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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Dear members I have just read the proof from Wednesdays Senate hearings, what a brave man and man of integrity is James and he like the CBA whistblowers are decent human beings who take the time to care and don't put the almighty dollar first.  To have a former insider into ASIC's sensitive policy making infrastructure expose it all to the Senators is a God send. I am computer illiterate so if any member can upload pages 21-24( the juicy bits) it would be appreciated so all members can read how bad  ASIC is at the top, also Senators Bishop and Williams ask some good questions as well. I went to the Senate website and found the proof under Economics References Committee- Senate committee Wednesday, 2 April  2014 Performance of Australian Securities Investments Commission proof. The front page reads Proof Committee Hansard then next line Senate and then the Economics Ref....
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By finance reporters Elysse Morgan and Rebecca Hyam Updated Thu 27 Mar 2014, 3:15pm AEDT Photo: The tax office says Australians can avoid criminal charges for offshore tax evasion if they come forward now. (www.ato.gov.au/) Related Story: Amnesty in the offing for offshore tax dodgers Map: Australia The tax office is calling on all Australians with offshore assets to declare their interests before a global crackdown on tax evasion. The Australian Taxation Office (ATO) has launched project Do It, which was flagged back in January, and is aimed at providing a last chance for those who have not declared their overseas assets and income before the end of the calendar year. The ATO says Australians can avoid criminal charges for offshore tax evasion if they come forward now. Tax Commissioner Chris Jordan says there will soon be no such thing as a tax haven. "Now, as governments around the world step...
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  • doyla66
    doyla66 says #
    Does Australia pay company tax to the US? Or does our budget break even each year to avoid tax? How much do we pay the IMF and fo
  • doyla66
    doyla66 says #
    If the Govt. is so desperate for money all they need is abolish negative gearing and do away with exemptions for all foreign regis
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Dear members

Firstly according to the Senate website the next hearings into ASIC's performance are April 02 and 10 in Canberra. On Friday last I thought I was experiencing Ground Hog Day because on the APAC channel on Foxtel sat Greg Medcraft and the Bobble Heads and in the exact seating order as Sydney with his Lord  and Master Greg taking centre stage. The occasion was a Parliamentary Joint Committee on Corporations and Financial Services chaired by Senators David Fawcett and Deputy Chair Senator Sam Dastyari, ASIC were questioned from 3-10 to 4-30.

ASIC as a mechanism for consumer protection is a complete and utter failure but when it comes to self protection they are a well oiled machine and leap to each others defence when one of the Commissioners has trouble answering Senators questions, it was Sydney all over again and as usual lots of questions taken on notice.Its a complete art form how simple straight forward queries from the Senators can turn into a long winded conversation which is completely irrevelant  to the subject matter and is truly the land of "Yes Minister."

ASIC Chairman Greg Medcraft did state to the Senators that if penalties for committing financial crimes are light then the temptation to commit them is greater,this is the third time in little over a month I have seen him make this statement on T.V. In reference to the Senators queries about fines and penalties ASIC's are low compared to world standards he stated. GM stated to the Senators that as a standard many countries adopt the Three Times rule whereby whatever the losses to consumers are the penalties should be three fold financially to the culprit. Another strong argument and recommendation came from Senator Dastyari and which GM agreed would be good is if all penalties be indexed and keep up with inflation and cost of living expenses.

The wheels of justice are moving slowly but we are gradually gaining momentum. For Greg Medcraft to openly state he would like to see penalties higher is a move in the right direction especially since he stated to the Senators and in front of BFCSA members that no entity no matter how powerful will be exempt from ASIC's powers if found guilty.There was no direct mention of the banks involvement in various scenario's and the terms were generic in nature but they would fall under this umbrella.

If the Senators recommenced to Parliament that the culprits which are banks in our cases be penalised three fold as per Greg Medcraft's statements on world best practice are adopted it would be a fair and equitable solution but in reality I can't imagine a pro banks Coalition government adopting such measures. ASIC's main focus is financial punishment for wrong doer's because they have stated time and time again the costs of mounting legal challenges are prohibitive and they must select their cases carefully.GM stated to the Senate that ASIC has a war chest with tens of millions of dollars to take on the big cases but bugger the small fry like us.

