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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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Sent in by Steve BFCSA member - Subject: The Dead Horse theory of Bureaucracy - Direct form Canberra So why is it some are so slow to learn..... The Dead Horse Theory   The tribal wisdom of the Plains Indians, passed on from generation to generation, says that "When you discover that you are riding a dead horse, the best strategy is to dismount." However, in government more advanced strategies are often employed, such as: 1. Buying a stronger whip. 2. Changing riders. 3. Appointing a committee to study the horse. 4. Arranging to visit other countries to see how other cultures ride dead horses. 5. Lowering the standards so that dead horses can be included. 6. Reclassifying the dead horse as living-impaired. 7. Hiring outside contractors to ride the dead horse. 8. Harnessing several dead horses together to increase speed. 9. Providing additional funding and/or training to increase the dead horse's...
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  • doyla66
    doyla66 says #
    No truer words were ever spoken and I know for I lived and worked in Canberra for 4 years during a very interesting time when Hawk
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Dear members After reading Change's blog yesterday it got me thinking how fortunate Greg Medcraft is. Greggy proudly boasts he is a card carrying member from the working class and " look at me now haven't I done well.This is the only connection he now has, the past, he has moved on and from his humble beginnings has become a powerfull man but at what cost?Greggy proudly boasts of his free university education, well folks thats something our children or grandchildren will never get. In the early nineties our daughter boarded out at uni, we both worked and I worked six days a week and every bit of overtime going in a low paid job to get her through, we were proud of the fact that if you work hard your children can benefit. The only reservation I had was our daughter wasn't entitled to Aus Study but two of her...
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  • doyla66
    doyla66 says #
    Greg Medcraft you should be ashamed of yourself. A man in your position should know what's going on. You are the head, the capta
  • doyla66
    doyla66 says #
    Take good heed Mr. Medcraft! I actually know of one victim who every single night prays for your soul and it's not me for whilst
  • doyla66
    doyla66 says #
    When you brag about how well you have done for yourself coming from a working class background it makes me wonder just how much cr
  • doyla66
    doyla66 says #
    Neil, we can only hope he reads your words and has some sort heart to do the right thing, no matter how much of a banksters/wanke
  • doyla66
    doyla66 says #
    yes Greg...." tell the Senators everything, let them know how the banksters engineered these diabolical schemes and the consequenc
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The new ASIC chairman attributes his outstanding success to a can-do attitude. by Brisbane Times August 10, 2011 ''I understand business, I understand markets - I'm really well equipped for this,'' ''Being a banker gave me enough law,'' ''Securitisation technology has delivered a great deal for Australian consumers,'' ''I want ASIC to be seen not just as a law-enforcement body but as focused on outcomes,'' ''I built a reputation for doing deals that other people thought were too hard,'' ''It's actually about getting things done, a bit of a can-do attitude and innovation,' ''You start making progress where others stop - just because something doesn't exist doesn't mean it can't be done.''   ASIC chairman Greg Medcraft. Photo: Marco Del Grande If Greg Medcraft's track record is anything to go by, the Australian Securities and Investments Commission is in for a shake-up. During his lengthy investment banking career, Medcraft notched up...
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  • Denise
    Denise says #
    Medcraft is very clever at misleading information, deceiving Parliament, suggesting there are no systemic issues and then asking F
  • doyla66
    doyla66 says #
    ''I built a reputation for doing deals that other people thought were too hard,'' says Medcraft. AND "I understand business, I und
  • doyla66
    doyla66 says #
    Don't you understand the basic philosophy of business Mr Medcraft? It's the track record, the actions, the results, the outcomes
  • doyla66
    doyla66 says #
    We'll said organza...
  • doyla66
    doyla66 says #
    Well now we know who headhunted him and why don't we?
