to act for banks for the purpose of completing mortgage settlements leading to uncertainty over the fund manager's relationship with four banks. Perpetual currently has a business relationship with AMP, ANZ, Bendigo and Adelaide Bank and NAB but the claims have called into question the validity of the contracts between the parties. AIC president Pauline Barrow reportedly said that the outsourcing deals the banks have with Perpetual are not following chain of title - causing significant delays in mortgage settlements.   http://news.smh.com.au/breaking-news-business/perpetual-flawed-process-impacts-3-banks-20100315-q9gl.html Perpetual flawed process impacts 3 banks BusinessNationalBreaking News Business Date March 15, 2010 Alison bell Three more banks could face investor concern over flawed mortgage outsourcing deals with...
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Our intrepid researcher Gladys has found these gems re CommBank.  In 2009 promised to have best consumer service in the universe.............by 2010. Then read the second story re David Murray http://www.creditcardfinder.com.au/commonwealth-bank-customer-service-promise.html Commonwealth Bank Customer Service Promise Posted December 28th, 2009 and last modified June 10th, 2014 The Commonwealth Bank customer service has been improved and a series of promises have been put in place so that customers can be happy and the bank can become the number one bank in Australia for customer service by June 2010. At Commonwealth Bank customer service is a top priority and will continue to be so in the future. In the last three years this bank has worked towards its goal of becoming number one for customer satisfaction in Australia by June 2010. Every aspect of customer service has been refined including training, processes and systems. Everyone has his own reasons for dealing with a...
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http://www.businessspectator.com.au/news/2014/7/28/financial-services/lloyds-pay-us370m-libor-fine Lloyds to pay $US370m Libor fine 28 Jul, 10:47 PM US and UK authorities on Monday imposed roughly $370 million of fines on Lloyds Banking Group PLC for attempting to rig benchmark interest rates. The British bank becomes the seventh financial institution to strike a deal with US and UK authorities who are conducting a long running probe into allegations of widespread attempts to manipulate the London interbank offered rate, or Libor, and other widely used interest-rate benchmarks. The US Justice Department, the Commodity Futures Trading Commission and the UK's Financial Conduct Authority said that employees of Lloyds, which is 25 per cent owned by the British government, tried to manipulate benchmark rates to benefit the bank's financial position. Lloyds said in a statement: "The group condemns the actions of the individuals responsible for the conduct in question, which it regards as totally unacceptable and unrepresentative of the cultural changes...
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Frightening Loan to Income ratio's on mortgages in the United Kingdom.   http://blogs.telegraph.co.uk/finance/jeremywarner/100027450/another-boom-and-bust-in-the-housing-market-is-inevitable-without-more-radical-reform/ Another boom and bust in the housing market is inevitable without more radical reform By Jeremy WarnerEconomics Last updated: June 13th, 2014 Perhaps the biggest UK economic policy failure – or rather, oversight – of the past thirty years, is the inability of successive governments to get to grips with the boom and bust of the housing market. Since the war, we have seen at least three major cyclical busts, and countless smaller ones. New measures announced in Thursday's Mansion House speech are welcome, and perfectly fine as far as they go. But they fall dramatically short of a complete solution. There are two underlying reasons for the deficiencies of the UK housing market. One is the powerful vested interest which has built up around Britain’s restrictive planning laws, making development both extraordinarily expensive by international standards and...
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http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100027691/chinas-terrifying-debt-ratios-poised-to-breeze-past-us-levels/   China’s terrifying debt ratios poised to breeze past US levels Last updated: July 22nd, 2014 By Ambrose Evans-PritchardEconomics The China-US sorpasso is looming. I do not mean the much-exaggerated moment when China’s GDP will overtake America's GDP – which may not happen in the lifetime of anybody reading this blog post – as China slows to more pedestrian growth rates (an objective of premier Li Keqiang.) The sorpasso may instead be the ominous moment when China’s debt ratios overtake the arch-debtor itself.  I had presumed that this inflection point was still a very long way off, but a new report from Stephen Green at Standard Chartered argues that China’s aggregate debt level has reached 251 per cent of GDP, as of June  This is up 20 percentage points of GDP since late 2013. The total is much higher than normal estimates, though it tallies with what I have heard...
