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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

From My Window

These are blogs which are not specific to any other categories

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

Posted by on in From My Window
feed
  ASIC wants power to ban products Share on facebook Share on twitter Share on linkedin Share on google_plusone_share   by Adam Smith | 13 Mar 2015   ASIC is asking for more powers to police banks, and wants to intervene on products it thinks could hurt consumers. ASIC chairman Peter Kell has said the regulator should be granted powers for proactive "product intervention", Fairfax has reported. According to Fairfax, Kell told a workshop held by the Centre for International Finance and Regulation that the power to intervene in banks' product design and marketing would allow the watchdog to address systemic issues rather than focusing on individual banks and transactions. "Banning a product would indeed be a rare occurrence, but I would argue it is nonetheless important to have there because as a regulator having a big stick, even if it is rarely or if ever used, is very useful to...
Last modified on
Recent Comments - Show all comments
  • organza
    organza says #
    ASIC should be given the powers to disband themselves as an example of what regulators should not do!
  • Duped
    Duped says #
    They even have the power to prosecute the lenders who use fraud and forgery but they choose not to upset their buddies. Cosy littl
  • Aries
    Aries says #
    The morons had power, now they are pretending to anyone who will listen that they didn't.
Hits: 1913 3 Comments
Rate this blog entry:
Continue reading
The Richo show is on at 8pm Sydney time...not sure of other states... Was mentioned by Richo on  last nights show.
Last modified on
Hits: 1678 0 Comments
Rate this blog entry:
The Vampire Squid Strikes Again: The Mega Banks' Most Devious Scam Yet Comment:  Civilians were all truly better off without deregulation and free markets.  Most of us ended up poorer, but it made the bankers wealthy!  Time to fight back against the parasite Bankers.  This email address is being protected from spambots. You need JavaScript enabled to view it. Banks are no longer just financing heavy industry. They are actually buying it up and inventing bigger, bolder and scarier scams than ever By Matt Taibbi |   February 12, 2014 http://www.rollingstone.com/politics/news/the-vampire-squid-strikes-again-the-mega-banks-most-devious-scam-yet-20140212   Call it the loophole that destroyed the world. It's 1999, the tail end of the Clinton years. While the rest of America obsesses over Monica Lewinsky, Columbine and Mark McGwire's biceps, Congress is feverishly crafting what could yet prove to be one of the most transformative laws in the history of our economy – a law that would make possible a broader concentration of financial and industrial power than we've seen in more than...
Last modified on
Recent Comments - Show all comments
  • Louie2U
    Louie2U says #
    A politician or political party able to see the conflicted interests when you remove the separation of business from the process?
  • organza
    organza says #
    It's called the landlords game. In this game, oligarchs enrich themselves at the expense of everybody. Available land decreases
Hits: 1870 2 Comments
Rate this blog entry:
Continue reading
More flawed property statistics - all because of computers and the HPI now traded on the derivatives market.... No-one telling the truth.  Melbourne property prices: did they really just fall 2.6 per cent? Real Estate News December 1, 2014 http://theage.domain.com.au/real-estate-news/melbourne-property-prices-did-they-really-just-fall-26-per-cent-20141201-11xtvp.html   If you've been keeping an eye on CoreLogic RP Data's monthly reports you might have had a quiet moment of shock today. After going up 1.8 per cent last month, Melbourne house prices have reportedly dropped back down by a drastic 2.6 per cent. "Whoopie doo." That's what Marshall White director John Bongiorno says.  "I always say to everyone who buys real estate, 'it's a long term proposition'. It's not like the stock market, it doesn't go up and down on a daily, weekly or monthly basis. "I know Melburnians are fixated with real estate and reporters have to do a job, but I think there is a severe over-analysis on...
Last modified on
Recent Comments - Show all comments
  • organza
    organza says #
    The only thing that is believeable is knowing they are all playing chew and spew with property!