I truly believe the slumbering giant which is ASIC is slowly awakening to the fact that now in 2014 with all the austerity measures and national asset sales about to come that if you don't perform then you face the axe and especially at the top. Its not just a grass roots group of agrieved mums and dads who have been ripped off by the banks that is BFCSA but a huge catalogue of complaints from all sectors of business and the community with a litany of cases that date back to ASIC's inception and a record of little or no action from the regulator. Joe Hockey has stated the easy days are gone and the free ride is over so maybe this is ASIC's wake up call. I just hope the government follows through with Senate recommendations and make the banks accountable for past dirty deeds. Thanks  Neil T.

 

 

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  • Denise
    Denise says #
    Whilst watching the seven ASIC Executives flick back and forth to each other to escape curly questions, I noted the total salaries
  • doyla66
    doyla66 says #
    If Medcraft thinks that penalties be three fold for poor practices by lenders then how about passing two fold onto effected borro
  • doyla66
    doyla66 says #
    Good reading Neil hopefully Medcraft is getting the message from the senators to start doing something to protect the people his j
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Citizens Electoral Council of Australia Media Release  Wednesday, 26 March 2014 Craig Isherwood‚ National Secretary PO Box 376‚ COBURG‚ VIC 3058 Phone: 1800 636 432 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: http://www.cecaust.com.au   Hockey gives London oversight of Australia’s ‘fixed’ financial system inquiry Treasurer Joe Hockey is consolidating the push Paul Keating started to turn Australia’s economy into a financial casino, by giving oversight of Australia’s new financial system inquiry to one of the City of London’s leading financial gamblers and political insiders. [Click here to see Hockey’s “Open for Business” policy in action.] He has named British-Australian businessman Sir Michael Hintze as one of four leading international business people to oversee the so-called Son of Wallis inquiry. The City of London financial centre operates as a lawless enclave in the financial world, a deregulated zone from where most of the world’s derivatives bets and speculative currency raids have been made. Ironically, its status...
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  • doyla66
    doyla66 says #
    Son of Wallis is sounding more like Son of LIBOR. Our Government will regret missing the opportunity to rectify Australia's Banki
  • doyla66
    doyla66 says #
    What in the hell is Hockey and Abbott thinking, they are now losing my vote. As if banks are not profiting big time at present thi
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Tony Abbott's proposed financial advice red tape cuts 'could raise risk' National Political News Date March 20, 2014         (1)    Peter Martin  Economics correspondent               Analysis: Axing acts will change little for man on the street   Financial planners will be able to break the financial advice law with impunity unless a client takes private action, the government has revealed. An explanatory memorandum tabled with the changes to Labor's Future of Financial Advice legislation says the Australian Securities and Investments Commission ''will not take enforcement action in relation to the specific FOFA provisions that the government is planning to repeal''. ''For example, ASIC will not take action for breaches of the section which requires fee disclosure statements to be provided to retail clients with ongoing fee arrangements entered into before 1 July 2013,'' the memorandum says.  <iframe id="dcAd-1-4" src="http://ad-apac.doubleclick.net/N6411/adi/onl.smh.news/federalpolitics/politicalnews;cat=federalpolitics;cat1=politicalnews;ctype=article;pos=3;sz=300x250;tile=4;ord=3.0304509E7?" width='300' height='250' scrolling="no" marginheight="0" marginwidth="0" allowtransparency="true" frameborder="0"> </iframe>  The disclosure requirement is...
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  • doyla66
    doyla66 says #
    Alan Jones 2GB at approx 7:20 am today, had something to say about this. "NOT HAPPY"!
  • doyla66
    doyla66 says #
    Yes double check and triple check the fine print on anything and everything for this is ASIC's preferred way of dealing with probl
  • doyla66
    doyla66 says #
    There are times when it is quite obvious that the Law is an Ass - and so are the dumbos who come up with these kind of changes. T
  • doyla66
    doyla66 says #
    Check the fine print..... Insurance will not pay if the claim is the result of any fraudulent action by Broker or Planner or BANK
  • doyla66
    doyla66 says #
    If you were not sure about trusting the Financial planning industry and BANKS before.... well you won't trust them now after this
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Comment by NABbed Nanna Saturday, 22 March 2014 ·                           It is obvious ASIC are lame ducks in the worlds of fraud. In 2004 we owned a petrol station. At that time you could get a replacement fuel for the old Super petrol which was used in older cars. Unbeknown to us our fuel supplier distributor was just providing ULP unleaded fuel into our storage tanks. It was supposed to be the replacement fuel. I had an irate customer come back after purchasing this fuel and threaten to wrap his chainsaw around my ears because it had blown up (his words). He intimated or rather stated our fuel was no good. That incidence led us to have the fuel tested which showed the fuel to be ULP. Several other incidents occurred including Ski boat engines spluttering and overheating during the period we were unaware. I phoned ASIC in regards to the fraud....
