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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Mastering the art of lying these days must be a prerequisite for rising through the ranks with the Libs....   AFP raid: Time to Cash out before she moves into a bigger role Jenna Price   28 October 2017 http://www.smh.com.au/comment/afp-raid-time-to-cash-out-before-she-moves-into-a-bigger-role-20171026-gz9b0t.html The first time Michaelia Cash ever lied to me was in 2015. I actually took it pretty personally. She looked me straight in the face and lied to me as we stood in the same room. Cash is what Australians call a hard arse. Someone who toughs it out right until the end, no matter what the circumstance. In some ways, it's admirable. That brutal determination to crush your opponents underfoot – and win – is a skill the Australian Labor Party could do with acquiring. Of course, we don't yet have all the facts of who knew what when about the Registered Organisation Commission, the Australian Federal Police raid on...
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Big banks face $100m blow as ANZ confesses The Australian 12:00am October 24, 2017 Ben Butler   Australia’s big banks are nearing a deal that could trigger more than $100 million in penalties — the nation’s biggest corporate payout — after ANZ yesterday admitted wrongdoing to settle landmark legal action over the rigging of interest rates to inflate profits. In addition to its confession, ANZ has agreed to pay between $50m and $60m to settle the ­Federal Court case, eclipsing the record civil penalty of $45m Tabcorp set in March over breaches of anti-money laundering laws. The Australian Securities & Investments Commission’s ability to reap the biggest possible payday depends on it settling on similar terms to the ANZ with the two other banks, NAB and Westpac, it is also fighting in Federal Court over rate rigging. Although the NAB was close to settling last night, Westpac was less keen on...
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Banks are behind these grubby pressures to AVOID have a ROYAL COMMISSION into BANKS and REGS The Cover-Up is like The Emperor has no clothes.  We all remember the $80 million of tax payer dollars wasted on the RC into Unions.  We need a Royal Commission into the Banking system, then Turnbull can retire in style to the Cayman Islands and pretend the HIH debacle the Banking Scandal never happened. Michaelia Cash lied and needs to face instant dismissal.    The Bankers have plenty of Questions that need to be answered.   Australian Workers Union raid: Bill Shorten says it is a 'grubby effort' by Malcolm Turnbull ABC News25 October 2017 Louise Yaxley   Raiding the Australian Workers Union (AWU) offices is part of a "grubby effort by a grubby Prime Minister" to smear the Government's political opponents, defiant Labor leader Bill Shorten says. Federal police raided AWU offices yesterday as...
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Sums up perfectly....Turnbulls, since HIH debacle,  has been a disaster in everything they have touched   The Turnbulls couldn’t run a piss-up in a brewery By Houses and Holes in Australian Politics, Featured Article at 12:30 am on October 25, 2017 | 49 comments https://www.macrobusiness.com.au/2017/10/the-turnbulls-couldnt-run-a-piss-up-in-a-brewery/ It’ s been a long and sad road for the MB narrative. We’ve watched on as consecutive governments have failed to grasp Australia’s contemporary political economy challenges, rendering bad decision after bad policy after stupid idea to snow the economy into a corner from which it will now be near impossible to rescue it. The answers all along weren’t hard. We needed to recognise that the post-GFC mining boom was short term and manage it accordingly. When it finished we needed to manage a real exchange rate adjustment to improve competitiveness and reboot non-mining tradables. And all along we needed to do some productivity reform to keep...
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Corporate penalties for wrongdoing to be tripled Australian Financial Review Oct 22 2017 11:00 PM Patrick Durkin   EXCLUSIVE  The Turnbull government is preparing to triple corporate penalties for wrongdoing and force offending companies to forfeit profits from wrongdoing, to give incoming chairman of the Australian Securities and Investments Commission James Shipton a big stick to re-energise the watchdog. Minister for Financial Service Kelly O'Dwyer will release a review by the ASIC Enforcement Review Taskforce as early as Monday on "strengthening penalties for corporate and financial sector misconduct", which follows recommendations by David Murray's Financial System Inquiry to "substantially increase" civil and criminal penalties. The government established the ASIC taskforce - led by senior members of Treasury, ASIC, the Attorney-General's Department and the Commonwealth Director of Public Prosecutions - last year as part of its move to dampen Labor's calls for a royal commission into the banks. It followed warnings by...
