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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Massive bill leaves Kondinin farmer with just $3 Exclusive, Shane Wright Wednesday, 27 December 2017 7:30AMhttps://thewest.com.au/news/wa/massive-bill-leaves-kondinin-farmer-with-just-3-ng-b88697688z A WA farmer was left with just $3 after his life’s assets were sold by bank-appointed administrators who made more than half a million dollars from their work. Documents released to a Senate committee by restructuring and investment firm KordaMentha reveal for the first time the extent of costs out of the financial troubles of Kondinin farmer Peter Repacholi. The Senate committee — which has urged the Federal Government’s banking royal commission, which starts next year, to look at cases such as Mr Repacholi’s — received documents from KordaMentha about how much it charged to wind up the Kondinin property. Mr Repacholi lost his 4000ha property in 2014 on the back of a $3.5 million debt to Bankwest. The Repacholi case was a focus of the recent Senate committee because of concerns about Bankwest’s actions, its...
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Banking royal commission to examine 'limited’ compensation scheme of last resort for bad advice Dec 28 2017 at 11:50 AM Updated Dec 28 2017 at 1:45 PM http://www.afr.com/business/banking-and-finance/financial-services/banking-royal-commission-to-examine-limited-compensation-of-last-resort-for-bad-advice-20171228-h0atiu The federal government says its banking royal commission will consider whether there is a need for a last-resort compensation scheme for victims of bad financial advice, despite financial services industry resistance. An independent review of the country's external dispute resolution scheme, chaired by Professor Ian Ramsay, last week released a supplementary final report recommending a "limited and carefully targeted" compensation scheme of last resort should be established, initially restricted to financial advice failures. Financial services minister Kelly O'Dwyer said the government would not respond to the report until the royal commission had concluded, as key elements of it were earmarked for investigation by the Kenneth Hayne-led commission. "The royal commission will examine many of the issues that have been considered as part of...
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Now its PWC being sued.....read the gems below in yellow from the PWC audit done for CBA/Bankwest in 2014....half baked audits done on CRAP (and missing) data and not necessarily financial data???  That’s telling!    Judge Says PricewaterhouseCoopers Was Negligent In Colonial Bank Failure Ruling opens accounting firm to hundreds of millions of dollars in potential damages https://www.wsj.com/articles/judge-says-p ricewaterhousecoopers-was-negligent-in-colonial-bank-failure-1514762610 By Michael Rapoport Updated Jan. 2, 2018 9:53 a.m. ET PricewaterhouseCoopers LLP was negligent in connection with one of the biggest bank failures of the financial crisis, a federal judge has ruled, opening up the Big Four accounting firm to the potential of hundreds of millions of dollars in damages. PwC violated auditing rules and didn’t take steps that could have detected a $2 billion fraud scheme that contributed to the 2009 failure of Alabama’s Colonial Bank, the judge ruled. The ruling Thursday came in a lawsuit brought against PwC by the...
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CBA had activities in South Africa to transfer money...   Fraud on the Board!.....Now see list below...  The doozy on bank misdeed list.... 97.Hiding failed loans in the Commercial Real Estate portfolio in 2009 and 2010 while issuing new stock to repay Government bail-out money  Banking Misdeeds List  #1 - #141 Robert Jenkins' partial list of bank misdeeds Date published: 26 October 2016 http://www.finance-watch.org/hot-topics/blog/1186-jenkins-bank-misdeeds This list was compiled by Robert Jenkins, formerly a member of the Bank of England Stability Policy Committee and now Adjunct Professor of Finance, London Business and Senior Fellow at Better Markets, and first delivered at the Finance Watch Conference “Confidence, ethics and incentives in the financial sector” on 17 November 2015 Banking Misdeeds List 1.         Mis-selling of payment protection insurance 2.         Mis-selling interest rate swaps 3.         Mis-selling credit card theft insurance 4.         Mis-selling of mortgage backed securities 5.         Mis-selling of municipal bond investment strategies 6.         Mis-selling of structured...
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The NAB tailors are expert at dishonesty and fraud!  Tsunami of Claims and Payouts   NAB, Clydesdale face lawsuit over tailored business loans Clancy Yeates 22 December 2017 http://www.theage.com.au/business/banking-and-finance/nab-clydesdale-face-lawsuit-over-tailored-business-loans-20171221-p4yxyn.html National Australia Bank and its former subsidiary, Clydesdale Bank, are being targeted in a new lawsuit seeking compensation on behalf of thousands of small business customers in the United Kingdom. A group representing customers on Thursday made the first formal move in a legal fight over loans that were sold by Clydesdale when it was owned by NAB. NAB offloaded the UK business in 2016 after years of poor performance, including the payment of hefty compensation charges. The legal challenge is focused on interest rate hedging products known as "tailored business loans", which were sold to small business customers and have previously attracted criticism from UK politicians over their complexity and high cost. While some customers have already been compensated for the...
