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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Fudging Figures became a way of doing business for Australian Bankers.  Bankers must think we all believe in the tooth fairy!  This week the ABA suggested the Senate Inquiry into the Federal Regulator, the wickedly lazy Australian Securities and Investment Commission, means there is no reason to suspect Bankers bad habits are under any cloud of suspicions regarding mega-fraud capers.  Do you believe the gall of these arrogant species of humanoids? ASIC will now be on the nose for NOT LOOKING INTO THE BANKS and, their increasingly tarnished image will be a right royal headache for its defunct media department.  Peter Kell, the master of attacks of the "will-bees"  (we will be doing something later this century) admitted this week that one of the minor problems they have is a rampant loss of staff.  He rationalised that just because a whistleblower blew a trumpet or two into the top floor windows...
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  • doyla66
    doyla66 says #
    New South Wales, Crimes Act 1900 section (316), concealing serious indictable offences. I hope the Senate will look into cases wh
  • doyla66
    doyla66 says #
    We must be the laughing stock of the world with our regulators. Fancy giving the banks a call to arrange a meeting, more like coff
  • doyla66
    doyla66 says #
    Caesar judging Caesar.........(1557 – 18 April 1636) . We haven't progressed much have we?
  • doyla66
    doyla66 says #
    The Regulators' cosy arrangements with their banker mates is disgraceful and worthy of a Royal Commission into Banking. However w
  • doyla66
    doyla66 says #
    "Porker of the Month": "FOA's"--"Friends of Angelo": Bank$ter programs of pollies covertly receiving "cheap-loans" for "favours",
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" 'ASIC is a problem as an agency,' the Senate has heard.".....  ......... "But despite the wide-ranging political support for the inquiry, some senators are demanding to know what role the Labor government has played in allowing ASIC to become a ‘‘kangaroo court’’. ‘‘ASIC is a problem as an agency. It’s administration and management has been of very serious concern to many in this parliament, and particularly in this senate chamber, for some time now,’’ Liberal senator David Johnston said in the Senate today.   Senator Johnston questioned the Prime Minster Julia Gillard’s decision to give Greg Medcraft, ‘‘a mate’’, the $700,000 year job as chairman of ASIC in violation of the government’s own merit-based public sector appointment process. ‘‘What on earth is going on here? The corporate regulator is run by someone who has a cloud over them. This kangaroo court of ASIC needs to confront a parliamentary inquiry.’’ Read more: http://www.smh.com.au/business/banking-and-finance/rogue-planners-senate-demands-answers-20130619-2oir3.html#ixzz2Weuqba3O...
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  • doyla66
    doyla66 says #
    We should send Senator Ripoll a truck load of LAFS and make him read every one of them. But then again he'll probably just say "No
  • doyla66
    doyla66 says #
    What a joke this mob are seems more like a job for the boys setup and we know what that will achieve, nothing as they are all in b
  • doyla66
    doyla66 says #
    Journalistid you eat Rice Bubbles for breakfast this morning? ASIC:"We deny categorically that we ate Coca-Pops for breakfast this
  • doyla66
    doyla66 says #
    I like Michael West's analogy - he's got such a sharp eye for the ridiculous and the absurd. It's funny and damn annoying for all
  • doyla66
    doyla66 says #
    From SMH artcle: In light of the conduct of the Kagara administration and the relief orders expedited by ASIC in unusual circumst
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Posted by on in Dumb ASIC
TH BIBLE
    http://en.wikipedia.org/wiki/No_doc_loan   According to the Reserve Bank of Australia, low-doc loans represent around 5% of bank assets and borrowers using these loans are four times more likely to default than those on standard mortgages.[3] These loans were widely abused by banks, mortgage brokers and borrowers and banks due to the minimal documentation requirements.[4] During a Senate inquiry Australian banks were accused of giving low-doc loans to people who could not afford them and doctoring paperwork to make the loans appear viable. Regulations were eventually tightened in the wake of the GFC. Consumer advocate, Denise Brailey claimed to have seen around 400 low-doc or no-doc loan applications (now 1000) which all showed signs of tampering after being signed. Applications showed persons on $40,000 per year as earning nearly $180,000 per year.   GOOGLE: TYPE: low doc loan scandal Australia. 1 MILLION references. TYPE: commbank less than a million references. There are more references to...