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  • PreySOS
    PreySOS says #
    I am also a victim of this toxic lending fraud. Much worse my bank lender ANZ was very skillful to not only aim at my existing equ
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Just when you think the best advice is never to trust banks, they do something that makes you want to TRUST THEM LESS.  Before you sign up for a FIXED RATE 4.99% yahoo ride..............................5 years and you are done!  Just read the FINE PRINT.  Banks love to whack an exit fee (these days can be disguised in another name) so that in order to refinance or pull out prior to 5 years you know exactly what the cost is.  We have seen previous products at $30,000 penalty!  Please check the contract before you sign and then ask us what it means if you suspect a nasty.....   Remember banks are self-regulated and take no notice of Government = NO REGULATION.  Its back to 1950's BUYER BEWARE for consumers of financial products and services. And you enter at your peril in a sea of TOXICITY.  There  is no such thing as Consumer...
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http://www.standard.co.uk/news/london/london-bank-executive-who-moved-to-us-shot-his-wife-dead-before-killing-himself-9596515.html Thursday 17 July 2014   JP Morgan bank executive from London shot his wife dead before killing himself in the US   A bank executive from London shot his wife dead before turning the gun on himself.  Julian Knott, 45, an executive director for J P Morgan, shot 47-year-old Alita repeatedly, police said................. The father-of-three was found dead alongside her in their home in Jefferson Township, New Jersey, on Sunday. He had worked in the City for almost 20 years before moving to the US in December 2012.  Mr Knott joined J P Morgan as a network services manager in 2001. He moved to New Jersey when he was promoted to be executive director of the global network operations centre.....................In a statement, police said: “Preliminary investigation has revealed that the two adults died as a result of gunshot wounds and the incident has been determined to be a murder/suicide. Julian...
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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10962813/HBOS-bosses-may-be-investigated-by-regulators.html HBOS bosses may be investigated by regulators Regulators' review into collapse of bank will include independent assessment of whether management should face penalties     By James Titcomb 6:56PM BST 11 Jul 2014 Follow   Former bosses at HBOS could be investigated by the City regulators as part of a wider investigation into the collapse of the bank. The Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) on Friday disclosed that a review into the bank, which was rescued by Lloyds during the financial crisis, would be finalised by the end of the year. The FSA opened an investigation into HBOS’s collapse in 2012, but the process has taken far longer than expected to be completed. In the meantime, a separate report from the parliamentary commission on banking standards called for former management to be held to account, and slammed the FSA for failing to impose...
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Ralph Norris denies CBA conspiracy to defraud, calls advisers ‘rogue people’ PUBLISHED: 14 HOURS 32 MINUTES AGO | UPDATE: 3 HOURS 22 MINUTES AGO SHARE LINKS:email inShare     Ralph Norris says ‘large organisations are always at risk of having these sorts of things happen . . . Certainly there is no way this is some form of conspiracy. It is just some deceitful people did some things that they should not have done.  Photo: Michel O Sullivan JAMIE FREED AND JAMES EYERS  Australian Financial Review Former Commonwealth Bank of Australia chief executive Ralph Norris has labelled the advisers involved in the bank’s financial planning scandal as “rogue people” and denied any conspiracy to defraud customers. Mr Norris – who ran CBA between 2005 and 2011, during which time the misconduct identified by a series of reports by Fairfax Media and a Senate committee report occurred – admitted to being aware of “some of the problems”...
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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...
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 The Banks were spruiking business in all directions with ZERO REGARD FOR RISK.  Time for Banks to stop putting profit before people. http://www.fkfc.com.au/anzs-mortgage-introducer-program/ ANZ’s Mortgage Introducer Program December 2012 Forest Killarney Football Club (FKFC) has entered into an association with ANZ to allow us to start introducing potential customers to Australia’s most awarded home lender*. Mortgage Introducer Program is a way ANZ reward businesses or community organisations for referring customers. As an ANZ Mortgage Introducer, Whats in it for Forest Killarney Football Club? FKFC can earn an upfront commission for every customer we refer who takes out a new ANZ Loan. FKFC could earn additional fundraising income by introducing potential customers to ANZ’s home loans*. ANZ offers an up front commission for successful customer referrals. Which means FKFC could benefit from additional revenue streams to supplement funding for club activities and programs. How it works Referring a customer to ANZ is...