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Make what you will of this....from targeting ARIPS pre the GFC to discrimination after the event to ASIC ordering banks to resume former dodgy lending practices in April 2011? ASIC gives banks green light to relax loan rules Property by: By Jason Bryce From: Herald Sun 4 years ago April 23, 2011 12:00AM http://www.news.com.au/finance/real-estate/asic-gives-banks-green-light-to-relax-loan-rules/story-e6frfmd0-1226044315633   THE corporate regulator has ended months of confusion for banks, ordering them to relax the purse strings and resume lending to middle-aged and older Australians. Since responsible lending guidelines were introduced in January, banks and non-bank lenders have been rejecting credit applications from middle-aged people who lack a substantial retirement nest egg. The Australian Securities and Investment Commission has now clarified its guidelines and confirmed retirees have a right to downsize and sell.  In a revised guidance note ASIC told lenders they must ask more questions to determine whether a middle-aged applicant will be able to...
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?????  Sounds as if Soros hates banks!   Soros’s Foundation Fights Irish Bankers Over Home Foreclosures By Dara Doyle @DaraDoyMore stories by Dara Doyle ‎2‎‎February‎‎2017‎‎4‎:‎01‎‎PM https://www.bloomberg.com/news/articles/2017-02-02/soros-s-foundation-fights-irish-bankers-over-home-foreclosures ·         Billionaire’s Open Society makes legal case against evictions ·         Banks get new headache with $4.9 billion of mortgage arrears   War crimes, attacks on media freedom in former communist states and prejudice against Europe’s Muslims. Now mortgages in Ireland have made it onto the ignominious list for George Soros’s campaigners. The billionaire investor’s Open Society Foundations is opening a new front in the fight against evictions as the legacy of one of the worst real-estate market crashes in history continues to haunt Ireland. About one in 10 Irish mortgages is in arrears, or 4.5 billion euros ($4.9 billion) of missed payments, and foreclosures tripled over the last five years. “Essentially, we are aiming to apply a human rights approach in repossession cases,” said Marguerite...
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Great idea ..close branches, replace old technology with new technology and train robots to put the lies into liar loans!  I guess Turnbull has a big investment in robot factories!    Big four banks expected to cut 20,000 jobs in 2018 as technology replaces humans NAB, Commonwealth Bank, ANZ, Westpac expected to slash jobs by 12 per cent NAB announced in September it will slash 6,000 employees over three years Leading banks are expected to follow to cut costs and make way for technology A 12 per cent reduction across the board would equal just under 20,000 jobs By Brianne Tolj For Daily Mail Australia Published: 09:46 AEDT, 3 January 2018 | Updated: 09:52 AEDT, 3 January 2018 http://www.dailymail.co.uk/news/article-5229983/Australias-big-four-banks-cut-20-000-jobs-2018.html Australia's big four banks will slash 20,000 full-time jobs throughout the year in an effort to cut costs and make way for new technology, experts predict. NAB got the ball rolling in...
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Banking royal commission could be distracted by disaffected borrowers Jan 3 2018 at 11:00 PM Updated Jan 3 2018 at 11:00 PM James Thomson http://www.afr.com/news/policy/kate-carnell-warns-royal-commissioner-of-challenge-of-not-getting-bogged-down-20180102-h0cfa9 Small business and family enterprise Ombudsman Kate Carnell says banking royal commissioner Kenneth Hayne will find it “incredibly challenging” not getting bogged down in individual cases of disaffected borrowers as he seeks to balance these with broader sectoral issues. While she expects the commission will take longer to complete than the predicted 12 months, she said "anything that my office can do to help that timeline we will do." But Ms Carnell said her inquiry had shown her how difficult it is to deal with individual cases, which are often highly complex and require time and resources to examine. "I think it's going to be incredibly challenging not getting bogged down and not getting flooded with so much paper," Ms Carnell said. Even at a practical...