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  • doyla66
    doyla66 says #
    Great words Lisa, I wonder who got to Koch to say those limp risted lines obviously not in the real world and doesn't understand j
  • doyla66
    doyla66 says #
    David Koch is out of touch with the real situation. Did ASIC send him a Kell-inspired self-promotion pack? Sure ASIC has lots of
  • doyla66
    doyla66 says #
    Is Koch simply a financial-expert exercising "self-ignorance" or just "toeing-the-line" on ASIC malfeasance, too scared to debate
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ASIC admitted it accidentally blocked 250,000 websites after trying to go after a single domain. Big whoops. Source: Sun Herald Claire Porter  6th June 2013 PRIVACY and civil rights groups are calling for an open investigation into how government departments are interpreting a 15-year-old law to block websites. The calls come after the Australian Securities and Investments Commission (ASIC) admitted it had accidentally blocked 250,000 websites on top of the 1200 it had already accidentally censored last month. Jon Lawrence, spokesperson for Electronic Frontiers Australia told news.com.au that ASIC should be required to provide a judicial warrant before attempting to block a single website. The organisation said it planned to contact Senator Conroy and insist he "conduct a full-fledged investigation into the second stuff-up in as many months". He said the public should be informed of the decision before any move is made to block a website. "We're very concerned about...
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  • doyla66
    doyla66 says #
    With all the skilled IT people in Government department why would ASIC attempt to stop a scam in this way? If ASIC don't know how
  • doyla66
    doyla66 says #
    "Quote-of-Week": Ms Brailey>bank/lawyers;"my answer will be: have received your letter, have noted its contents & now Bugger Off."
  • doyla66
    doyla66 says #
    Love it! About time the tin gods and high and mighty got a taste of their own medicine! I do hope the legal grubs aren't trying to
  • doyla66
    doyla66 says #
    It really does seem ASIC is good for nothing.. GET RID OF ASIC. Can they do anything right? I think not! The bumbling mumbling st
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  Indirectly this story has some correlation with the Lo Doc lending practices of the banks.  THE nation's second-largest payday lender is being probed by the corporate regulator over allegations it has doled out loans that can't be repaid. "Under the National Consumer Credit Protection Act's responsible lending obligations, providing money to people who likely cannot repay is banned."   Financial Services Minister Bill Shorten said he couldn't comment because of the ongoing ASIC investigation. He was, however, "extremely proud of our reforms which offer better protection to consumers, through the first ever national cap on interest rates for payday loans". The Payday lenders get prompt attention from ASIC. Where as the Banks are shoved in the too hard basket for ASIC. Am I missing something here??  ASIC hovers over these Payday lenders like a Hawk with Consumer Law Protection Act. Yet cower under the desk when pushed to do something...
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  • doyla66
    doyla66 says #
    It still amazes me that all involved have gotten away with what they did for so long! And how they expected Australians everywher
  • Denise
    Denise says #
    Just remember that Peter Kell is left to deal with a justifiably angry "mob" backlash because Medcraft flew off to Russia and Warr
  • doyla66
    doyla66 says #
    Pay and cash lenders - no collateral on loans? Only security promisory notes? Different to pawn brokers who hold goods pending re
  • doyla66
    doyla66 says #
    Lisa maths parallel to global recall of 242,000 faulty TOYOTA(braking problems)-But no ASIC enforced recall over 200,000 'faulty'
  • doyla66
    doyla66 says #
    Good example, Andy. ACCC in conjunction with ASIC should have called for borrowers to bring in their loans for testing and possib
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Posted by on in Dumb ASIC
Dear Peter, You know me very well.  You also know ASIC did not ask for the LAF.  Ask Greg Kirk.  I was asked by Robert Allen to bring in THE EMAILS which I drove 400kms round trip to deliver to ASIC Perth.  When I arrived there I was asked "where are the LAFs?" My answer: "You asked for the Bank emails, not the LAFs.  In any case ASIC has over 100 LAFs from those who wrote to ASIC completely detailed formal complaint letters in July last year.  You have been sitting on those documents since July.  You and ASIC are lying to Parliament, lying to Media and lying to Consumers, but what has changed since 2003?  You told Parliament and said again this evening on the ABC NEWS: "there are no systemic issues."  Rubbish. The reason ASIC wanted the infamous "EMAILS" from Bank BDM's to Brokers, was because they wanted to show the...
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  • doyla66
    doyla66 says #
    Denise, you have more patience than most. I personally could throttle some of these people you have had to deal with lately, but m
  • doyla66
    doyla66 says #
    Even if ASIC were willing to take our complaints seriously enough to review their decisions, letters and come up with a better dea
  • doyla66
    doyla66 says #
    How frustrating it must be for Denise talking to idiots and liars. If I was her i'd be pulling my hair out and screaming day and n
  • doyla66
    doyla66 says #
    Denise why wast your breath on such a looser.
  • doyla66
    doyla66 says #
    Love the graphic Gotta wonder tho' - is that the new uniform for ASIC?