  • Wayne
    Wayne says #
    ya just cant believe anything anymore
Hits: 1975 2 Comments
Rate this blog entry:
Continue reading
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aEKCAEHxVEBI   J.P. Morgan Chase to Run Iraq's Trade Bank, U.S. Says (Update3)   Aug. 29 2003 (Bloomberg) -- J.P. Morgan Chase & Co. has been selected to operate a bank the U.S. is creating in Iraq to manage billions of dollars to finance imports and exports. J.P. Morgan, the second-largest U.S. bank by assets, will lead a group that includes 13 banks representing 13 countries to run the bank for three years, said Peter McPherson, the top U.S. economic adviser in Iraq. ``Iraq will become important to these banks,'' McPherson told reporters in Washington in a conference call from Baghdad. ``These banks were making a view on the future of Iraq.'' Operating the Trade Bank of Iraq will give banks access to the financial system of Iraq, the world's second-largest holder of oil reserves, where foreign bank companies haven't operated since a policy of nationalization in the 1950s and 1960s....
Last modified on
Hits: 1467 0 Comments
Rate this blog entry:
Continue reading
Murray inquiry forces Hockey into the firing line The Drum By Ian Verrender Posted Mon at 7:40am http://www.abc.net.au/news/2014-12-08/verrender-murray-inquiry-forces-hockey-into-the-firing-line/5950238 The final Murray inquiry report into the financial system has started a war with the banks, and Joe Hockey could end up as cannon fodder, writes Ian Verrender. Those who suffer the debilitating effects of migraines know the feeling. Sometimes, it seems the only cure is diversion, to take a hammer and deliver a mighty blow to your left hand.   This is the territory in which our esteemed Treasurer, Joe Hockey, now finds himself. Under attack from all sides, even from within, the Treasurer now finds himself on the receiving end of a report that, if implemented, can only end in one thing: a world of pain.  Just mull over those two crucial words. "If implemented." We'll get to that a little later. How did it come to this? Wasn't David Murray supposed...
Last modified on
Recent Comments - Show all comments
  • organza
    organza says #
    Good reading indeed. It's not just pass the hammer but pass the tissues for whatever happens next is going to inflict a whole lot
  • NABbed Nanna
    NABbed Nanna says #
    Good reading.
Hits: 1874 2 Comments
Rate this blog entry:
Continue reading
Rattled banks up the ante Banking and Finance Date December 8, 2014  Michael West http://www.smh.com.au/business/banking-and-finance/rattled-banks-up-the-ante-20141207-121vy8.html When it comes to reports to government, there is a deep schism between recommendations and implementations. Still, the Financial System Inquiry report handed down yesterday is certain to rattle Australia's most powerful institutions, the Big Four banks. Already the backlash will have begun. Bank lobbyists are no doubt whiteboarding up a storm, plotting how to undermine the more-substantial proposals from the Murray report that entail the big banks lifting their levels of capital as a buffer for times of crisis. More will become clear in coming days as analysts model the recommendations on extra capital and risk weightings. Suffice it to say that, on very rough numbers, the big four may be up for $20 billion in rising capital ratios – the recommendation is an increase from 8.3 per cent presently to between 10 per cent...
Last modified on
Hits: 1617 0 Comments
Rate this blog entry:
Continue reading
Keane: govt hoisted by its own FOFA petard BERNARD KEANE Crikey politics editor |  EMAIL   |  COMMENT         ARTHUR SINODINOS, FINANCIAL PLANNING, FOFA, JACQUI LAMBIE, MATHIAS CORMANN, NICK XENOPHONE, RICKY MUIR, SAM DASTYARI   The failure of the government's long-running attempt to repeal the Future of Financial Advice laws has its genesis as much in decisions made at the end of 2013 as in Senator Jacqui Lambie's departure from the Palmer United Party and Labor's doggedness in pursuit of the outcome it achieved yesterday evening. Right before Christmas last year, then-assistant treasurer Arthur Sinodinos snuck out the government's planned gutting of FOFA, intended to deliver on the Coalition's commitments to the big banks and AMP, which control retail superannuation, and the diminishing but still powerful segment of the financial planning industry that relies on conflicted remuneration. Key to Sinodinos' strategy was doing as much of the gutting as possible by...
