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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WHAT A ROTTEN BUNCH OF AUSTRALIAN BANKERS INTEREST ONLY LOANS SCANDAL ABOUT TO IMPLODE and then the ugly details will be exposed. A potential $1.8 Trillion scandal......the largest BANK HEIST this country has ever experienced. The Banking Cartel, busy running their part of the Global Cabal 'CONTROL FRAUD,' in Mortgage lending and Asset-stripping of homes. Australian Bankers targeted older people who owned their own home and had no debt and yet on very low incomes. Banks preyed upon citizens who were amongst the poorest incomes in the nation. Greed drove our Banker Cartel Members to in fact STEAL TWO MILLION HOMES. How many were in the Bankey Gang? 16 Lenders including the Five Majors.................. Bankers are Bankers. The old state banks eventually turned into crooks. We need to fight Bankers in the Federal arena and clean up FEDERAL regulatory neglect. Only a Royal Commission into the Major banks and the 16...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    These bankers make a joke of every single human being who behaves with any integrity, and they turn most people's efforts against
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Not in their interest: The home loan borrowers that have been left out to dry Sydney Morning Herald June 24 2017 - 12:15am Elizabeth Knight   There is a hidden and worrying risk lurking for a particular set of mortgage borrowers, whose level of financial stress is about to get a whole lot worse. It's those home owners with interest-only loans that are now increasingly under the pump - with National Australia Bank the latest of the big four to announce big hikes in rates on these types of loans. While banks, the media and the government regularly characterise those that have interest-only loans as wealthy property investors, the fact is that there are many owner-occupiers that have used this method to finance the family home. Ironically, regulators have pushed the banks to reduce interest-only lending to improve the overall risk of consumers' debt to the financial system. But for those...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    ANYONE who thinks that a fair system involves repossessing people's homes should pay rent for their accommodations (and have to su
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Turncoat etc have messed with the wrong crowd, and he should remember to wear his balaclava when going about his daily business!
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Macquarie Securities engaged in 'reckless' conduct, pays bumper fine Australian Financial Review Jun 23 2017 4:24 PM Joyce Moullakis   Macquarie Group's securities unit has paid one of the largest ever fines issued by the broking industry's Markets Disciplinary Panel, after the firm didn't adequately monitor trading activities and engaged in "reckless" conduct. Macquarie agreed to pay a penalty of $505,000 – understood to be the largest over the past decade – to comply with an infringement notice given to it by peer review group, the Markets Disciplinary Panel. The panel rules on matters that relate to potential contraventions of market rules. The fine relates to events three years ago when Macquarie brought on a client with a business model that was "a departure" from its traditional customer base, a statement by the MDP and the Australian Securities and Investments Commission said on Friday. That led to Macquarie customising its automated...
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Offshore bank investors asking 'Where does this end?': Andrew Thorburn Australian Financial ReviewJun 23 2017 10:04 PM James Eyers, Simon Evans, Phillip Coorey   London-based investors have warned National Australia Bank chief executive Andrew Thorburn that they consider Australia a less stable and less consistent economy for investment after the South Australian budget hit the big four banks and Macquarie with a surprise $370 million tax. Speaking from London after meetings with investors, Mr Thorburn said the first 15 minutes of every meeting he had was dominated by questions asking what's happening in Australian politics. "These are significant, global investors with capital to deploy, and they are asking, how can a few companies within an industry be targeted like this? "They are asking where does it end and can these taxes just go up and up?" The cash-strapped West Australian government said it was considering following South Australia and imposing its...
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    Consent_Withdrawn says #
    Hey Thorbum, it ends where and when the PEOPLE say so. For you and your fellow CEO's, my hope is that you'll have plenty of time
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South Australia bank tax an act of 'economic vandalism' Australian Financial Review Jun 22 2017 9:21 PM Simon Evans, James Frost  Banks created our economic mess and should pay for the clean up   The Business Council of Australia has warned that Australia is rapidly becoming a "laughing stock" in global investment circles because of new taxes on banks as erratic decisions by both federal and state governments "carelessly undermine" the rules of doing business. Australia's big four banks are furious about the move by the South Australian government to impose a new state-based version of the federal government's major bank levy, while the broader business community warned it was partly the fault of the Turnbull government for "letting the genie out of the bottle" in the first place. The new state-based tax of 0.015 per cent on liabilities is forecast to raise $370 million over the next four years and...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Turnbull can just shut up about fanatical religious terrorism while he ignores these enemies inside the gate too. His middle name
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Economic vandalism... Finance industry HYPOCRISY more like it. Insignificant issue compared to social vandalism by the banking s
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Or would you rather remain perpetually enslaved by COWARDS?!