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  • doyla66
    doyla66 says #
    Our "beloved" neighbours the thugs and bullies who purchased our home and are now residing next to our leased property just keep h
  • doyla66
    doyla66 says #
    Everything these days is a fraud or a scam and we have been blindly living in a world where I am starting to think it is now legal
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March 19, 2014 Prime Minister Tony Abbott has lit his first "bonfire" of outdated laws and regulations, saying their repeal will save Australians more than $700 million a year. The government is introducing a slew of deregulation bills into parliament on Wednesday and wants them passed as part of a "repeal day" next week. Mr Abbott said more than 9500 unnecessary or counterproductive regulations and 1000 redundant acts of parliament would be scrapped under the changes. "More than 50,000 pages will disappear from the statute books," he told the lower house. "Removing just these will save individuals and organisations more than $700 million a year, every year." The first repeal day will abolish the Australian Charities and Not-for-Profits Commission and the Independent National Security Legislation Monitor, and Mr Abbott says it will be the first of many. "Under this government, there will be at least two a year - because we...
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  • doyla66
    doyla66 says #
    But I thought bonfires were banned a long time ago! As Tony Abbott feels all this carbon stuff is a load of rubbish and one huge
  • doyla66
    doyla66 says #
    ASIC should be abolished.. they are lame ducks as "we" have proven time and time again
  • doyla66
    doyla66 says #
    Wish I had taken more notice but I believe there was something to do with Lenders/banks in the previous week. Cutting red tape on
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http://www.afr.com/p/opinion/asic_chairman_has_overstepped_the_EKODSQmhOocUm8ZuR9D2xM ASIC chairman has overstepped the mark PUBLISHED: 13 Jul 2012 00:12:19 | UPDATED: 13 Jul 2012 The government seems unable to run an orderly policy development process, allowing regulatory agencies like ASIC to hijack the policy agenda. Medcraft does not appear to fully appreciate the boundaries and responsibilities which come with the important statutory office he holds.  ASIC’s role is to administer and enforce existing laws. In fulfilling those responsibilities, ASIC has to act independently and be seen to be independent. Its job is to act as the regulator, not as an advocate. ASIC’s role is not to give a running commentary on existing laws or to drive changes in policy or corporate law. Changes to policies or laws are the responsibilities of government and the Parliament.     ASIC’s role must remain as an independent regulator and adviser to government, not as a public commentator or campaigner.  It is...
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  • doyla66
    doyla66 says #
    how much more damage can these men do before someone stops them...
  • doyla66
    doyla66 says #
    This man knows exactly what he is doing. For some absurd reason he thinks he can get away with it and never in his wildest dreams
  • doyla66
    doyla66 says #
    EXACTLY!... unfortunately for all Australians, Mr Medcraft believes he is doing nothing wrong... at the recent Senate Inquiry into
  • doyla66
    doyla66 says #
    Perhaps he should come and live in our worlds for a day- complete with anxiety, despair, heartbreak,hopelessness, fatigue,stress r
  • doyla66
    doyla66 says #
    Really time Medcraft to step down - you have not been acting in the best interests of Australians for a very long time- !!!!
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ASIC bans former Westpac bank home finance manager in relation to false loan applications Wednesday 12 March 2014 ASIC has permanently banned Mr David St Pierre, a former Westpac Bank Home Finance Manager from engaging in credit activities and providing financial services. Mr St Pierre, of Mt Nathan, Queensland, was a Home Finance Manager for Westpac Bank between September 2000 and April 2011. An ASIC investigation found that between July 2008 and June 2010, Mr St Pierre: ·         submitted loan applications to Westpac for approval when he knew that they contained false information and that they were supported by false documents ·         failed to prepare an authority that accurately identified the payee of a cheque with the result that a customer cheque for $215,000 was paid into the personal trading account of a non-office holder of Capital Growth International Club Pty Ltd (CGIC), and ·         enabled and encouraged customers to borrow...
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  • doyla66
    doyla66 says #
    Declan Carnes - infamous Bank Manager of BOQ and storm financial case is back in court today with another. This victim is not stor
  • doyla66
    doyla66 says #
    So how do ASIC see the bank engineers of this fraud as fit and proper persons??? They're ruining lives across the country!! ASIC-
  • doyla66
    doyla66 says #
    May I ask what this is all about Mr. Michael Kingfisher Smith? I note well that failure to make a decision, or take action, or de
  • doyla66
    doyla66 says #
    Looking at this horse in the mouth reveals......... ANZ Administrator Global Retail Credit Policy Team ANZ Automated credit asses
  • doyla66
    doyla66 says #
    One down and thousands more to go. one after the other just like falling dominoes.