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Greg Medcraft, the corporate regulator, goes on trial Australian Financial Review Oct 22 2017 11:00 PM Aaron Patrick and Patrick Durkin   The ANZ Banking Group, National Australia bank and Westpac Banking Corp will be in the dock on Monday, but it is Greg Medcraft and the Australian Securities and Investments Commission's reputation that is on trial. Medcraft's prosecution of the banks for allegedly fixing the benchmark interest rate – the trial begins in a Melbourne Federal Court Monday – is a pivotal moment in the regulator's history and could have a decisive impact on its future. If ASIC loses the case, which could cost more than $100 million, new chairman James Shipton will be under even more pressure to change what ASIC does and how it does it from a government unhappy with its performance. "ASIC is like a fire engine that turns up after the village has burnt down,"...
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150 basis points on lending would trigger a recession: property exec Australian Financial Review Oct 22 2017 11:30 PM Matthew Cranston   Taxes, higher interest rates and rising construction cost pressures caused by competing infrastructure projects pose the biggest risk to Australia's housing market and economic performance say four chief executives who control more than 10 per cent of new housing. Lendlease's chief executive for property Kylie Rampa, Mirvac chief executive Susan Lloyd-Hurwitz, Stockland chief executive Mark Steinert and Frasers chief executive Rod Fehring all raised concerns at the Property Council of Australia Congress about the future of country's housing supply and its importance to the health of the economy. Mr Fehring said the sensitivity of interest rates would have the biggest impact on the housing construction market and therefore the economy. "About six to 12 months ago we formed the view that if interest rates in the broad-based mortgage market...
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“If there is a bubble, it is not obvious what to do about it.” We need a Royal Commission into the Banking system, then Turnbull can retire to the Cayman Islands, taking the loot with him, and a PM pension. Bank CEO's and Turnbull & Co will leave this nation a damaged economy!!! Financial Terrorists.....................are a blight on us all.     Is an addiction to property stifling the economy? The Bull23.10.2017   Housing as a wealth generator drains investment from other areas Sydney and Melbourne voters who took part recently in focus group research conducted by Ipsos had a long list of complaints about the cost of living, but it was soaring house prices that attracted the greatest ire. Younger voters feared never being able to buy a home, while older voters held the same fears for their children. It’s not news that Australians are worried about housing affordability. In...
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The LNP backbenchers are throwing tantrums again over their mates in the big end of town having interventionist policies applied to their dodgy business practices. Liberal backbenchers are warning they will not tolerate any more direct intervention in the affairs of big business, saying this week's party room unrest over the new accountability regime for banking executives was just the tip of the iceberg. Coalition MPs said the protest registered this week by three Victorian Liberals against the Banking Executive Accountability Regime was not a defence of the banks but a message to Malcolm Turnbull and Scott Morrison of a growing unhappiness with the interventionist approach by the government. While some conceded the direct intervention in the energy sector may yield a political dividend, there was a view the government's measures against banks had flopped politically because they were seen as a response to Labor's calls for a royal commissions. "The political...
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Borrowers not saving any money add to fears around interest-only loans The Australian 12:00am October 20, 2017 Michael Roddan  Is the Government so STUPID it does not understand Bank Approval Fraud re Interest Only loans?   Many interest-only borrowers are failing to put aside money, even though their monthly mortgage repayments are about 40 per cent below home loans paying off principal and ­interest. It’s a further concern added to a growing list of worries about the threat interest-only loans present to the financial system. Interest-only loans, which don’t require any payment on the loan’s principal for about five years, have come under intense scrutiny over the past year. The Australian Prudential Regulation Authority introduced strict rules in March limiting interest-only loans to 30 per cent of a bank’s new lending. That came on top of a 10 per cent annual growth cap on investor lending. Interest-only loans make up more...