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BANKERS ARE LIARS ad regularly control lies to parliament from ASIC and APRA:  Both say "NO SYSTEMIC ISSUES." BANKERS CONTROLLED ALL ASPECTS OF COMPLAINT HANDLING.   BFCSA: Customers demand answers: Misled by Major Banks Controlling the CODE Compliance SCANDAL http://bankvictims.com.au/index.php/general-banking-news/item/11944-media-release Banking customers are today demanding answers from the major banking community as it’s been revealed that the BIG FOUR have deliberately misled banking customers for more than 10 years, by failing to disclose the Constitution set up under the Code Compliance Monitoring Committee (CCMC) which protects the banks legally and gives them unfair advantage in a court of law. This week the BIG FOUR bank CEOs and their Chairmen (Commonwealth Bank, ANZ, NAB, Westpac) have received a letter of demand from advocacy group Bank Victims Pty Ltd. The letter seeks a response for its 2,500 bank victims affected by the gross misconduct carried out by the banks in relation to...
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    Consent_Withdrawn says #
    Geez Louise! The stories of deceit and trickery are just bloody endless. What is so wrong with this system that it has ignored s
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Moody’s cuts credit ratings of Australian banks on household risks The Australian 5:57pm June 19, 2017 Michael Roddan   Global ratings agency Moody’s has slightly downgraded the credit ratings of a number of Australian banks, including the big four lenders, on rising risks in the housing market and exploding levels of household debt. The move follows similar ratings action by Standard & Poor’s, which last month downgraded 23 small Australian banks on the increased potential for a sharp correction in property prices. Moody’s took the scalpel to 12 Australian lenders, including the four major banks Commonwealth Bank, Westpac, National Australia Bank and ANZ Banking Group, after elevated risks in the household sector raised the vulnerability of the sector to an “adverse shock”. Along with the four majors, which had their longer-term ratings cut slightly from Aa3 to Aa2 and their baseline credit assumptions nipped from A1 to a2, other banks suffering a downgrade...
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RBA's Philip Lowe says the next 25 years will be tougher than the last Australian Financial Review Jun 19 2017 10:32 PM Jacob Greber   Reserve Bank of Australia governor Philip Lowe has again delivered an upbeat assessment of the nation's economic outlook but warned the coming quarter century will be tougher than the last 26 years. Noting that a global upswing would help sustain Australia's expansion, Dr Lowe said there were plenty of reasons for optimism, even if "we are not talking about a boom and there are still plenty of risks out there". Speaking at the 2017 Crawford Forum, hosted by the Australian National University on Monday, Dr Lowe said longer-term prospects remain positive, but "we need to keep working to keep them that way". He also downplayed the significance of recent official confirmation of 26 years without a technical recession, saying that period had included periods of rising joblessness and...
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    Consent_Withdrawn says #
    Let's see Mr Lowe explain WHY it HAS to be that way! Then let's see his face when he gets an informed response. The RBA and the
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Data Governance Australia publishes code of conduct Australian Financial Review Jun 21 2017 3:57 PM James Eyers   Data Governance Australia has published a draft code of conduct for collecting and sharing customer data that it hopes will become the centrepiece of a self-regulatory model, which staves off excessive government regulation of data standards in the new digital economy. National Australia Bank, Westpac, IAG, Coles, Woolworths and Qantas have all been working on the code with Data Governance Australia, which is chaired by former Australian Competition and Consumer Commission chairman Graeme Samuel. DGA, which was established in October to promote the responsible use of data, will be accepting submissions on the code for the next month.   The publication of the draft code on Wednesday comes after the Productivity Commission last month called for consumers to receive a "comprehensive right" to their data held by companies and government authorities. The commission...
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    Consent_Withdrawn says #
    Nothing could boost efficiency or the effectiveness of any other good decision like a fix for the broken banking and finance syste
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'One meal a day': Consumers forced to choose between food and paying power bills ABC News 21 June 2017 6:20pm Matt Peacock  Power Bills Up.......Standard of Living Down   Welfare organisations are seeing a surge in the number of clients who are struggling to pay their electricity bills, even before a price hike kicks in next month. And it's not just those on welfare— they're seeing people who are working but still struggling to meet their payments. At the Anglicare office in Penrith, on Sydney's western outskirts, Karina Honyi said she is seeing two to three people a day, just about their power bills. "At the moment we're seeing the summer bills coming through," she told 7.30. "Anything from $800 upwards is normal for a family. For a single person $450 to $500." For some people, things have become so desperate that they are doing without essentials like food and medicine to...