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  http://www.smartcompany.com.au/growth/economy/31196-angry-investors-line-up-to-sue-financial-planners-over-lmim-collapse.html# Angry investors line up to sue financial planners over LMIM collapse Thursday, 11 April 2013 A "steady stream" of investors are adding their names to what could become a Slater & Gordon class action against financial planners who recommended they invest in mortgage funds issued by collapsed Gold Coast-based fund manager and developer LM Investment Management (LMIM). Slater & Gordon had already issued legal proceedings against financial advisors on behalf of a number of those investors and says more proceedings will be issued in coming weeks. LMIM was placed into voluntary administration last month with initial reports suggesting there may be irregularities in how some of the funds operated. http://www.asic.gov.au/asic/asic.nsf/byheadline/LM+Investment+Management+Limited?openDocument On 8 August 2013 the Queensland Supreme Court appointed David Whyte of BDO as receiver of the FMIF.  Mr Whyte will effectively have control of the winding up of the FMIF. This appointment followed ASIC's intervention in court proceedings...
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Top industry exec takes on mortgage fraud Australian Broker News by Amy Rosenfeld | 31 Jan 2014   Founding director of Club Financial Services Group Andrew Clouston has announced the release of a new product designed to stamp out mortgage fraud in Australia.Clouston says the product, MOGOcheck, has been so successful in the UK regulators have mandated a major lender to start using MOGO to toughen up the e-authentication process for punters wanting a quick loan, and he expects Australian regulators to follow suit.“I would envisage we’d be making similar announcements in the Australian market within three months comfortably,” says Clouston.MOGOcheck is a tool that allows brokers and lenders to provide a customer with a tool that gives them the ability to easily verify and transfer documents back to the lender or broker – in the format that they require.“The encryption of the data is direct from the source – being the banking...
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  • doyla66
    doyla66 says #
    Sounds like this is more about client fraud than Bank fraud. How are they going to stamp out internal Bank fraud if the regulator
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Our intrepid Researcher Gladys trundled through a 243 page report by Tony D'Aloisio "The ASIC Summer School Report" from ASIC 2011 School was in for the Industry Bandits.  Consumers not invited to attend......very neat fella's..............................Has anyone asked Greggie Medcraft what the default figures are right now?  Of course Greg,  we would like to compare defaults with 17% five years ago.   NB:  "Our Governments were not called upon to bail out our Banks".....yes Tony, that's because you and your successor and predecessors kept the banks covered-up, allowing the Mortgage Fraud Bank Scams to speed up to create mass damage to borrowers and with the ultimate intention of blaming the brokers and the borrowers and getting away with the Crime of the Century!   TONY D'ALOISIO CHAIRMAN - now former chair of Australian Securities and Investment Commission ("ASIC"). I am Tony D’Aloisio, the Chairman of ASIC...........on behalf of my fellow commissioners, Dr Peter...
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  • doyla66
    doyla66 says #
    Thanks Denise for painting a clearer picture for us all......... I am ready to read what next Gladys can dig up from her research
  • doyla66
    doyla66 says #
    So their cover is finally blown! Not the Mr. Fix-it Brigade we had all been deluded into thinking but they called in Whelan the W
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In the middle of a Tsunami of 30,000 complaints against banks, lenders, financial products and services, ASIC have nothing better to do with their $450 million budget than design a website....to protect consumers you may ask?  Add on to woof woof FIDO page that even Fido does not read?  No No No, something much more important.........ASIC want to name and shame.....waaaaaaaaaaaaaaaaaaaaait for it......name and shame award winning journalists who are game enough to criticise our useless Corporate Doormat Cop for snoozing on the job. The sooner the nation rids itself of the Monolith of Uselessness known as Australian Securities and Investment Commission ("ASIC"), the better consumers will be protected.   If we have to go back to BUYER BEWARE then let it start with Buyer Beware of ASIC....as the so called regulator was never there to protect YOU.  ASIC protects the charletans and banksters....evidenced by the escalating numbers of consumer complaints...