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  A FINANCIAL planner who received more than $1.1 million in undisclosed kickbacks for diverting clients into corrupt superannuation scheme Trio Capital has been found guilty of "serious" legal breaches.   Australian 9 Jan 2014 by Anthony Klan   - http://www.theaustralian.com.au/business/wealth/asic-bans-planner-over-trio-capital-kickbacks/story-e6frgac6-1226797684291#    The Australian Securities & Investments Commission -- in findings backed up on appeal -- found Mervyn Ross Tarrant had failed to disclose that kickback, and had engaged in associated "misleading and deceptive conduct".   In eight cases Mr Tarrant, who directed $23m of his clients' money in the scheme, was found to have not had a "reasonable basis" for directing clients into Trio.   But in the latest example of the corporate regulator's soft touch, Mr Tarrant will not face sentencing, a fine, or even be forced to repay any of the $1.1m in kickbacks.   ASIC yesterday released a statement that Mr Tarrant, who had run Tarrants Financial...
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  • Denise
    Denise says #
    Well said Kyle There must be jail time for those who are involved in WHITE COLLAR CRIME and in particular THE ENGINEERS and manuf
  • doyla66
    doyla66 says #
    Pathetic, ASIC. You're right Kyle - wouldn't you think ASIC would sharpen up their game while everyone is watching and hoping for
  • doyla66
    doyla66 says #
    These idiots are under the spotlight right at the moment and this is the best they can do and I am sure in another article posted
  • doyla66
    doyla66 says #
    disgusting. he keeps his $1.1mil and investors lives are ruined. how do you think they feel when they learn of ASIC's soft touch?
  • doyla66
    doyla66 says #
    Asic.... your a complete joke and waste of space 7 year ban.......what a crock of sh.....it
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Dear Members The Abbott government has clearly shown where their preferences lie when choosing to mount investigations into banking and economic recommendations for the forthcoming budget. Instead of taking a broad spectrum approach with the appropriate experts they choose to take the very narrow conservative approach using industry players. The banking inquiry with David Murray as its head and the make up with  financial industry stalwarts will only result in a one sided view heavily tilted in the banking industry's favour. The Commission of Audit is set up to make hard decisions and recommendations for the upcoming May budget and is  chaired by Tony Shepherd former president of The Business Council of Australia and the head of the commissions secretariat is the BCA's chief economist Peter Crone. Former Howard Minister Amanda Vanstone and three public servants , Peter Boxal an ardent free marketeer who worked as Peter Costello's Chief of Staff,...
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  • doyla66
    doyla66 says #
    Great blogs team.... All you say is TRUE....... Everyone's words give me so much strength to just keep going....... A big thank y
  • doyla66
    doyla66 says #
    By Jelena Potpara 4 weeks ago from (chchronicle.com.au/end-braddon-investment-finance)... Money. Over 70 investors, most local, ha
  • doyla66
    doyla66 says #
    I believe it is called apathy when the very thing you either ignore is happening when you know full well its happening or the thin
  • doyla66
    doyla66 says #
    All the clouded secrecy, all the lies, all going on behind scenes in stealth (and a whole lot more than just with Banks) is furthe
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Dear Members With the Senators hearings into ASIC fast approaching, you would think that they would be on their best behaviour and trying to keep a low profile but NO like a stunned rabbit in front of the headlights they have left themselves open to ridicule and derision on many fronts.   People are drowning in DEBT and ASIC is kind to Lenders....................... According to the Jan 10 publication of " The Advertiser" the online broker magazine ASIC allowed a collections agency in breach of NCCP regulations to continue operating with no fines and a "slap on the wrist." The company, Tru Blue Collections Services Pty Ltd purchased a Loan Book of 3,200 contracts from pay day loan companies, the rights and obligations were assigned to Tru Blue as credit provider, a role the company was not licensed to do. Even our old mate Jon Denovans from that much loved law...
