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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ASIC probe too late for too many John Collett  June 20, 2013   The Senate inquiry into the Australian Securities and Investments Commission (ASIC) is long overdue but welcome.  For the past 13 years covering personal finance for The Sydney Morning Herald and The Age I have interviewed or received emails from dozens of victims of shockingly bad financial advice and of investments that failed. Billions of dollars have been lost, often the entire life savings of retirees.  There was the 61-year-old cancer patient who had inherited her parent's house. Although she was assessed as a "defensive investor type by the financial adviser she was given a "diversified portfolio" which consisted mostly of Westpoint's York Street Mezzanine investment in Sydney (which failed in 2005) and debenture-issuer Bridgecorp (which loaned money to property developers, including Westpoint and failed in 2007).  There was the age pensioner who put almost all of her life savings of $50,000 into...
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  • doyla66
    doyla66 says #
    John Beveridge - Herald Sun http://www.heraldsun.com.au/business/in-the-black/learning-to-swim-before-diving-in-can-prevent-invest
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Watching-the-watchdog:-- Greg Medcraft has serious Q's to answer about allegations of financial irregularities & workplace impropriety in his previous job at Bank Société Générale (sock jenn). DID Medcraft's friendship with Treasurer Wayne Swan inappropriately secure him chairmanship of ASIC, Aust's corporate watchdog, appointed by Mr Swan, who ignored his own govt's procedures - obtaining a PM's "pardon" - to otherwise ensure a merit-based appt' to head such a pivotal institution? WHY did Medcraft depart from SocGen leading its US securitisation arm up to 30 June, 2007, master-engineering a lending-model found short, badly exposed to the US toxic subprime housing market & bailed-out $11.9billion by the US taxpayer? WAS Medcraft's friendship with Swan a possible factor in his return home, as a correspondent hinted? and/or.. WAS Medcraft privy to something known only to other SocGen's insiders such as his boss Jean Mustier who was riding ahead of the posse, busy offloading $millions of SocGen shares before SocGen announced its subprime multibillion-dollar write-down in January 2008?...
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  • doyla66
    doyla66 says #
    One of Mr Swan's last acts was to stand in front of the Australian People and tell us what a great success the RMBS had been for A
  • doyla66
    doyla66 says #
    Yes Jackj & should ask Mr Treasurer why Govt chose to retain & not 'sell-on' AOFM's AAA rated $15.5b toxic waste dump? .....
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Dear members There comes a time when one says how long can this go on, the madness has to stop, where are the authorities? I have just read submission no 56 on the Senate website and if I didn't see it with my own eyes you wouldn't think it plausable. Thankfully the person involved is a fighter and is dug in and prepared for the long fight. Submission  no 56 basically boils down to identity theft, a whole new financial life was developed around this persons name. Everything from complete false tax returns to non existent financial status and as well the good old LAF, a complete false financial package built up without the persons knowledge or consent until the POLICE hauled them off on six counts of deception on loan papers. For two and a half years they went through this charade before the police dropped proceedings four days before...
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  • doyla66
    doyla66 says #
    Response extract from ING bank to submission 50 Senate Inquiry into ASIC ..."Generally however, I can confirm that ING DIRECT has
  • doyla66
    doyla66 says #
    Change, ING-sub50 a joke; My FOS case ING gave FOS sham-doc to gain right to sues me same time as FOS Dispute (referring doc to po
  • doyla66
    doyla66 says #
    ING, EDRs, ASIC and all Banks and lenders cut and paste from their manuals: Dispute Resolution for Dummies No real commitment to t
  • doyla66
    doyla66 says #
    That's right Neil and when they realize it's the banks fault they drop the charges on the borrower, who did they charge? No one of
  • doyla66
    doyla66 says #
    How is it the police can haul the victim of deception on loan papers off and charge them while the brokers and the bankers get off
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Dear members As of this morning Tony Abbot has accepted an invitation to debate with Kevin Rudd, he wants the first debate to be held at the Canberra Press Club and the next two as open public forums. As David Speers will be the adjudicator and Foxtel will be broadcasting nationally I've taken the opportunity to check out the Sky news website. On the site are a lot of little sub sections but one caught my eye and so I clicked, this section is called "your say" so I thought why not. They ask for your name, email address and town or city location but then you get a small space to put your comment in, if you prefer you can ring 1300 32 88 80 to make a comment. I requested for David Speers to ask both leaders why they both won't address the problems of the thousands of Australians...