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This is disturbing!  Trapped in other words into all the property investment hype by Banker driven Spruiker! Alexandria residents Rebecca and Nathan Devlin said they felt more conflicted because they rented their home but had an investment property too.  “We wouldn’t want to have to rent our property out for less” Ms Devlin said. Rental prices tumble in pockets of Sydney’s east, far west and north Aiden Devine 17 December 2017 https://www.realestate.com.au/news/rental-prices-tumble-in-pockets-of-sydneys-east-far-west-and-north-but-freeze-elsewhere-in-the-city/?utm_source=outbrain&utm_medium=cpc&utm_campaign=Outbrain_cpc_Newsandadvicedesktop&utm_content=Sydney%20rents%20plummet%20with%20home%20prices&utm_term=The%20Hill Rental prices tumble in pockets of Sydney’s east, far west and north SYDNEY tenants can look forward to a discounted lease on life with rents tumbling across the city’s east, west and north and remaining static everywhere else. For the first time since the Global Financial Crisis of a decade ago, increased supply and changing regulation have given tenants the advantage in what was a tight and highly competitive market. New realestate.com.au research showed rental prices have been tumbling...
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It’s the definition of insanity.....unemployed and underemployed Aussies screaming for work because the Liberals are under the thumb of big business -  aka the global rip off merchants!  Public comment: "If the public servants can’t make decisions without consultants then they’re useless parasites."   Government incompetence makes pensioners pay and pay http://morningmail.org/10bn-bill-outsource-bureaucracy/ Government spends $10 billion to outsource bureaucracy and slugs pensioners’ assets $2.8 billion over four years. That will not be forgotten come election day—especially by the many hard workers that put a few dollars aside and now are punished by moving the goal posts on January 1 this year. Nearly $10 billion in taxpayer funds were spent last year on outsourcing, including labour hire, external contractors, rent and legal advice, as federal government departments tried to fill holes left by staffing cuts and circumvent hiring caps imposed by the Coalition. Source: News Corp $10bn bill to outsource bureaucracy An...
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It’s back to closing branches to cut costs..it’s the repeat cycle ‘for shareholder profit’ and big bonuses - new technology mixed with old ideas!     Branch closures leave banks out on a limb The Australian 12:00am December 29, 2017 Michael Roddan   The banking sector is on a collision course with regional Australia and Nationals MPs, with the rapid closure of bank branches in the least populous states expected to accelerate this year. An analysis of official figures by The Australian has found more than one in 10 bank branches in South Australia closed between mid-2014 and mid-2016. The 11 per cent decline in the state over the two years — with more than 50 branches shut — outpaced the rate of branch closures across the nation over the same period, where 7 per cent were closed. The South Australian government recently abandoned plans for a controversial bank tax, which would...
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Banking royal commission to examine 'limited’ compensation scheme of last resort for bad advice Australian Financial Review Dec 28 2017 11:50 AM Alice Uribe   The federal government says its banking royal commission will consider whether there is a need for a last-resort compensation scheme for victims of bad financial advice, despite financial services industry resistance. An independent review of the country's external dispute resolution scheme, chaired by Professor Ian Ramsay, last week released a supplementary final report recommending a "limited and carefully targeted" compensation scheme of last resort should be established, initially restricted to financial advice failures. Financial services minister Kelly O'Dwyer said the government would not respond to the report until the royal commission had concluded, as key elements of it were earmarked for investigation by the Kenneth Hayne-led commission. "The royal commission will examine many of the issues that have been considered as part of the supplementary Ramsay...
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NAB fires 20 bankers over 2300 cases of loan fraud   Two years on and the bank is ready to remedy affected customers.   What is really going on as peel back the layers of propaganda.   BFCSA Members know that 55% of all unaffordable loans were written by bank managers and staff.  45% written by broker agents: banks denied for a decade that the brokers were agents of the bank and paid by the bank.    Secondly, every loan applicati0n in Australia was hand written or typed by the sellers (agents and managers).  NO-ONE was/still is permitted to fill out their own forms.  Banks seem to think this happened in 2013 and suddenly they claim they are Columbus on this fake journey of discovery!!  Banks invented this system with good reason: to HIDE THE FRAUD that the Bankers had pre-engineered.  The sellers had no idea the Tracker was being manipulated…………………..that’s for...
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BFCSA: Another Michael West classic expose: Either man invents time travel or CBA is up to its old tricks: Either man invents time travel or CBA is up to its old tricks Posted by Michael West | Dec 30, 2017 | Featured, Finance https://www.michaelwest.com.au/either-man-invents-time-travel-or-cba-is-up-to-its-old-tricks/   Surely not another Commonwealth Bank scam: surely not on top of Austrac, Libor rigging, Comminsure and Financial Services Boiler Room Inc. Surely, they are not gaming the regulators by switching customers out of investment property into “owner-occupied” homes. The Twitter feed published below shows an investor, Bobo, asking the bank if he can switch his three investment properties into owner-occupied homes with just one phone call. “Hi Bobo, you should be able to do this all on the one call,” tweets the friendly operator. Unless, however, Bobo has the transcendental skills to credibly claim that he can live in three seperate houses at the same time – or Bobo is perhaps at...