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  • doyla66
    doyla66 says #
    People are drowning in DEBT and ASIC simply because of their personal goals and interests. Whenever we enter into such thing, we s
  • doyla66
    doyla66 says #
    Yep - governments blinded by a lot more evil than just banks and all who blind them are related for these days useless Politicians
  • doyla66
    doyla66 says #
    Tragically all mates and all connected for the same reason - greed money power and control if one follows the trail. Major shareh
  • doyla66
    doyla66 says #
    I believe now Insurance companies will not insure against vaccination damage - right up there with the few natural disasters they
  • doyla66
    doyla66 says #
    If you do come good and assemble a green army to re-plant trees so foolishly felled make sure you check with residents of St. Hele
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Posted by on in Dumb ASIC
399 Submissions and counting..... Some very interesting reading here.  I understand that Submissions into the Performance of ASIC are still being accepted by the Committee up to 10 January 2013. http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions email your submission via Email:  This email address is being protected from spambots. You need JavaScript enabled to view it. EDR’s are supposed to have a Panel of Review – but that has disappeared from FOS….why? Did ASIC say they could drop the review process?  If yes,  when?  ASIC are the licensee of the EDRs How did that reduction in investigations assist consumers or the Lowering of investigative standards? It's a bit like the Banksters lowering lending standards. This is not a fair and equitable system when recommendation is being now bypassed and a TAKE IT OR LEAVE IT stance has been taken by the Ombudsman. Banks must be whooping for joy... So everyone needs to write to Parliament about this latest twist in FOS behaviour that ASIC HAS failed to address. ASIC have meetings...
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Dear members The new year is upon us and we have to hit the ground running. The Senate hearing into ASIC is a good start but our Treasurer, The Right Honourable Joe Hockey's investigation into the banksters IS NOT... by the very fact its being led by former bankster David Murray. Joe Hockey's early career was as a banking and finance lawyer so he obviously has strong connections to the banks.  The outcome will be obvious but another aspect comes into play, between now and until November, any questions submitted to our sitting government will be fobbed off... saying we are investigating the banks and await the results at the end of the .  This appears to be another stalling tactic by our politicians to confront the banksters head on. Like the blog title states our P.M. The Right Honourable Tony Abbott has both law and economics degree's so he is in a perfect position to...
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  • doyla66
    doyla66 says #
    I wonder how many friends, family and associates of people working at ASIC, FOS, COSL, APRA, AOFM and politicians' offices have us
  • doyla66
    doyla66 says #
    Well I sure know a bit about white collared crime for could have been a whistleblower myself when who I then worked for came crash
  • doyla66
    doyla66 says #
    I have received my response from FOS today inclusive of RHG 's EXCUSES for their fraud! They are so intent of painting the picture
  • Denise
    Denise says #
    Yes Organza, white collar crime is not taught at University in Australia, there are no text books. I should know having completed
  • Denise
    Denise says #
    I am sure 2014 will be the year of relatives of Politicians waking up and realise they too are victims of Bank Fraud. It will be
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Why ASIC isn’t checking banks’ financial planners by Michael Pascoe December 23, 2013 (1)    The Australian Institute of Superannuation Trustees might want the relationship of bank-controlled financial planners and their masters investigated, but ASIC isn’t doing it. Try APRA instead. After Michael West broke the story of bank-linked financial planners channelling clients cash holdings into mediocre deposits with their bosses instead of seeking the best available returns, I expected there would soon be a big kick coming of ASIC in the direction of the big banks’ backsides. A revved-up regulator would be keen to show it wasn’t just the little guys it would go after, and that this time, unlike the AMP shadow shopping scandal, the Big End of Town wouldn’t just be whipped with a feather. So I asked and ASIC has replied: .smh.bus/bus/commentandanalysis/columnist;cat1=columnist;cat=bus;ctype=article;pos=3;sz=300x250;tile=4;ord=3.9657301E7?" width='300' height='250' scrolling="no" marginheight="0" marginwidth="0" allowtransparency="true" frameborder="0"> </iframe>  “As wholesale money, superannuation cash receives lower interest...
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Dear members Both political leaders have given their prospective Xmas speeches and rightfully so have heaped praises on the unsung heroes and heroines of this great country, everyone from the police, doctors and nurses, military and all the volunteer workers and countless others who don't get the recognition they deserve. Both parties have made reference to the less fortunate in our society and I agree whole heartedly but what about the less fortunate who have been put in that position through no fault of their own. I'm talking about all the victims of the banksters and their unquenchable thirst for all our assets, these parasites and their lecherous lawyers have sunk to the lowest depths in order to make their profit margins bigger. To use stealth and cunning to lure victims into these falsified contracts is the height of audacity. What or who gave the banksters the green light to pursue flogging these...