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  • doyla66
    doyla66 says #
    We have submitted 'Our Say'. Please everyone it only takes a few minutes take this opportunity give yourself a chance to be heard.
  • doyla66
    doyla66 says #
    Yep mine is in also. Keep them rolling in peeps
  • doyla66
    doyla66 says #
    I have submitted my queries as well. "Why won't both leaders acknowledge the fraudulent banking practices. You are telling Austral
  • doyla66
    doyla66 says #
    I have just sent my question in as well regarding asking the hard question of both leaders of how they will tackle the bank crime
  • doyla66
    doyla66 says #
    I have just submitted my question..hope it gets asked. So come on everyone google sky news point curser to contact, another bar op
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Dear members As we all breathe a sigh of relief for the R.B.A. cut, two senior Libs weren't as gratefull. John Howard and Joe Hockey both independently said they're to low and when the journo's said it was good for mortgage holders both stated its not good for people with deposits. Mr Howard and Joe Hockey have no idea what a huge impact that cut has on us, $70 plus extra in our pockets a month can mean the difference between having a roof over our heads or being on the streets. The only downside is I can't imagine them going much lower. The 2.5% cuts although not passed on in full thanks to our lecherous  banks, of the last eighteen months has meant our survival. (ED: It will go down again and we know why Neil.  Also it was Mr Howard who said: "You will have cheaper rates under Libs....>>>Spin...
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  • doyla66
    doyla66 says #
    Watch the Home Loan ads triple overnight. First Home Buyers and investors jumping in when the interest rates are at an all time lo
  • doyla66
    doyla66 says #
    Neil, 2 x 0.25% reductions next 6months as many underlying problems ie: massive no's of defaulting-toxic-loans coming home to roos
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Hi Adam Thank you for taking the time to respond to my email.. There are so many Australians that have lost their homes to the banks.  These people are victims of Bank Fraud and there is no authority in this country that will stand up for hardworking Australians to make the banks accountable for their predatory lending tactics.  In years to come, historians will laugh at us and our economies for allowing this to happen without recourse.  Shame on the banks for stealing the lives of honest hardworking people. I’m hoping the outcome of the ASIC review includes compensation for victims of bank fraud including members of the BFCSA who have provided indisputable evidence of the widespread fraud with yet no avail.  To these victims, Australia is not the lucky country whilst the banks remain unaccountable for fraudulent documentation. Best of Luck Adam. Sincerely Rocco. On 5/8/13 3:00 PM, "Adam Bandt...
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  • Denise
    Denise says #
    Senators will not understand what is going on if only 50 people respond! It is no use 1200 people saying Denise can do it all for
  • doyla66
    doyla66 says #
    I wonder if Adam and others understand much of how ASIC works/doesn't work. I guess that's some of what we're telling them. The p
  • doyla66
    doyla66 says #
    When a home is lost due to the bank's criminal activeties, compensation should be paid to the value of current prices of the home
  • doyla66
    doyla66 says #
    Will Adams-Team-Green be 'the' catalyst to create inaugural effective Consumer Financial Protection Bureau alongside BFCSA? --to t
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Dear members Both sides of pollitics have now put on the gloves with a September 7 election looming, already the airwaves are inundated with election fever. I cannot look at both candidates without an air of disdain, We have written to Julia Gillard, Kevin Rudd and Tony Abbot in turn and all have failed to even acknowledge our existence, how many bfcsa members are in the same boat ?  I doubt whether we would see either party leader in our  electorate as we are not a marginal seat BUT if they did come I would try to speak to one of the media to ask  the party leader what commitment they are prepared to give victims of Australia's own sub prime lending scandal, put the person on the spot without their spin doctors to guide them. I doubt that in a crowd we would get a chance to voice our complaints...