Last modified on
Hits: 1567 0 Comments
Rate this blog entry:
0
Continue reading
Sydney financier Ian Lazar faces fraud charge Updated about 11 hours ago http://www.abc.net.au/news/2014-10-30/sydney-financier-ian-lazar-faces-fraud-charge/5853168 Thu 30 Oct 2014, 4:53pm PHOTO: Business figure Ian Lazar has been charged with using deception to obtain a financial advantage. (ABC News) MAP: North Sydney 2060 A Sydney financier has been charged with deceiving an elderly woman into giving him her home. Ian Lazar, 43, was arrested outside his North Sydney apartment. Detectives from the New South Wales fraud squad also raided his home and nearby office, seizing electronic equipment and documents. He was charged with using deception to obtain a financial advantage, and refused bail to appear in Sydney's Central Local Court on Friday. "In court, detectives will allege the man was involved in deceiving an elderly lady and her daughter into transferring over the ownership of the elderly lady’s Nambucca home," a police statement said. Police believe the woman was contacted by Lazar in 2003 after appearing on a TV...
Last modified on
Recent Comments - Show all comments
  • Wayne
    Wayne says #
    1 down many more to come
  • Wayne
    Wayne says #
    1 down many more to come
  • organza
    organza says #
    I notice there is no mention of ASIC being responsible for nabbing the crim as usual!
  • Aries
    Aries says #
    About time they got this grub.
Hits: 2366 4 Comments
Rate this blog entry:
Continue reading
Not cricket you may say.     Australian Whistleblower who leaked a secret scholarship for Tony Abbott's daughter to be sentenced this week   09:04  News  No comments   A young university student at the centre of the Whitehouse Institute secret scholarship story is facing up to two years jail. Max Chalmers reports. A 21-year-old journalism student at the University of Technology, Sydney will face a Sydney Court this week to be sentenced for accessing student records that showed the Prime Minister’s daughter received a secret scholarship from the Whitehouse Institute of Design. In September, Freya Newman pleaded guilty to breaching Section 308(H) of the NSW Crimes Act,which forbids accessing restricted data held in a computer. The charge carries a jail sentence of up to two years. Newman worked as a part-time librarian at the Whitehouse Institute, quitting shortly after it was revealed Tony Abbott’s daughter Frances had been approached by the...
Last modified on
Hits: 1731 0 Comments
Rate this blog entry:
Continue reading
Lending curbs are nothing to fear:  APRA 17 October 2014   James Mitchell     http://www.theadviser.com.au/breaking-news/30952-lending-curbs-are-nothing-to-fear-apra   Brokers have nothing to fear from potentially tighter lending standards, says APRA chairman Wayne Byres.  Macroprudential tools’ or, more simply, restricting the amount banks can lend borrowers is “normal regulation and regulation responding to circumstances,” Mr Byres told an industry event on Monday. Mr Byres cites Australia’s last property boom in 2003/2004 when APRA took measures to cool the market by implementing changes to capital and mortgage insurance requirements. “We did some other things designed to just temper the incentives and you shouldn't think of this as some grand, new framework and completely new, but I always think much of it is APRA doing its job, which is as things start to get a bit frothy or more exuberant or whatever – the right phrase might be there is a gradual ‘turning up of the dial’ of...
Last modified on
Hits: 1635 0 Comments
Rate this blog entry:
Continue reading
Here's the link   http://www.2gb.com/audioplayer/68346#.VDxhasIcTIU  
Last modified on
Recent Comments - Show all comments
  • Aries
    Aries says #
    Just goes to show how devious the banks are to be able to defraud highly intelligent people
  • Aries
    Aries says #
    click on comments then click on blue link.
  • Aries
    Aries says #
    Hope it works http://www.2gb.com/article/alan-jones-richard-talbot#.VDxhW8IcTIU
Hits: 2206 3 Comments
Rate this blog entry:

Posted by on in From My Window
Here's the link...http://www.2gb.com/article/alan-jones-mathias-cormann-0#.VCnXgMIcTIU
Last modified on
Recent Comments - Show all comments
  • setup
    setup says #
    I think Alan should ask Cormann the reason why he, Abbott and Hockey refuse to have a RC.