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http://www.theage.com.au/business/fees-still-flowing-to-cba-from-zombie-funds-20140702-3b8sy.html   Fees still flowing to CBA from 'Zombie funds' Date July 3, 2014  Adele Ferguson and Ben Butler Financial planners at the scandal-plagued Commonwealth Bank are still raking in lucrative commissions and fees for tipping their clients into $3.2 billion so-called ''zombie funds'' that have been frozen for six years.  The savings of about 61,000 investors in funds run by CBA offshoot Colonial were frozen in November 2008 as the global financial crisis rocked the world economy.  The seven funds remain frozen to this day and two of them are still in the red, but all continue to pay annual fees to the bank and trailing commissions to the CBA's financial advisers. Those who sold the risky products include one of the bank's former star planners, named in a Senate inquiry as ''Dodgy'' Don Nguyen. A bank spokeswoman said Mr Nguyen, who left CBA in July 2009, does not receive...
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Did you have story to tell about bank financial planner advice?  Any Bank?  Please email me and tell me your story This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.theaustralian.com.au/business/financial-services/macquarie-bank-in-asics-sights-after-damning-senate-report/story-fn91wd6x-1226968912932  CBA Toxic AdviceMacquarie Bank in ASIC’s sights after damning Senate report by:ANTHONY KLAN From:The Australian June 27, 2014 THE corporate regulator has launched an investigation into Macquarie Bank’s financial planning arm, requiring it to “dramatically improve the standards of financial advice” provided and to set up a restitution scheme for investors after some of its financial planners allegedly gave poor financial advice. The move by the Australian Securities and Investments Commission follows recommendations by a Senate inquiry highly critical of both ASIC and the Commonwealth Bank.  The committee recommended a wide-scale overhaul of the corporate regulator and recommended a royal commission into a scandal involving rogue planners in the CBA’s Commonwealth Financial Planning unit.  Facing the media, ASIC chairman Greg Medcraft said the regulator had already made a...
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http://www.smh.com.au/business/cba-tellers-driven-to-despair-by-hard-sell-20140630-3b4ca.html CBA tellers driven to despair by hard sell Date July 1, 2014 Adele Ferguson, Ben Butler Pressure on bank tellers to push customers into Commonwealth Bank financial products such as insurance and managed funds is causing stress, depression and bullying, according to an explosive new survey of staff.  The survey obtained by Fairfax Media says the pressure of chasing sales targets is also leading to fraud at the bank.  Conducted in May by the Finance Sector Union, the survey found that arbitrary performance targets linked to sales and customer satisfaction had resulted in "broken pay models" and "an erosion of trust".  The findings come as the Commonwealth Bank reels from a damning Senate inquiry into widespread misconduct in its financial planning division, which culminated in a recommendation for a royal commission.  FSU national secretary Leon Carter said 800 bank staff where interviewed for the survey in response to "repeated nationwide...
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http://www.bankingday.com/nl06_news_selected.php?act=2&stream=1&selkey=7066&hlc=2&hlw= ANZ: an equity finance timeline 25 August 2008 6:39am  If we added up the billions of dollars in losses by innocent ordinary Mums and Dads who trusted the Banking sector and its hangers on............you would see why a ROYAL COMMISSION IS LONG OVERDUE......................Move over Bankers, Consumers are at last breaking down your barriers to Justice.  This email address is being protected from spambots. You need JavaScript enabled to view it. Incompetence rather than malfeasance wears the blame for the losses and management distractions created for ANZ by the losses on equity finance arrangements with Opes Prime Stockbroking and Primebroker.   One equity finance client, Opes Prime (a firm to which ANZ was one of the largest financiers), failed in March 2008, sparking the present controversy. Primebroker Securities failed last month.   ANZ on Friday published the review of securities lending.   Five people formed the review committee: Mike Smith, ANZ managing director; David Crawford, a director of Westpac; David Hisco, managing director of Esanda; Chris Page, head...