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  • doyla66
    doyla66 says #
    They have done it again. Our dopey pollies have allowed the banks to manipulate the system in their favour. No outlay to the banks
  • doyla66
    doyla66 says #
    Agree, Neil. Typical precious Bank threats. I'd love to know the details of the agreements reached between regulators, govt, all
  • doyla66
    doyla66 says #
    Well said Lisa--next ABA's, Munchenberg & Bank$ter cabal shall demand depositors pay 'their' tax on ill-gotten gains to rub salt i
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Dear members A number of us have already put in our submissions to the Senate hearing into ASIC but now is no time to be complacent. ASIC might be slow off the mark when dealing with their responsibilities but when it comes to protecting their own hides they are quick to act.  Self preservation is a mighty motivator. Already ASIC have submitted the first of many submissions to come to the Senate website.  The regulator does that as a regular feature, so it can read all the others and then put in a second late submission post deadline. In the court system you can bring evidence to bare that the other party isn"t privy to, unfortunately every bit of evidence in the Federal Senate hearings is open and transparent, no bomb shells to catch the opposition off guard that's why as members of bfcsa we are duty bound for each and...
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  • doyla66
    doyla66 says #
    That's right no time to be complacent get motivated NOW everybody and send in you submissions to the Senate Committee on ASIC. It'
  • doyla66
    doyla66 says #
    Misfeasance in public office; the concept of perfect crime is limited to just 'undetected' crimes; if an event is ever identified
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Dear members  I am not an overly smart man but I'm not stupid either.ASIC's first submission to the Senate Hearing even I can see as an act of desperation and an exercise in damage control. Firstly ASIC states in their introduction a lot of commissioners, senior executives and senior staff are no longer at ASIC, I am assuming this is their way of saying they can't be referred to or questioned but surely a little thing called a subpoena can be called upon. In this first installment submission  ( There's more to come before the hearing ) ASIC mainly deal with the whistleblowers and Don Nguyen. In this eighteen page submission not once does ASIC mention the name Commonwealth Bank and their involvement in it. Once at the beginning they call it Commonwealth Financial Planning Limited and then hence referred to as CFPL. No doubt Nguyen was the sacrificial lamb.  52...
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  • doyla66
    doyla66 says #
    Well said, Neil. The present form and culture of ASIC has deteriorated to the point of being intolerable and unsustainable. ASI
  • doyla66
    doyla66 says #
    Just an extremely pathetic attempt to try and say they were trying to do everything they could. Stop the crap and admit your syste
  • doyla66
    doyla66 says #
    ASIC 'obfuscator' Kell; "dealing with CFPL could have been quicker/more transparent; we stand by outcomes achieved; People lost mo
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Dear members If you want a sample of things to come go to the Senate submissions website and number 45  underneath our published  submissions ASIC have published a little gem about the forth comig hearing. Already they are making excuses to cover their sorry arses, like you must take into account a lot of the people involved have moved on from ASIC etc, etc. Happy reading and I advise you to take your blood pressure medication before commencing. Thanks Neil T....
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  • doyla66
    doyla66 says #
    Regardless of whether their staff have left or are still with ASIC or some other area of Government employment or gone to the Moon
  • doyla66
    doyla66 says #
    They make me sick with their crap! Always lying to try and cover themselves, pretending they are our saviours.
  • doyla66
    doyla66 says #
    Neil, they were always a sic puppy whose days a very much numbered passing itself off as an effective consumer protection body-- b
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Dear members I have just started reading the second installment of online Senate submissions, as a decent human being my emotions have overcome me. The pattern is blatantly obvious who the target victims were, people who as individuals could not afford to mount a defence to challenge the lenders and for the lenders to target every Australians dream to own a family home of our own, to try and take that dream from us just because they see equity and money not the sanctity of the family home, its un-Australian and appalls me to see how low people can sink in the name of profit at all costs. I ask why would the lenders take on this risky pursuit when there are regulators there to protect us from these risky products? What assurances were they given to proceed flogging these self destructing loans without any comeback to them? Faulty Mortgage Products...
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  • doyla66
    doyla66 says #
    Well written and certainly the aspect that seems to have little impact when you speak to what seem to be heartless robots that wor
  • doyla66
    doyla66 says #
    Thankyou, Steve, good to know. Too many cases sounds right. Some need to move faster, some slower, FOS and COSL different. Hopi
  • doyla66
    doyla66 says #
    FOS Case Manager 8 May, 2013 says "recommendation" due no sooner than mid-June(2013, still waiting; do they know anything? really?