  • setup
    setup says #
    Great interview Alan. Keep up the pressure and force them to tell the truth and not beat around the bush. Cormann like all the oth
  • Aries
    Aries says #
    http://www.2gb.com/article/alan-jones-mathias-cormann-0#.VCnXgMIcTIU
Hits: 2094 3 Comments
Rate this blog entry:
Financial Advice laws reversal to go ahead Business Banking and Finance Date September 27, 2014   Gareth Hutchens and James Massola http://www.smh.com.au/business/banking-and-finance/financial-advice-laws-reversal-to-go-ahead-20140926-10monm.html#ixzz3Eb1nDszu The federal government looks set to secure its plans to wind back Labor's changes to the rules governing financial advice, despite a senate committee filing a disallowance motion on the bill this week.  Finance Minister Mathias Cormann says he hopes to introduce the bill to the senate next week, while Clive Palmer says his Palmer United Senators will vote for the bill, to honour an agreement struck with the government. Confusion arose on Thursday about the future of the government's controversial financial advice laws after the senate standing committee on regulations and ordinances committee, chaired by Nationals senator John ­Williams, moved a disallowance motion on the bill.  The committee said the FoFA regulations were not the appropriate way to introduce the financial advice regime and it gave notice it...
Last modified on
Hits: 1602 0 Comments
Rate this blog entry:
Continue reading
BFCSA members and whistleblowers know regulatory capture is the key to massive fraud by Banksters and huge losses for the public. Of course we KNOW - here in Australia and Overseas.......................We need a SEGARRA here.   This email address is being protected from spambots. You need JavaScript enabled to view it. Fed whistleblower secretly recorded 46h of regulatory capture inside Goldman Sachs Cory Doctorow at 3:00 pm Sat, Sep 27, 2014 http://boingboing.net/2014/09/27/fed-whistleblower-secretly-rec.html   Carmen Segarra is a former FTC regulator who joined the fed after the financial crisis to help rescue the banking system -- but she was so shocked by the naked regulatory capture on display that she ended up buying a covert recorder from a "spy shop" and used it to secretly record her colleagues letting Goldman Sachs get away with pretty much anything it wanted to do. Segarra has an impressive bio -- speaks four language, degrees from Cornell, Harvard and Columbia, worked as a compliance officer at some of the world's...
Last modified on
Hits: 2184 0 Comments
Rate this blog entry:
Continue reading
https://newmatilda.com/2014/08/25/great-australian-ponzi-scheme-also-known-our-economy   25 Aug 2014 The Great Australian Ponzi Scheme, Also Known As 'Our Economy' By Ian McAuley   Our economic reliance on natural resources for profit will, sooner or later, collapse, writes Ian McAuley. Is the Australian corporate sector operating as a giant Ponzi scheme?  The classic Ponzi scheme is simple. With much hoopla the promoter spruiks some marvellous get-rich-quick idea, promising great returns. When the money has been rolling in for six or 12 months, some of the new contributions are used to pay dividends to the original investors, perhaps even higher than the original promised, thus confirming the promoter’s credibility and attracting even more money. Of course an enterprise cannot keep on paying dividends out of capital contributions, and eventually Ponzi schemes collapse, with tears all around – except for the promoter. But they can go on for a long time: Bernie Madoff kept his running for at...
Last modified on
Hits: 1511 0 Comments
Rate this blog entry:
Continue reading
https://au.news.yahoo.com/a/24912947/asic-should-lose-consumer-protection-role-says-consumer-advocate-denise-brailey/ ASIC should lose consumer protection role, says consumer advocate Denise Brailey By business reporter Sue Lannin September 5, 2014 Corporate regulator ASIC has again come under fire from politicians and consumer advocates over its regulation of financial planners.  Members of a parliamentary joint committee have criticised the Australian Securities & Investments Commission for not permanently banning a Victorian financial planner who sold his clients forestry investments that failed. ASIC deputy chairman Peter Kell was grilled by Senator John Williams over why WA financial planner Stuart Jamieson was banned by the Financial Planning Association, whereas ASIC was still conducting an inquiry.  Senator Williams said ASIC was undertaking too many investigations, which were taking too long.  "This is the problem, Mr Kell, you have too many ongoing investigations," Senator Williams told the committee.  "One organisation can ban them in four weeks and report it to the detectives, and yours seem forever ongoing."...