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http://www.afr.com/p/business/companies/cba_boss_ian_narev_faces_heat_over_gfe4euVl2VE6AZxQG67eHN CBA boss Ian Narev faces heat over risky investments PUBLISHED: 27 Jun 2014  James Eyers Former Commonwealth Bank of Australia chief executive David Murray admitted last month to leaving a “rattlesnake in the cupboard” for his successor, Ralph Norris: scandals in the bank’s financial planning divisions.  But it has been Ian Narev, who took over from Norris in December 2011, who has faced opprobrium from Parliament, the corporate regulator and the bank’s board. They have asked why Australia’s biggest bank was so slow to react when hundreds of risk-averse clients lost millions after financial planners chasing bonuses invested in risky products, and whether the bank’s culture and systems are sufficient to prevent the debacle from happening again. Narev and his head of wealth, Annabel Spring, have framed their answers through three prisms: establishing remediation processes to compensate aggrieved clients; rolling out new technology systems to monitor advisers; and changing the...
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Commonwealth Bank compensation bill may run to multi millions DateJune 14, 2014 Read later Adele Ferguson and Ruth Williams   inShare submit to reddit Email article Print Reprints & permissions   EXCLUSIVE Illustration: Simon Bosch Misconduct claims widen in CBA's planning scandal The Commonwealth Bank could be forced to pay hundreds of millions of dollars in additional compensation to customers who claim they were victims of misconduct including fraud and forgery in its financial planning business. A powerful Senate inquiry into the Commonwealth Bank's financial planning scandal is set to hand down a report later this month. Fairfax Media understands that it will call for a broadening of the compensation being offered to thousands of customers. The chairman of the Senate inquiry, Senator Mark Bishop, told Fairfax Media he was not satisfied that adequate compensation had been paid to affected customers of the bank, some of whom lost their life savings...
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War of words over CBA financial advice victims June 17, 2014   Adele Ferguson  SMH ·             Commonwealth Bank and the Australian Securities and Investments Commission are having a war of words in relation to the compensation process offered to victims of the bank's financial planning scandal. While the spat continues, it raises more questions than it answers about the role of ASIC and CBA in dealing with clients who saw their life savings decimated by more than a few bad financial planning apples. A confidential report from the bank to a Senate committee says ASIC was well aware that the bank's compensation process was not ''consistently applied'' to affected customers of advisers where there were concerns about the quality of their advice. It says ASIC was fully informed about changes to its compensation scheme. These changes included not offering all affected victims the same compensation process that it offered...
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http://www.dailymail.co.uk/news/article-2657724/Pope-Francis-claims-global-economy-close-collapse-describes-youth-unemployment-rates-atrocity-damning-message.html Published: 18:29 AEST, 14 June 2014 | Updated: 18:44 AEST, 14 June 2014 Pope Francis claims global economy is close to collapse and describes youth unemployment rates as an ‘atrocity’ in damning message Roman Catholic leader warned that the economy 'cannot take it anymore' He blasted the 'idolatrous' economy for discarding a 'whole generation'' The 77 year-old also critisised profits made from making and selling arms Pope Francis has launched a scathing attack on the global economic system, warning it is near collapse because of a 'throwaway culture' of greed and the 'atrocity' of youth unemployment.  The Roman Catholic leader openly blasted the 'idolatrous' economy for disregarding the young, which he says has led to shocking levels of youth unemployment and will lead to a lost generation.   The 77-year-old also criticised the economy - which he said had 'fallen into a sin of idolatry, the idolatry of money' - for...
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http://www.investordaily.com.au/35647-oligopolistic-big-banks-under-fire Friday, 06 June 2014   A new report has called on the government to curb the “deep vertical integration that has evolved over the last decade in the financial services market”.  Economics consulting firm Macroeconomics prepared the Review of the Major Banks: Control of the Wider Financial Sector report for the Customer Owned Banking Association.  The report reviewed the four major banks’ annual reports between 2004/2005 and 2012/2013 – as well as relevant IBISWorld industry reports.  The report found the big four banks accounted for 34 per cent of total funds management revenue – and when other major players such as Macquarie and AMP were included, the market share was as high as 70 per cent.  When it comes to financial planning, the big four banks and AMP control 49 per cent of total industry revenue, said the report. The Macroeconomics report argued that a lack of competition in the...
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