  • doyla66
    doyla66 says #
    The problem also, is that FOS still deny broker works for the banks. The Senator should be made aware of this most strenuously in
  • doyla66
    doyla66 says #
    It's a disgraceful crime that has been committed against good Australian citisens Neil, it's sad to read other peoples troubles al
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Dear members This morning in Brisbane, Home Affairs Minister Jason Clare launched the Australian Crime Commissions 2013 report on organised crime. He stated as well as drugs, illegal firearms and child pornography the crime syndicates are also targeting Australians super. It is a huge source of untapped wealth and thereby open to exploitation. Mr Clare stated the ACC will be getting more funding and resources to target the perpetrators and their assets which are profits of crime. So does this mean the AFP will be kicking in the doors of all the banks and lenders and taking possession of all their cooked books and records. This disease in the financial sector has been growing and festering since the nineties and I personally know of people who have lost their super by trying to service their corrupt loans which themselves were  criminally altered loan contracts. I know Denise will have numerous case...
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  • doyla66
    doyla66 says #
    It seems that bank crime is the only crime that goes unpunished. Why would they spoil a goog thing when they all recieve juicy pro
  • doyla66
    doyla66 says #
    No hope of anyone standing up and being honest in a banksters world. The Banksters and their accomplices are to busy feathering th
  • doyla66
    doyla66 says #
    Bankers are a law unto themselves. Who do you think assisted in formulating the laws? Every second person you tell about your situ
  • doyla66
    doyla66 says #
    Should I be sending a letter to Jason Clare? Or ACCC? .... or is this all another distraction from the real issue: our dirty dog
  • doyla66
    doyla66 says #
    The RICO Act: Neil, MP Ciobo's assist' says AFP role outside bank$ster 'racketeering' issues; Inquiry catalyst; expand AFP's terms
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Dear members With the abundance of evidence being sent in the submissions for the Senate inquiry I wonder who will be the frontman and mouth piece for ASIC? Will it be Mr Medcraft or Kell or will they jump ship before then? Will some senior public servant be seconded to be the fall guy for ASIC? Personally after seeing Senator Williams in action I wouldn't fancy being on the receiving end of his questioning. The amount of ammunition the Senators have to fire will be a bombardment. Do the Senators have to notify ASIC what questions they will be asking? I hope not; put them on the spot and watch the body language and squirming and dry mouths. An interesting fact about our submission to the Senate is that the names of ASIC staff, especially an incompetent one who was presented with multiple falsified LAF's but said there was no case...
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  • doyla66
    doyla66 says #
    Like you Lisa I bared my sole to the FOS. Not Nab though they concealed documents and files. Nab always requested extra time. Wh
  • doyla66
    doyla66 says #
    So true - I went to the trouble of getting the most accurate information I could to submit to the Bank. Little did I know they wou
  • doyla66
    doyla66 says #
    That good old standby 'acting in good faith' cuts both ways. If those white collar criminals can hide behind it then so can the in
  • doyla66
    doyla66 says #
    You are also right with the solicitors/lawyers/law firms, condoning criminal behaviour jail time for them also!! and definitely lo
  • doyla66
    doyla66 says #
    Shut down lawyers facilitation of bank$ter systemic-mortgage-crimes, then loan racketeering simply stops in its tracks.
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Ah the poor Chairman of ASIC loathes having to speak with pesky consumer groups.  He avoids them like the plague.  He does write letters to us demanding we hand over evidence....and we will.......to people capable of doing something constructive with the documents:  The Senators, the Parliament and every outlet of the Media. My message to the aggrieved: Make every submission count....this is your opportunity to shine bright.  You bring truth to power. Mr Medcraft loves endless mind-numbing discussions with Bankers - since he is an ex banker of note.  Consumers could hardly agree he is the perfect choice to dig up the dirt on the Banksters, but there we all are.   BFCSA will do the job for him. In fact I will wager a bet that Greggie has never ever met a consumer and would hardly know what one looks like.  Perhaps he has never attended a Vulture Sale where...