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BANK CONSUMERS OWN THE AGENDA and we are #MugsNoMore   Between Christmas and New Year in Australia, let me just say a better New Year is on the way. Consumers now OWN the agenda. Bankers are on borrowed time to fess up to their nefarious dealings. Our collective work with a few thousand people,show the Intention to Deceive by Major Banks acting as a Cartel. ASIC and APRA as the Twin peaks Model since 1998 has been an utter disaster that is surely the root cause of the escalation in white collar crime, which ex-Regulatory Chief Greg Medcraft acknowledged two years ago...after years of denial. BFCSA expects to see more mumbo jumbo from the Hayne Royal Commission into Financial Services. He will avoid products and look on SHOCKING BANK ENGINEERED LOAN APPROVALS as so called "bad behaviour" by staff. Hayne will then deliver his nonsense report by Feb 2019, hoping Mate...
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Sounds as if this Royal Commission might take up from where the HIH RC left off when a regulatory doom loop was created....this from a collection of 2003 articles oh HIH . Costello’s shocking failure of regulation ........Turnbulls’ penchant for failing to verify....   Costello's abdication of responsibility compounds this shocking failure of regulation By Geoff KitneyApril 17 2003 http://www.smh.com.au/articles/2003/04/16/1050172656680.html Anyone who suffered losses and anguish as a result of the HIH Insurance collapse should get a copy of the royal commission report, read the chapter on the regulators and weep.  It reveals a travesty of a system that was meant to protect them. It exposes the industry regulator, the Australian Prudential Regulatory Authority, as being about as ineffectual as the Iraqi Republican Guard's defence of Saddam Hussein's regime.  The 81-page section shows massive failings at all levels of the regulatory process. While the commission makes not one specific criticism of the Federal...
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Why do all these articles fail to miss the point?  Anybody with a brain would know a mortgage is NOT a mortgage after reading this....The word mortgage does not appear anywhere in the terms of reference despite loans against residential property accounting for more than a trillion dollars of Australian bank assets......   Banking royal commission: Kenneth Hayne adds mortgage brokers to hit list Dec 19 2017 at 3:08 PM Updated Dec 19 2017 at 3:55 PM James Frost http:/www.afr.com/business/banking-and-financial-services/banking-royal-commission-kenneth-haynes-adds-mortgage brokers-to-hit-list-20171219-h078fs The former High Court judge appointed by the federal government to lead the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has wasted no time in stamping his authority on the inquiry and broadened the terms of reference to include mortgage broking. Commissioner Kenneth Hayne, QC, has directed the inquiry to include the $344 billion industry by expanding the definition of a financial services entity to include intermediaries...
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Ken Hayne banking royal commission’s ‘massive dragnet’ The Australian 12:00am December 21, 2017 Richard Gluyas   Royal commissioner Ken Hayne has cast a “massive dragnet” over the financial services industry, asking banks, insurance companies and superannuation funds to report all misconduct cases and behaviour falling short of community expectations since 2008. In the first serious move by Mr Hayne since the commission was formally established on December 14, the notice also targets industry super funds by asking them to justify expenditure unrelated to the fund’s administration or payment of member benefits. A senior banker described the request as “a massive, 10-year dragnet”. “Everyone’s going to set the bar very low for pre-disclosure because they’ll want to avoid a future situation where the royal commissioner’s all over them like a rash for holding back information from the outset,” he said. [Yeah, right—or more likely because they want Hayne snowed under, in hopes...
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Financial advisers flee the big banks Australian Financial Review Dec 20 2017 4:05 PM Alice Uribe   Financial planners are drifting away from the big banks and taking their precious funds flow with them, as a burgeoning breed of independent investment platforms siphon it up. In an analysis of Australian Securities and Investments Commission planner statistics, UBS found at the end of last month that advisers from non-major financial institutions now make up 63 per cent of the market, up 4.7 percentage points over the year. While adviser numbers were relatively stable at 25,501, "the shift away from major financial institutions continues," said UBS analyst Kieren Chidgey. Advisers at big banks make up 37 per cent of the market, but this was a drop of 6.7 percentage points compared to the same time last year. Bell Potter analyst Lafitani Sotiriou said: "This trend towards independence is real. The adviser data is...
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