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  HOMELESSNESS IS A GROWING CONCERN IN AUSTRALIA. Bankers are tipping people out of homes behind closed doors, using fraudulent methods to obtain possession.   So many people, according to latest stats, are now entering retirement, with a mortgage. Years ago, couples were able to work one or two jobs per person to achieve their "dream" - home ownership. This is our Castle, as humble as it may be. They paid off the Bank and settled down to retirement, albeit on a pension for many and took up voluntary work to help others in need. Then along came the banks and targeted the home owners to buy just one more house for the kids - for the twilight years. So many victims fell foul of this BANKER DRIVEN financial strategy. These older citizens never expected to lose their actual home. They were emphatically told NO RISK. Yet fraudulent documentation and devious...
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    Consent_Withdrawn says #
    Damn right and so well said! What a timely and appropriate decision. Very good news! Long overdue here too. I hope the news spre
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'Britain's richest banker' ex of Elle McPherson who earned up to £75m a year is among four former Barclays bosses charged with fraud relating to 2008 financial crash Barclays and four of its bosses including ex-chief executive John Varley charged Roger Jenkins, 61, once the City's richest banker, also faces prosecution Ex-investment bank bosses Thomas Kalaris, 61, and Richard Boath, 58 charged Middle Eastern investors pumped £7bn into the bank in 2008 to help avert crisis But Barclay is alleged to have illegally paid Qatari investors £322m to get it By Martin Robinson, Uk Chief Reporter For Mailonline http://www.dailymail.co.uk/news/article-4620432/Barclays-ex-boss-John-Varley-four-charged-fraud.html     Britain's former highest paid banker who dated Elle Macpherson and earned up to £75million a year is among four former Barclays bosses facing fraud charges today. Scot Roger Jenkins, 61, who lives in a £25million Malibu mansion, will be prosecuted by the Serious Fraud Office along with former chief executive John Varley...
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Rate hikes taking toll on borrowers, says Standard & Poor’s The Australian 12:00am June 21, 2017 Michael Roddan   Interest rate increases on borrowers are showing signs of stressing the housing market, with global ­ratings agency Standard & Poor’s blaming the household income squeeze on rising loan arrears. The warning came as ASIC chairman Greg Medcraft said the corporate watchdog had identified lending standards as a “key risk” in the current environment of surging house prices, escalating household debt and stagnant wage growth. “For a while now we’ve been concerned about low interest rates and property prices, and about people getting in over their heads,” Mr Medcraft told journalists at a Bloomberg forum in Sydney. “That’s why I’ve said, for some people, you’ve got to really think interest rates won’t stay where they are forever and you’ve got to be realistic about your ­income.” S&P yesterday blamed out-of-cycle interest rate rises...
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Bank credit rating downgrade underwhelms experts Australian Financial Review Jun 20 2017 7:12 PM James Frost, James Eyers   Credit downgrades to a dozen Australian banks from a global credit rating agency are not expected to have a lasting impact on funding costs according to regulators, analysts and experts. The downgrades were driven by deterioration in Moody's macro-economic outlook, which it revised down to "Strong+" from "Very Strong-". Moody's had reaffirmed the credit ratings of Australia's banks as recently as three weeks ago. Moody's said high levels of debt and rapid credit expansion in the context of nominal wage growth had forced its hand, increasing the sensitivity of household expenditure and therefore the banking sector's exposure to a potential shock. Among those targeted in the downgrade were listed banks such as ANZ, Commonwealth Bank, NAB, Westpac and Bendigo & Adelaide Bank. Macquarie was not affected by the downgrade. The announcement made...
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Macquarie bank faces class action over advice on worthless Brazilian mine project Sydney Morning Herald June 21 2017 - 12:48am Cameron Houston, Chris Vedelago   EXCLUSIVE  Macquarie Group faces a major class action over allegations some of its investment advisers artificially inflated the price of a small mining company before a sudden collapse wiped out many of its investors. The investment bank's brokers are accused of deliberately "ramping" stock in Cleveland Mining Group by playing a key role in the acquisition of a Brazilian iron-ore mine project with a potential value of $34 billion that turned out to be a worthless patch of jungle. Many investors were long-term friends of the Macquarie advisers, but they now claim they were duped by assurances the speculative stock would deliver massive financial returns. The bank, known as the "millionaires' factory", is facing legal action on several fronts, with a series of explosive claims referred...