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  • doyla66
    doyla66 says #
    BTW - Who supervised your Bank or lender? APRA or ASIC? I doubt ASIC ever saw an LAF for all their "supervision". What were they
  • doyla66
    doyla66 says #
    Is it possible that someone in the Australian Government was enjoying all the accolades for doing such a good job with the GFC "th
  • doyla66
    doyla66 says #
    If they're using the quantity of submissions as an excuse to not hold a Royal Commission into the White Collar Criminals of the Ba
  • doyla66
    doyla66 says #
    Agree, but let's see if they try that one on. When I step back and look at what has been permitted by tolerant Aussies it's becom
  • doyla66
    doyla66 says #
    Read page 229 of the report, in the summary at 1.31 which starts, "If elected to government, . . . ." That Senate Inquiry Report
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Dear members  At present there are thirteen posted submissions online at the Senate inquiry into ASIC. By my calculations when the computers get turned on tomorrow the in boxes should be busting at the seams. By getting our submissions openly published we are showing to the less sure or intimidated by the process roughly what information to submit. If you have never written a letter of complaint before this is the best time now to take pen to paper or key board, chances to be openly heard on this scale are few and far between. So boil the kettle, make a cuppa, visit the Senate website, make a few rough notes, check with family and friends to make sure you haven't missed any key points and hey presto you have the makings of a submission. The banks and their high profile lawyers threatened and intimidated us as individuals and won the...
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  • doyla66
    doyla66 says #
    My 24 yr old daughter had her 3rd cochlear implant on Friday morning & guess what I was doing while waiting patiently for the surg
  • doyla66
    doyla66 says #
    hope op great success for your daughter Amazing invention
  • doyla66
    doyla66 says #
    Yep - it sure it. She's gone 10 years with a device that has proved to be faulty so this was it being replaced. Her first 2 ops la
  • doyla66
    doyla66 says #
    Poor girl, hope it's a success for her, and for you too. I'm sure your submission will be a ripper - you've got such a way with
  • doyla66
    doyla66 says #
    I agree totally Nanna, it is a world with many sick people and i cannot express how much of a disgrace it is that they have put y
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http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/News-from-the-regulator-FOS-speech-2-June-2011.pdf/$file/News-from-the-regulator-FOS-speech-2-June-2011.pdf Has the Chairman's determination to talk to Industry - not to pesky Consumers - affected you and the financial security of your own personal family life? Have your say:  Senate Inquiry into Performance of ASIC   send submissions to This email address is being protected from spambots. You need JavaScript enabled to view it. Email us if you have done so "YES SUBM SENT"  This email address is being protected from spambots. You need JavaScript enabled to view it. So did the Chairman shovel all the complaints off to the EDR's, preferring to have lunch with Industry bods?  He admits he is the Gatekeeper but failed to address the issue of bank fraud.  Is that what happened? The Senators would love to hear from you. Were your loans faulty products?  Why do you think that?  Should ASIC have alerted you with the information they were sitting on? ASIC KNEW of Low Doc and Full Doc Loan Fraud in  2003.  Could that knowledge have helped save your family from financial ruin had you known then? Has this catastrophe affected...
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  • doyla66
    doyla66 says #
    ASIC has known about the crack in the system we fell through. Did they do anything about it? You gotta be kidding! ASIC do anythin
  • doyla66
    doyla66 says #
    I have lost my home because of the gatekeepers fraudulent tactics. Yep you got it, same as everyone. ASIC real interested original
  • doyla66
    doyla66 says #
    ASIC's role to actively oversee EDR's and to exercise it's power to intervene, where appropriate, of course does nothing, but cond
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ASIC reveals markets hit-list PUBLISHED: 31 MAY 2011 00:01:00 | UPDATED: 31 MAY 2011 08:08:26 Patrick Durkin Australian financial review  31 may 2011 ‘It is better to talk and engage and try to work things through,’ says ASIC chief Greg Medcraft. Photo: Arsineh Houspian   A crackdown on gatekeepers across the financial system is a top priority for the new head of the Australian Securities and Investments Commission, who pledged a more proactive regulator to better protect investors. In his first interview since starting the job on May 16, former investment banker Greg Medcraft has put all financial professionals on notice, including accountants, lawyers, ­bankers and directors, warning that   they will be the target of a more   proactive   approach   by   ASIC. “We need to make sure that they do what is expected of them to make the system work because they are a ­cornerstone. I am going to focus very heavily on that area....