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Shadow banks warn on new APRA powers Australian Financial Review Oct 19 2017 11:00 PM James Frost   New powers granted to APRA over non-bank lenders may lead to a wholesale lessening of competition as niche lenders are forced to scale back their activities and others consider exiting the sector altogether. Liberty Financial, Pepper Group and Resimac warn that if APRA exercises powers under the new legislation and introduces caps on loan growth, or otherwise restricts the types of loans they write, large segments of the population may be unable to access housing finance. The view is confirmed by experts, who say if bank-style regulation is imposed on the non-bank sector they will lose their competitive advantage and will be forced to reinvent themselves in order to remain profitable. Liberty Financial chief executive James Boyle said the introduction of caps similar to those placed on Australian banks may force it to...
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Interest-only loans are a huge problem for the Australian economy, but our top bankers don't seem to care Richard Holden 3 days ago http://www.msn.com/en-au/money/homeandproperty/interest-only-loans-are-a-huge-problem-for-the-australian-economy-but-our-top-bankers-dont-seem-to-care/ar-AAtmQ4I I’m not normally a fan of parliament hauling private sector executives before them and asking thorny questions. But when the Australian House of Representatives did so this week with the big banks it was both useful and instructive. And, to be perfectly frank, terrifying. Let’s start with Westpac CEO Brian Hartzer. First, he confirmed the little-known but startling fact that half of his A$400 billion home loan book consists of interest-only mortgages. Yep, half. Of A$400 billion. At one bank. Oh, and ANZ, CBA and NAB are all nearly at 40% interest-only. Hartzer went on to make the banal statement: “we don’t lend to people who can’t pay it back. It doesn’t make sense for us to do so.” So did it make sense for all those...
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Peter Dutton vows to fight for citizenship shake-up The Australian 12:00am October 19, 2017 Joe Kelly   Immigration Minister Peter ­Dutton’s overhaul of Australian citizenship laws has suffered a major setback after his changes failed to pass parliament before a Senate-imposed deadline — an outcome hailed yesterday as a “major victory” by Labor and the Greens. The proposed shake-up would have increased the permanent residency requirement for citizenship from one to four years and imposed a tougher English-language requirement on ­aspiring Australians. Mr Dutton yesterday flagged that negotiations would continue with crossbench senators, although no timeline has been set on the passage of any revamped package. “It’s a shame that Bill Shorten is so weak that he has to capitulate to the hard left of the Labor Party against the national interest,” Mr Dutton said. Labor’s citizenship spokesman Tony Burke said the failure of the bill was a “great victory for...
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Welfare spending rises as home ownership declines: report Sydney Morning Herald October 19 2017 - 1:19am Andrew Taylor   Australia has one of the lowest rates of home ownership among rich countries as the dream of owning a home fades for young people and the lowly paid. The latest report card into the nation's wellbeing also found welfare spending increased by $40 billion in the past decade, growing to 9.5 per cent of gross domestic product. Rates of home ownership - either with or without a mortgage - declined "modestly" over the past two decades - from 71 per cent in 1994–95 to 67 per cent in 2013–14, according to the Australian Institute of Health and Welfare report Australia's welfare 2017. This put Australia 29th among the 35 countries in the Organisation for Economic Co-operation and Development, behind Hungary, the Czech Republic, Iceland and Ireland. "Home ownership rates have tended to...
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Catholics want a seat for the poor on the RBA board Australian Financial Review Oct 18 2017 6:15 PM Laura Tingle   The Catholic Church is calling for welfare payments to be set by an independent board – not the government – to depoliticise them, and for a new position on the Reserve Bank board representing the poor, in a push against the free market, neoliberal policies which it says dominate our politics. Catholic Social Services Australia released a policy document on Wednesday, which reflects a statement from Catholic bishops distributed in churches around the country in recent weeks, which argues Australia's political leaders have to radically rethink policy settings, which are leading to growing inequality and exclusion. The intervention is significant at a time when both major political parties are recognising – privately and publicly – the need to address the issue of economic inequality. "We need our leaders to...