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Dear members At present the two party system is working perfectly if you are a politician of either. Every couple of years you change what side of the chamber you sit in and make alot of noise about how bad the other guy is and how good you are. Well, I like the rest of you, have had a gutfull, these self pandering egotistical elected public servants are abusing the system for self gain. The Nationals (with the likes of Senator Williams) are off the land and can relate to what alot of our members are suffering but being the junior partner in the Coalition, are mostly ignored.   My biggest fear is the Senators recommendations into ASIC might not be acted on after seeing what Joe Hockey did for the make up of the committee into the banking investigation. My wife and I started lobbying Canberra politicians and regulators when John Howard and...
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  • doyla66
    doyla66 says #
    Sent email Sunday outlining our details, nothing ventured nothing gained, there are still decent people with clout out there, lets
  • doyla66
    doyla66 says #
    I will also write to him today.
  • doyla66
    doyla66 says #
    Agree Maria. With perseverance sooner or later we will hit the jackpot....everyone write to Dr Alex Douglas. He wants to hear from
  • doyla66
    doyla66 says #
    I sent a letter to the Palmer Party just before the elections and received no reply to that one. The one I sent directly to Dr. Al
  • doyla66
    doyla66 says #
    Nanna, we wrote a brief explanation of our situation, no more than one page directly to Dr Alex Douglas. His email [email protected]
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Hello to all,              Just had to add a blog about the weirdness that evolves around FOS and their constant need not to know their own job? They have closed my case again 3rd time?!! And said it is a COSL dispute now as the debt was sold ?? How can the debt be sold when it was under investigation number 1? Then number 2 when I enquire, I'm told the debt has never been sold and is just being managed by another company?? How do they not know this? To make it more interesting FOS have stated that there is an issue and the lender has something to answer for?!! Ok so in my favor....then bam... It is passed on before anything is done!! Tsk tsk tsk will be adding onto the Senate inquiry asap if someone doesn't get their act together, I have it all in black...
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  • doyla66
    doyla66 says #
    I agree with all the above and would like to thank ASIC and the banks and all the lovely deception and lack of protection for a C
  • doyla66
    doyla66 says #
    2013 is nearly over..I am sorry to say my spirit has long been dampened by the sillyness of Banksters, ASIC government regulato
  • doyla66
    doyla66 says #
    Yes, Clara. FEDERAL GOVERNMENT as CONSENTING PARTNER in CRIME The Federal Government are the weak link and this lack of genuine
  • doyla66
    doyla66 says #
    Well look what I just found - no wonder they are all running scared for this is what playing follow the leader has led us to! No
  • doyla66
    doyla66 says #
    Good grief! How did they work that out? It looks more like the US debt. How long is it going to take for our silly government to
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From a member: I think the safest thing for ASIC to do, once again, is to shut up about their non-achievement record. Hitting brokers is like shooting fish in a barrel = no challenge there. That would suit ASIC fine - lazy as... Just like all the years that ASIC and others tried to frame borrowers for Bank misconduct and fraud. It looks like ASIC are plain scared to take on a real challenge, like a Bank or Lender. Of course, this would also call into question ASICs slack supervision on those Lenders in theory under ASIC supervision. (What supervision???) Heaven help Superfunds, now under ASIC! Expect more incompetence, more stuff ups, more negligence, more slackness, more defrauded investors, more mistakes, more hopeless letters and non-performance - from experience. SIDBROKER is right: come on, Mr Abbott: ASIC is wasting our money and our time. We want real results, fair dealing and...
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  • doyla66
    doyla66 says #
    First of all Hockey appoints Murray to head the Inquiry. This is an insult to Denise and all bfcsa members. Then Stewart Levitt's
  • doyla66
    doyla66 says #
    Who makes that decision to pull a submission? Who has that power? Who makes the decision on a Royal Commission into Banking Fraud?
  • Denise
    Denise says #
    I have copies of 276 - of course. ASIC can runaway like a coward and threaten on technicalities, but it cannot hide.