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  • doyla66
    doyla66 says #
    Just goes to show how very shallow his words were & still are. Self- regulation? What a crock. Just another excuse to tread ever s
  • doyla66
    doyla66 says #
    ‘It is better to talk and engage and try to work things through,’ says ASIC chief Greg Medcraft. Sure ... it's also cheaper to st
  • doyla66
    doyla66 says #
    Wow, Laughed all the way through reading this. PUT ON NOTICE classic statement bit like Nab's "We deny your allegations" Heard
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First submissions to ASIC inquiry made public   Friday, 26 July 2013 12:30pm   By Laura Millan  |  In Financial Planning   THE FINANCIAL STANDARD ONLINE http://www.financialstandard.com.au/news/view/33391119     The first submissions to the Senate Economics Committee's inquiry into the Australian Securities and Investments Commissions (ASIC) performance have been made public. The Senate Committee has received at least four submissions and has made two of them public since it was open for submissions on July 8. One of the documents presents the case of a 71 and 64 year old couple whose bank approved a $900,000 loan for a 30 year term in 2007 without consulting with them. "We did not want, or ask for such a big loan," the couple says in its letter to the Commission. The couple doesn't disclose which bank made the loan, but it complains that the Financial Ombudsman Service (FOS) has closed the file because it exceeds its...
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  • doyla66
    doyla66 says #
    My father has his complaint ready,my husband and I...3 ready to be typed...the thought of not enough going in is too scary...if co
  • doyla66
    doyla66 says #
    Agree Jen. I kept telling myself all the way through, it doesn't have to be perfect, just the basic facts. I had a second page f
  • doyla66
    doyla66 says #
    Yes Lias, when did ASIC/AusGovt start placing statute of limitations on systemic loan-fraud/asset lending & racketeering?
  • doyla66
    doyla66 says #
    I am really excited about sending in my submission for the Senate enquiry. We are all silly if we do not take advantage of this w
  • doyla66
    doyla66 says #
    Truly madness by ASIC allowing Ombudsman to expel home owner if loan exceeds $500k when bank$ters stealing = NO LIMIT !!! By the
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Yellow Brick Road amends staff authorisations after ASIC concerns   Friday, 26 July 2013 12:15pm   By Mark Smith  |  In Regulatory   THE FINANCIAL STANDARD ONLINE http://www.financialstandard.com.au/news/view/33391004   Yellow Brick Road (YBR) has changed the way it authorizes companies and individuals to offer loan advice following concerns from the regulator. YBR has directly authorised more than 100 people working in its branches as credit representatives. However, the Australian Securities and Investments Commission said that the national credit licensing framework also required YBR to authorise the companies which operate the branches because the companies also act as intermediaries between the licensee and the consumer. "It is important for all credit licensees to consider carefully how each party they deal with is authorised or licensed," said a statement issued by ASIC. "This helps to ensure that all the parties involved in the loan application process are identified, and also strengthens access to external dispute resolution....
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  • doyla66
    doyla66 says #
    Search as I can I have never been able to find the License details of the Broker concerned with the fraudulent loan we got from Na
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Bouris' Yellow Brick Road taken to task by corporate watchdog DateJuly 27, 2013 Read later Georgia Wilkins   The AGE Business reporter       Mark Bouris: His company has responded to ASIC's concerns. Photo: Louise Kennerley The corporate regulator has forced Mark Bouris' Yellow Brick Road to update its company licence structure after it was found to be issuing loan advice through multiple unregistered entities. The Australian Securities and Investments Commission said the group's subsidiary, Yellow Brick Road Finance, had authorised more than 100 people working in branches as credit representatives, but had failed to register the companies that operate the branches - as required by the national credit licensing framework. Yellow Brick Road issues its financial products and services, including mortgages and credit cards, through a complex network of subsidiaries and authorised representatives. The company operates more than 150 branches through that network. As a way of protecting consumers, the national...
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