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Consent_Withdrawn- Posted on Monday, June 19, 2017   To all potential union bashers who vote to protect banks whilst trolling victims of banking misconduct: SERIOUSLY? Where do you folks get off, having a go at us most likely because you're involved in business and you're almost as afraid of Bill Shorten as the banks are? Let me give you a little perspective - unless you're just doing it for the lulz. Go troll a right wing page or something if that's the case. I've been an employer, I've been self-employed and I've also busted my arse working for others on plenty of occasions. I learned to put I could into it until overwork, mental health problems (which I did not ask for), some bad luck and hard times put me out of the race. I know something of both sides of the employment line. In this case I will speak first...
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    Consent_Withdrawn says #
    Thanks for sharing my sentiments This is an article which illustrates a similar concept in a theological context. I find the par
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ONE YEAR TO GO: Election July 2018   Malcolm Turnbull may be forced to call election after just two years of governing Heath Aston 12 June 2017 http://www.smh.com.au/federal-politics/political-news/malcolm-turnbull-may-be-forced-to-call-election-after-just-two-years-of-governing-20170612-gwpgcb.html   Prime Minister Malcolm Turnbull may be forced to call an election after just two years of the Coalition's current three-year term, political hardheads believe. Senior figures in the Liberal and Labor parties confirmed to Fairfax Media on Monday they are working to be "campaign ready" by June or July of next year, with an August or September election firming as the most likely window for the next national poll. The problem for Mr Turnbull is a logjam of fixed-date state elections in 2018 and early 2019.   Mr Turnbull's office declined to comment, but a senior NSW Liberal involved in campaigns said the crowded schedule meant the party must be on a "war footing" earlier than voters expect. "My money would...
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If one reads through the lines it’s called passing the buck!..........   APRA crackdown is good news for some banks Michael Pascoe 16 June 2017 http://www.smh.com.au/business/banking-and-finance/apra-crackdown-is-good-news-for-some-lenders-20170615-gws8na.html The Law of Unintended Consequences does not sleep. The Australian Prudential Regulation Authority's crackdown on real estate lending by the banks it regulates is driving business to the financiers it does not regulate. The financial system tends to be a bit like a water-filled balloon – push into one part of it and another part will bulge out. So making investor loans more expensive, smaller and harder to get from regulated banks means unregulated "banks" gain an advantage. APRA regulates deposit-taking institutions. Institutions that don't take deposits, that fund themselves on the wholesale market such as Pepper Money and Liberty Financial, have not been required to get tougher with borrowers. Treasury assumes banks will pass on some of levy to customers A mortgage broker has...
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Not a single word about mortgage fraud nor mention of the Banking KKK Committee that is supposed to mention "Systemic Issues" and refuses to do so.   David Coleman – Recommendations to come into effect after bank inquiry 18 May 2017 https://www.moneyaction.com.au/banks/david-coleman-recommendations-come-effect-bank-inquiry/   Introduction Ross Greenwood: I want to take you now to banks. Obviously, as we’re telling you with the treasurer on a little bit later, the response of the banks in regards to the new bank tax, the levy if you like, $6.2 billion over four years is all important, but there’s more because do bear in mind along with not only the levy that’s going to go in the big banks, there were other things. That was in regards to senior executives. That all senior executives have to be registered with APRA, the banking authority that effectively, they can have almost their license if you like, to operate...
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Cladding ‘makes 30 buildings in Melbourne fire risks’ The Australian 12:00am June 19, 2017 Rick Morton, Joe Kelly   At least 30 buildings in Melbourne are still rated as fire risks or “non-compliant” because they have cladding panels similar to those that accelerated a high-rise fire in the city in 2014 and are suspected of contributing to London’s deadly tower inferno. The list includes 17 buildings found to be non-compliant after a 2015 audit by the Victorian Building Association and a further 13 found to be below code in a subsequent audit that focused on the builder of another high-risk apartment. The Lacrosse tower fire in Melbourne’s Docklands in Nov­ember 2014 sparked the first audit of 170 building permits in the city after the Melbourne Fire Brigade found the cheap cladding Alu­cobest — an aluminium composite panel — contributed to the speed of the fire climbing from the 6th floor to...
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