Last modified on
Hits: 1528 0 Comments
Rate this blog entry:
Continue reading
http://www.smh.com.au/business/banking-and-finance/timid-asic-under-fire-over-crackdown-inconsistencies-20140905-10ct4r.html Timid ASIC under fire over crackdown inconsistencies Banking and Finance Date September 6, 2014 Adele Ferguson   "What do you have to do to get banned for life?" federal politician Tony Smith asked the corporate regulator at a parliamentary inquiry in Melbourne on Friday.  Smith was referring to a three-year banning order slapped on financial adviser Peter Holt for providing inappropriate advice to retail clients, including gearing them up with margin loans and high-risk managed investment scheme (MIS) Timbercorp, which culminated in their financial ruin. The tone of the questions by Smith, Senator John Williams and Senator Debra O'Neill, and the accusation that Holt's "inappropriate advice" was influenced by the payment of high commissions, put the blowtorch on ASIC and how it decides whether a financial adviser should be banned for three years, seven years or for life.  In Holt's case, ASIC banned him from providing financial services for three...
Last modified on
Recent Comments - Show all comments
  • Jetfighter
    Jetfighter says #
    That is right, ASIC is only looking after the Banks and not the consumer. serving the greater of two masters is not a viable polic
  • organza
    organza says #
    The bunch of clowns at the helm of ASIC do no more than scout with their mine sweepers and then bury all evidence of what they fin
  • Aries
    Aries says #
    The only ones worthy of being a staff member of ASIC are the ones who have left in disgust knowing the deviousness going on behin
  • Duped
    Duped says #
    ASIC will never learn from their mistakes, it's their culture of looking after the big boys in the financial world. Isn't it funny
Hits: 2331 4 Comments
Rate this blog entry:
Continue reading
So today is a bitter sweet day as FOS has today told me that they have found maladministration in my Line of credit that was issued to me as part of an property investment gone wrong. This was supposed to be a loan variation on my exciting CBA home loan that I only had for nine months previous to this. Even to this day the CBA has refused to hand over any LAFs in relation to the LOC or the home loan itself. You see, unbeknownst to me the sneaky broker had not only got me a LOC he even got me a whole new home loan! yes without me knowing he had arranged an entire new home loan that had the LOC attached to it. I did not ask for this as I had only just signed up with the CBA 9 months earlier and I didnt want to have...
Last modified on
Recent Comments - Show all comments
  • setup
    setup says #
    Lets hope the RC will bring that day to us soon kddeed.
  • kddeed
    kddeed says #
    Can't wait for the day when we can all get off the merry-go-round and get on with a normal stress free life
  • setup
    setup says #
    We're all on that pass the buck merry go round. No matter where we turn for help the door is always closed. These people are not h
Hits: 1998 3 Comments
Rate this blog entry:
Continue reading
British investors trapped in Oz seek legal redress 2COMMENTS 2RECOMMEND Print this articleEmail this articleFacebookLinkedin           Many British nationals have joined a campaign to recoup their life savings after an Australian property fund collapsed last year. Investors have been told that they are likely to receive no more than 5p for every £1 invested in Queensland-based LM Investment Management (LMIM), particularly with regards to its Managed Performance Fund (MPF). The MPF, a wholesale product, is an unregistered managed investment scheme, according to Australia’s regulator, the Australia Securities & Investments Commission (ASIC). Because such schemes are not offered to retail investors in Australia, they are not required to be ASIC registered. However, the MPF was promoted outside of Australia, with assets under management of approximately A$396.6m (£222.3m) at the end of March 2013, when LMIM filed for administration. LMIM is now in the process of being liquidated and...
Last modified on
Recent Comments - Show all comments
  • Jetfighter
    Jetfighter says #
    ASIC has been way too slow to take up the slack on theses issues
  • Duped
    Duped says #
    Lazy ASIC gone on holidays, back later?
Hits: 2511 2 Comments
Rate this blog entry:
Continue reading