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  • doyla66
    doyla66 says #
    Yes Honesty, the ones who need to go are they at the very top. It's how they continue to operate and get away with evil - replace
  • doyla66
    doyla66 says #
    Oh what a great new market Greggy Medcraft and his mate Wayne Swan can sell all those left over RMBS to all that fresh meat they a
  • doyla66
    doyla66 says #
    Organza those with integrity leave ASIC,I have it from the horses mouth, comments like: "I don't like the way they are going",and
  • doyla66
    doyla66 says #
    This article I am afraid to say says has literally knocked the socks off me knowing ASIC have now dared to stoop so very low to fu
  • doyla66
    doyla66 says #
    Bravo Michael West .. your story literally sent shivers down my spine.
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An important read from Prosper Australia, which was submitted to the Senate Inquiry.  Lot of work is evident here and we need unbiased analysis on the subject of Australia's Land Bubble This powerful document demonstrates its point by including nine metrics illustrating the RESIDENTIAL PROPERTY BUBBLE.  The very same bubble the Government is in denial about. Every one of our BFCSA members in every State has reported their current property they are trying to save, is now valued BACK TO 2007 PRICES.  Any reader disagree?   Here are some powerful warnings:  Senate sub to the housing affordability inquiry can be found here: http://www.prosper.org.au/wp-content/uploads/2014/02/Prosper-Australia-Senate-Housing-Submission.pdf    ...
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  • doyla66
    doyla66 says #
    More interesting is I had 5 offers pre accepting what I did in the end when ANZ forced my hand (all declined - all 1/3 less than e
  • doyla66
    doyla66 says #
    Mine sold last year for exactly double of what it had been purchased for in 1994 (2 decades ago) and for little more than an offer
  • doyla66
    doyla66 says #
    In 2007 Nab's valuation of our property was what they were reliant on for the escape route if we fell on our faces. In 2013 the pr
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Make ASIC more 'proactive': FOS Friday, 21 February 2014 | Tim Stewart  Investor Daily         ASIC would benefit from some of the more "proactive mechanisms" enjoyed by the UK regulator, according to Financial Ombudsman Service (FOS) chief ombudsman Shane Tregillis. Appearing before a Senate Economics References Committee public hearing in Sydney yesterday, Mr Tregillis was asked by Liberal Senator David Bushby how he thought the operations of ASIC could be improved. Mr Tregillis framed his comments by saying any changes to the operation of ASIC must be tailored to the Australian market. But that said, ASIC could benefit from similar powers as those enjoyed by the UK's Financial Conduct Authority (FCA), according to Mr Tregillis. “[When the FCA] is concerned about compliance [it doesn't have to] wait until there is a breach – it can actually require that an expert do a review and report back to...
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  • doyla66
    doyla66 says #
    “To put it in context, we looked at 26,000 complaints in 2013. About 3.5 per cent of our total complaints relate to financial plan
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This is a task for all those willing to assist me.  We have accumulated a register of losses but it needs more work.  I need researchers to list the losses for the past 20 years including the Name of the Company / year of collapse / number of persons affected / and the liquidators reports. Perhaps you can assist us with names of collapses?  That way we can research into the matter. eg:  WESTPOINT,   2005,   $380 million,   3000 investors regards Denise L Brailey              This email address is being protected from spambots. You need JavaScript enabled to view it.  ...
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Posted by on in SENATE INQUIRIES
Dear members I'm still mulling over and trying to recount everything that happened over the two days hearings in Sydney.As a result of multiple surgeries and the effects of the anaethesia I have major memory issues and have to write things down or I can't recollect. This is one of the reasons I'm in awe of Denise and her performance, she has the ability to remember things and people and conversations as far back as twenty years in referrence to ASIC and its predecessors.All of the questions that were put to her from the Senators, she could provide an informative answer straight away which was a stark contrast to ASIC, FOS and COSL who either took a lot on notice , had to confer with each other or took notes from the two rows of staff in ASIC's case who sat behind the Commissioners. Some of the Commissioners attempted to go...