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The promised global co-operation is alive among corporate cops, but it has long been dead when it comes to banking regulation. This begs the question: how long will it be until the next snafu? Judge Jed Rakoff took aim at the increased use of enforceable undertakings used by Australian & US regulators & the switch from prosecuting individuals to companies; notes that there is an immorality about the notions "too big to fail" & "too big to jail"; pointed to the danger signs ahead & went through the reasons advanced for the lack of prosecutions, such as no immediate victims, which seemed to ignore 26m unemployed in the US. He said the doctrine of wilful blindness was well established in the US, & was used against Jeffrey [email protected] & Bernie [email protected], who are both in jail today despite using the defence that the prosecution could not prove they were personally involved in the crimes....
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  • doyla66
    doyla66 says #
    great post and comments. I agree wholeheartedly.
  • doyla66
    doyla66 says #
    Judge Rakoff knows what the banks are doing with their dirty fraudulent loans and what it does to a country. He is also saying ASI
  • doyla66
    doyla66 says #
    I was wondering if the government, opposition and ASIC got what he was trying to tell them about not waiting. Under US Law they we
  • doyla66
    doyla66 says #
    Good post, Andy. Good to see others have noted the slackness of ASIC. Rakoff is talking sense - he sounds remarkably like us. Co
  • doyla66
    doyla66 says #
    bankster ~ snafu: 1940s: acronym from situation normal: all fouledup:- Pronunciation: /snaˈfuː, ˈsnafuː/ North American informal D
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I know that we are not all elderly in BFCSA, but for those that are, I have been watching with interest the recent Government campaign regarding "Elder Abuse". This campaign which is getting a considerable amount of TV air time at the moment, gives a hot line number for the elderly to ring if they are suffering physical or financial abuse.  I find it ironic that the Government would be funding this campaign and yet the financial abuse of the elderly with lo doc and no doc loans, maldadministration of their financial affairs and outright fraud by the banks is being ignored.  ...
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  • doyla66
    doyla66 says #
    My husband 84, is a clear example of elderely abused by one of the 4 major banksters, Not being able to read and write properly, m
  • doyla66
    doyla66 says #
    I agree. Exploitation of the elderly by corporations is unacceptable. Where are the ACCC while all this is going on? On song with
  • doyla66
    doyla66 says #
    Great post Ali, we should be looking after our elderly, without them and all their hard working efforts we may not be here. Let t
  • Denise
    Denise says #
    ASIC has been abusing the elderly for years by giving them THE BIG FLICK! Perhaps every one of our elderly members may wish to se
  • doyla66
    doyla66 says #
    Anything to divert peoples attention away from the main source. Because many of us fit into this catagory perhaps we can make use
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ASIC refuse to look at the Banks.........................banks paid Money Choice Guru, Matt George Commissions.  Banks took on the clients from Matt (perhaps 600?) and gladly stitched the people up with unaffordable loans as any IMPRUDENT LENDER would. No Bank wanted to stop the income stream to Matty.  Too lucrative a business.   He had 17 Banks?Lenders to choose from.  And which aggregators involved?  FAST GROUP of course and STEPHEN KANE.....the conduit to protect the banks.  No-one was protecting consumers. BFCSA have gathered together over 90 members of Money Choice that are left in a deplorable situation.  They are coming in from three states so far: WA NSW, VIC I spoke with Matt last year:  He said something extraordinary: “I always did a pensioner statement. denise....always”  Meaning he declared to the bank his clients were pensioners. He was placing all his deals to the banks via aggregators FAST GROUP – Stephen Kane involved in a n...
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  • doyla66
    doyla66 says #
    This is a classic example of white collar crime on the public and society. Hardly anything will happen to this guy but if your ch
  • doyla66
    doyla66 says #
    Good question Lisa, what does happen to his unfortunate clients who have bought properties with a toxic fraudulent loan. Very impo
  • doyla66
    doyla66 says #
    I'm glad you explained this, Denise. Otherwise I would have concluded that Matt George was the credit provider and lender. So onc
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I saw this title in my inbox this morning so went to have a read of the story, "Watchdog dodges real issue of complex products". Firstly, there is no surprises about the toothless "watchdog" missing real issues, especially the complex ones. We've all seen how they miss even the most simplest of issues like those foundational documents, the LAF's or the supporting documents like the service calculators. Simple, basic documents that someone without bookkeeping or accounting knowledge understands are required. Yet the likes of ASIC, FOS & COSL are afraid to request or demand these. We all know why. It upsets their merry-go-round of free bankster lunches! After all, they do have to keep their pals on-side. This report has me wondering what the heck they really do? Is it an educational report to teach you how to understand these particular complex products? Is it a warning document? What is ASIC...
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  • doyla66
    doyla66 says #
    Medcraft: former (US)head RMBS SocGen, was allowed to cart home $11.9 billion in US bailout govt-money, Critics asked why??? ---So
  • doyla66
    doyla66 says #
    Good coverage, Lindie My thoughts on this: 1. Greg Medcraft is supposedly an expert in securitisation and complex products. Why t
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