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BHP labelled Australia's 'worst tax dodger' by former treasurer Wayne Swan Sydney Morning Herald October 18 2017 - 5:10pm Adam Gartrell  Rampant Corporate and Regulatory Malfeasance in Australia due to slack “free market” Government Policy   Former treasurer Wayne Swan has launched another extraordinary attack on mining giant BHP, labelling it Australia's "worst tax dodger" and linking a million dollar bonus to the company's CEO to his success at minimising tax. Under the cover of parliamentary privilege, Mr Swan called BHP "a fiscal termite eating away at the foundations of our corporate tax system" and rubbished the company's claims to be a global leader in tax transparency and corporate responsibility. The world's biggest miner has been in a long-running dispute with the Australian Tax Office over assessments spanning 11 years that total $661 million in primary tax, plus interest and penalties that take it to more than $1 billion. Under dispute...
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Rio Tinto case exposes Australia as the laggard of regulators Australian Financial ReviewOct 18 2017 7:05 PM Tony Boyd   The Rio Tinto accounting fraud allegations provide a window into the radically different approaches of corporate regulators in Australia, the United Kingdom and the United States. Sadly, a comparison of the performance of the regulatory agencies in each country and the way they have dealt with Rio does not inspire confidence in the Australian system for corporate law enforcement. The Australian Securities and Investments Commission comes out of the Rio Tinto accounting scandal case study looking distinctly like it is asleep at the wheel. Worse, the Rio case will almost certainly expose the piddling weak financial penalty regime under the Corporations Act for breaches of continuous disclosure. The penalties are as weak as peach cordial even though a breach of the continuous disclosure regime may constitute a criminal offence. It is...
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Rates on hold for a lot longer, RBA believes The Australian 12:00am October 18, 2017 David Uren   The Reserve Bank believes it can keep its benchmark cash rate at its record low of 1.5 per cent for a lot longer and says it is under no pressure to follow global peers like the central banks in the United States and Canada in raising rates. The minutes of the bank’s last board meeting, released yesterday, show it remains optimistic about Australia’s economic outlook but expects only a very gradual return of inflation to the middle of its target 2 to 3 per cent band. The Reserve Bank has used the minutes to quash speculation that it was preparing to lift rates for the first time since 2010 as part of a global move to return interest rates to more normal levels. The minutes noted that the US Federal Reserve was still...
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Housing affordability worsens: Moody’s The Australian 12:47pm October 18, 2017 Michael Roddan   Australia’s housing affordability crisis is worsening, with record-high debt levels exposing borrowers to greater risk of defaults and making them more vulnerable to economic and property market shocks, according to global ratings agency Moody’s. In a new report, Moody’s found housing affordability continued to decline across the whole of Australia, on an average basis, although it was most severely felt in Brisbane and Melbourne. Sydney, where housing prices have recently started to cool, saw an improvement in the proportion of household income being spent on mortgage repayments. “However, with affordability deteriorating on average on an Australia-wide basis, we believe housing market imbalances and the large build-up of household debt continue to pose risks to the performance of Australian residential mortgage-backed securities,” Moody’s vice president and senior analyst Alena Chen said. Australia’s decade-long debt binge has left the nation...
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Lenders blacklist more than 100 suburbs in new apartment crackdown Australian Financial Review Oct 18 2017 10:14 AM Duncan Hughes   Big banks are set to announce tougher measures to crack down on high rise apartment purchases including blacklisting more than 100 Brisbane suburbs, doubling the minimum apartment to qualify for funding, evidence of rental cash flows and tough new valuation criteria. Lenders such as Adelaide Bank are introducing "minimum funding requirements" requiring apartments to have their own bathrooms, kitchens, laundries and windows in key rooms, such as bedrooms and lounge rooms. Others, such as Suncorp Bank, the nation's fifth largest mortgage lender, are circulating a confidential list of 39 Brisbane postcodes covering more than 100 city and metropolitan suburbs where the new lending restrictions will apply from next Monday. "Our settings have been adjusted for postcodes based on recent weakness in the investment unit market in Brisbane, with evidence of...
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