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  • doyla66
    doyla66 says #
    Just hope I don't explode first! I feel like a walking time bomb having been drawn back (thanks to ANZ) to the murky world I thou
  • doyla66
    doyla66 says #
    thats great Organza & yes i agree Ali…the words FRAUD & SYSTEMATIC were used a lot….. its going to explode. as i said " I feel it"
  • doyla66
    doyla66 says #
    Thanks Organza. Robert, i think this is just the start of positive things to come. As Denise says more witnesses will be called in
  • doyla66
    doyla66 says #
    Rather than add a comment with steps re how to do and find I have forwarded the 3 day full transcripts to Denise so an email can b
  • doyla66
    doyla66 says #
    Thanks Ali, I dont know I cant seem to find it but maybe when Organza see this maybe able to shed so light on this, what is your t
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Rejoinder to NAB response to Priestley ASIC Inquiry submissions
  Thursday, 20 February 2014 21:49   DR Evan Jones, 20 February 2014 Below is a rejoinder to the NAB response to the submissions by Claire & Chris Priestley to the ASIC inquiry. The Senate Committee Secretariat readily put up the NAB response, a 3-page letter characterised by lies, dissembling and omissions.  My submitted rejoinder has now been sitting for 6 weeks, awaiting a decision regarding acceptability. (The Committee and Secretariat is currently at Inquiry hearings, at which one can guarantee that the subject of bank malpractice against SME/farmer customers and regulatory inaction will be ignored.) The Secretariat had merely to redact the names of NAB staffers and upload this rejoinder as readily as it uploaded the NAB response. Why the asymmetry of treatment?  * * * Senate Economics Committee Inquiry The performance of the Australian Securities and Investments Commission Submission No.2 (Dr) Evan Jones Honorary Associate (previously Associate Professor), Department...
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  • doyla66
    doyla66 says #
    Your opening statement is more than adequate in reference to the lies Nab are capable of. I often wonder how Nab can keep getting
  • doyla66
    doyla66 says #
    Chapter IV. Ditto, the same scenario with us. The property has been taken over, we have not been notified of any sale of the pro
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Dear members Its very rare where simple folk like us get to confront the men  in public who hold the power thats going to control the destiny of most of BFCSA members lives. We managed to confront them in the hallwayoutsidee the conference room where ASIC's hearings are taking place.  Philip Field answered most of the questions while Shane Tregillis just stood there letting him take the questions. I managed to ask Tregillis is it true that lenders no longer need to keep  wet ink copies of loan application forms? He said that's true and tried to dismiss it as not important because the electric format ones are available. Denise and a few members tried to press him on the matter and stated the electric format is open to exploitation but it appears he is happy with the electronic format. Next I would like to get  Gladiator and Ali's opinion as...
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  • doyla66
    doyla66 says #
    That must be noted as a conflict of interest.......NOT FAIR and most unjust The other senators should be made aware of this......
  • doyla66
    doyla66 says #
    I believe Senator Bushby has no interest, desire or motivation to investigate any wrongdoings of a bank - especially NAB and will
  • doyla66
    doyla66 says #
    Short and straight to the point. I have sent emails off today. Inboxes will be full..... We just need to keep hammering away.....
  • doyla66
    doyla66 says #
    My email to the 4 Senators. Dear Senators, I have to start by saying that I am baffled as to why Denise’s time as witness was cut
  • doyla66
    doyla66 says #
    Thanks NT I have just emailed all the senators asking them to please speak to DB again..... Her 45 mins just didn't cut it..... Th
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Dear members I'm not really sure whether we achieved anything great today but BFCSA's presence was seen and felt as we rallied behind our leader Denise. It was a bit unfair as Denise's time slot was moved forwardbone to 2-45 to 3-30 and reduced by fifteen minutes. Senators Bishop and Bushby had trouble getting their heads around the Service calculator and the process, Senator Bushby asked why would anyone sign a fraudulant LAF with altered figures, you could hear the groans from our attending membersbits as Denise explained everything. Senator  Williams is more familiar because Denise was before him in 2012. As Ali stated  FOS and COSL sat there like stunned mullets after some questions were asked of them, the silence was deafening.Again FOS and COSL keep referring to post NCCP and keep avoiding anything pre 2010 and try to pass it off as irrevelant. They basically said everything is rosie...
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  • doyla66
    doyla66 says #
    If the Banks own or have a stake in the insurance companies then it probably isn't costing them anything from their profitability,
  • doyla66
    doyla66 says #
    Banksters & FOS & COSL in Damage Control. banksters pay from $5,000 up to $18,000 for a Determination, now compulsory with acco
  • doyla66
    doyla66 says #
    My sense is that their investigative capablilities are spot on. It is not a competency issue as I see it. It's how the rules have
  • doyla66
    doyla66 says #
    What kind of games are FOS playing at. We know their capabilities at investing complaints are limp as wet lettuce leaves. No doub
  • doyla66
    doyla66 says #
    And no doubt if an investigator is bought in, DB will be part of this you would think. It sounds like if they were discussing an i
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