  • doyla66
    doyla66 says #
    How can we explain Stewart Levitt's submission 276 disappearing from the ASIC inquiry site? He set out clearly the corruption in A
  • doyla66
    doyla66 says #
    Agree, Francis. I feel betrayed as well. Even if I win will carry the scars of betrayal by the Australian Government, legislature,
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ASIC has virtually behaved like a mad guard dog biting the throats of falling prey of predatory bankers by discrediting victims of bank loan fraud.  How dare we complain about corporate thieves known as Banksters. Police know who the criminals are - they know where they work - they can see the documents riddled with fraud - they know whose finger prints are all over the fraudulent documents - they know its a time bomb and thousands have been affected.  Police know where these criminals live and where the loot is hidden - in the bonus packs. So why is there NO PROSECUTIONS?  Why are Bankers free to maraud around the suburbs stealing homes?  Where is the Justice System?  ...
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  • doyla66
    doyla66 says #
    We have committed no crime at all and yet we are being lined up like sheep to the slaughter house. What kind of Government does th
  • doyla66
    doyla66 says #
    Lisa I would like to add this. "Can it take the heartache out of losing ones's beloved home." Can it stop the gnawing pain of f
  • doyla66
    doyla66 says #
    I don't believe anything can take away the heartache of losing ones home. This is what we're facing as are others unless we agree
  • doyla66
    doyla66 says #
    They even induced me to accept toxic loan for $0 income in our signed statement of financial position of LAF. They told me that n
  • doyla66
    doyla66 says #
    I just wonder where this up and coming Senate Inquiry and the Roots and Branches inquiry are going to lead. One only prays and hop
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  Would ASIC like to tell the Australian Public why they think they need more powers??? As Senator Helen Coonan said, ASIC doesn't lack powers, it just fails to use them. We would add that ASIC uses and abuses their powers at their own discretion as they are not truly accountable to anyone! So why are we continuing to fund this outrageous organisation? Who's responsible and how do we get rid of this ASIC, an uncontrollable lawless monster from another century? In the vast experience of borrowers, investors and other consumers of financial products in this country ASIC has not served our interests - in fact quite the reverse. It is true that ASIC has the blood of honest Australians on its hands. Bottom line: ASIC doesn't work and we're not sure what it does, apart from write reports, give speeches and issue self-congratulatory media releases. The information below is a...
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ASIC is blowing hot air, yet AGAIN.  20 complaints?  Our members sent ASIC 150 which its officers refuse to investigate.  The evidence presented with the letters shows that fraud is being carried out INTERNAL to the LENDERS.  The LAFs are being altered after the Broker faxes the paperwork to the credit assessors.  ASIC knows this, as I spent 150 mins briefing the Commissioner.  Its not the Brokers.  The evidence shows its THE BANKS.  Otherwise how do we explain 100% LAF Fraud on all loans Low Docs and Full Docs?   ASIC wants Brokers to turn on each other and trick the industry into believing its a few rogue brokers at fault.  That is false.  How do we then explain why 100% of the LAFs we have uncovered have been tampered with, after they were signed and after they were faxed?  That's why we asked all Members to ask for Bank's copy -...
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  • doyla66
    doyla66 says #
    mortgage Frauds have been increased in 2013 i think people by their own also have to gain some knowledge about the mortgage brokin
  • doyla66
    doyla66 says #
    I think the safest thing for ASIC to do, once again, is to shut up about their non-achievement record. Hitting brokers is like sh
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Emails reveal special ASIC exemptions for fund managers December 9, 2013 Michael West     Business columnist  SMH Top brass at the Australian Securities and Investments Commission have claimed on a number of occasions that the corporate regulator does not do favours. However, a series of internal emails obtained by Business Day shows ASIC gave special exemptions to the funds management industry after requests by its peak lobby group. The exemptions give big fund managers relief from having to provide reasonable and appropriate advice to their customers - including disclosing the effect of fees on a fund's investment performance. In the lead-up to the Super Choice reforms in 2005, where for the first time investors would have been able to choose between low-fee industry funds and higher-fee retail funds, the Investment and Financial Services Association (IFSA - since renamed Financial Services Council) lobbied ASIC to amend the laws. ASIC duly provided exemptions...
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  • doyla66
    doyla66 says #
    Oh, definitely, Tom If you have time we have other research on this site, written by Michael West. http://www.bfcsa.com.au/index
  • doyla66
    doyla66 says #
    Well researched , the can of worms is starting to open
  • doyla66
    doyla66 says #
    Tom their too large to be worms, perhaps snakes -- reptilian of sorts, dinosaurs? Right to Information—formerly Freedom of Inform
  • doyla66
    doyla66 says #
    Thanks, Andy. Just what I needed.
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For those who may think we do not give Consumers a fair go who actually loved dealing with the Australian Investment and Securities Commission ("ASIC") we have been trawling through the Senate Submissions looking for a "Happy User" of ASIC's consumer complaints experience.  SURELY THERE IS ONE HAPPY CUSTOMER?  We thought we had found one in the COMMENTS section of our useful and very public online FORUM.  But not so lucky......You see the comment was obviously written by an ASIC bod who wanted to have a say in favour of ASIC.   Well the bias is obvious but in fairness again I have decided to BLOG this person's anonymous yet exuberant attempts at give ASIC a ten out of ten.  His/Her name is "Hello."  It quotes two submissions:  # 120 (the other is 196) from the Consumer Credit Legal Service that ASIC pays from time to time to compile reports on...
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  • doyla66
    doyla66 says #
    The longer CAP, ASIC, FOS, COSL, APRA and all the rest lack consumers and true consumer representation the bigger the divide will
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The Australian Securities and Investment Commission ("ASIC")  is under fire in a major way.  The gates are open for everyone to send in a submission and a second one if you so choose.  ASIC had three tasks: the regulation of financial products and service - banks were the engineers , consumer protection a priority and, consumer confidence in the market place - the world of Banking. End users of ASIC's services, for over a decade, have slam dunked ASIC's ability to master the art of consumer protection and consumer confidence.  The submissions show the regulator has failed on all levels.  The bleating of apologist Greg Medcraft as Chairman of this debacle are pointless at this late stage.  He had a chance to get tough and acted as a limp lettuce, pursuing instead, his own career ambitions as head of IOSCO.   His lordship spends his days on junkets around the world doing very little if anything, for consumers in Australia.   IOSCO has not held...
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  • doyla66
    doyla66 says #
    So ASIC would rather see borrowers adrift in the sea of confusion and pain, all on their own and up against it, completely without
  • doyla66
    doyla66 says #
    worth a read ASIC‟s performance We are generally very impressed with ASIC's performance as a regulator of the areas of consumer l
  • doyla66
    doyla66 says #
    No one is too big to jail, Wall Street cop says Although Hollywood has a movie starring Leonardo DiCaprio as the "wolf," the real
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The only ones singing ASIC praises are ANZ - well there's a  surprise!  No wonder a Senate Inquiry was called. Consumers are fighting This email address is being protected from spambots. You need JavaScript enabled to view it. Focus remains on ASIC as Senate submissions climb   4 December, 2013 Jason Spits 1 comments Submissions to the Senate review of the Australian Securities and Investments Commission (ASIC) have passed 350, with the vast majority submitted by individuals complaining of perceived failings by the regulator. The Senate Standing Committee on Economics had so far received 248 submissions from individuals, 104 with the name withheld, with common causes of complaints relating to low doc loans, the failure of broking firms and the actions of auditors and liquidators. The Committee had also received 40 submissions from organisations, including ASIC and Treasury, with no financial planning groups making a submission at this point. A number of industry associations have made submissions including the Financial Planning Association (FPA), the Association of Financial Advisers...
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  • doyla66
    doyla66 says #
    It is totally pointless for our Banks to plead their innocence the rest of the western world is in the repair stage and fixing the
  • doyla66
    doyla66 says #
    People and organization's not including the media finding systemic fraud by the bankers. Greggy guess the below are all trying
  • doyla66
    doyla66 says #
    Its a surprise Medcraft considers that is ok to spend public monies running an advertising campaign solely designed to save his ow
  • doyla66
    doyla66 says #
    Hmm........new member here who until not so long ago thought she was the only victim and finally the article needed to join in - s
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