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BFCSA
MORTGAGE
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What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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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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Recent blog posts
If you are a paid up member of BFCSA are three snippets of what you receive as a newsletter. You cannot afford to miss out:   APRA knew in 2003 report Howard Govt gave GREEN LIGHT to Bankers re SUB PRIME Lending   Our Next Battle will be compensation cases and class actions. This can only happen when Labor holds #ALPBankRCmk2 Documents lawyers need are to be discovered in the dungeons of ASIC and APRA. Neoliberalism follower John Howard – turned consumer protection into a watered down older version of BUYER BEWARE and why Major Banks were given the GREEN LIGHT for Low Docs which are sold at the rate of 80% of their Loan Books since 1999. APRA wrote a tell-all 9 page document in 2003 explaining the plan, put together by Howard, Costello and Turnbull (Mr Goldman Sachs) between 1999 – 2000 and explained in a full 365...
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Banks’ sinister tactic:     Using the legal system ‘as a weapon’   “YOU’LL never beat the bank.” https://www.news.com.au/finance/business/banking/banks-sinister-tactic-using-the-legal-system-as-a-weapon/news-story/9fb85de4294d862415d1ea093caac085 That was the last thing one victim of banking misconduct wanted to hear, least of all from their own lawyer. But there was plenty of truth behind the ominous warning. Today Labor is releasing its submission to the Financial Services Royal Commission’s interim report, based on 14 roundtable discussions it has held with victims across Australia. It has found that banks ruthlessly use the legal system to force their customers into long, costly battles they can’t afford. “The legal system is being used as a weapon against us,” one roundtable participant said. Many described the hopeless situation of being issued with a default notice and then facing top solicitors in court without adequate legal representation. On top of the obvious problem — it’s hard to pay for a good lawyer when you’re already...
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ASIC lacks courage on enforcement says former investigator By Mark Solomons  28th April, 2018 https://www.smh.com.au/business/banking-and-finance/asic-lacks-courage-on-enforcement-says-former-investigator-20180425-p4zbn0.html A former senior investigator at Australian Securities and Investments Commission has accused the regulator of lacking the "balls" to prosecute white-collar crime and criticised successive governments for poor appointments in the people chosen to run the organisation. Barrister Niall Coburn, who spent a total of 13 years at ASIC in two stints between 1992 and 2012 and led high-profile criminal investigations, told Fairfax Media he had repeatedly warned his bosses they needed to take a harder line but was ignored. “The basic thing is they haven't got the balls. My bosses never had the balls to bring proceedings and if you were outspoken you were basically shut down and isolated," he said. The criticism comes after ASIC has faced questions, including from Treasurer Scott Morrison, over its approach to enforcement in the wake of evidence at the Hayne...
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Ripoll hits out at banks' 'corrupt culture and greed at highest levels' https://www.smh.com.au/business/banking-and-finance/ripoll-hits-out-at-banks-corrupt-culture-and-greed-at-highest-levels-20180927-p506fe.html By Sarah Danckert, Jessica Irvine & Clancy Yeates  28 September 2018    The Hayne royal commission has blasted the banking sector as being driven by greed and dishonesty and policed by an ineffective watchdog sparking calls for immediate reform. Despite several searing observations about banking misconduct during the first four rounds of hearings Commissioner Kenneth Hayne's interim report has stopped short of making any findings or recommendations. "Hayne has left no doubt as to the corrupt culture and greed that exists in our banks and institutions at the highest levels," said former Labor MP, and prominent reform campaigner, Bernie Ripoll. "It is about time that those entrusted to hold the most senior of positions and paid so extraordinarily well also hold themselves responsible for what Hayne has painfully uncovered." Commissioner Hayne said in the report -- which covered hearings into into mortgages...
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Big four scandal costs top $1.3 billion   https://www.smh.com.au/business/banking-and-finance/nab-flags-extra-314m-in-customer-remediation-costs-20181016-p509v3.html    Clancy Yeates  16 Oct 2018  The big banks have set aside at least $1.3 billion to cover the cost of a string of scandals for the latest financial year, and some predict they will face higher charges in the year ahead, as lenders pay the price after a slew of compliance failures. National Australia Bank on Tuesday became the final big bank to release details of the hit to its profits from scandals being scrutinised by the Hayne royal commission, announcing a new provision of $314 million relating mainly to customer compensation costs. The provision centres on failings in its wealth management business, and is for the financial year that ended on September 30. UBS analyst Jonathan Mott said the charge implied NAB would have a dividend payout ratio of 96 per cent if it kept the dividend flat at 99¢ a half, and...
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NAB chief tells inquiry banks started ‘drifting’ from customers 20 years ago Andrew Thorburn says he is ashamed of how National Australia Bank has behaved in recent years https://www.theguardian.com/australia-news/2018/oct/19/nab-chief-tells-inquiry-banks-started-drifting-from-customers-20-years-ago The National Australia Bank chief executive, Andrew Thorburn, has conceded that problems began seeping into the country’s banking industry two decades ago. He says that when he entered banking 30 years ago, he was taught that banks existed to serve customers, but the industry started to “drift” in the late 1990s and he was ashamed of how NAB had behaved in recent years. It means two-thirds of his banking career has been spent in an industry drifting away from customers. “When I started in banking, it was serving customers, [that] was what was drilled into us [about] why we existed,” Thorburn said on Friday.  It is greed that has led Australian banks to steal from dead people Richard Denniss     Read...
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Commonwealth Bank executives jeered by customers in parliamentary hearing Chief Matt Comyn apologises for bank, admitting CBA wrong to oppose royal commission https://www.theguardian.com/news/2018/oct/11/commonwealth-bank-executives-jeered-by-customers-in-parliamentary-hearing Commonwealth Bank executives were jeered by aggrieved customers on Thursday during an appearance before a parliamentary committee where they conceded there had been failures of leadership and greedy behaviour at the bank. Matt Comyn, CBA’s chief executive, and David Cohen, CBA’s chief risk officer, were appearing before the House of Representatives standing committee on economics in Parliament House to respond to revelations from the banking royal commission. Multiple transgressions by CBA, stretching back years, have been revealed in the banking royal commission, including charging dead clients for financial advice, and charging customers fees for services that never materialised. Follow the money: retail superannuation funds face day of reckoning     Read more Thursday was the first time Comyn had appeared before the parliamentary committee since the royal commission hearings began...
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Small business blames 'real tightening' in credit on the banking royal commission Australian Financial Review Sep 23 2018 9:00 PM John Kehoe   Small business says it is facing a credit crunch and is blaming the royal commission into financial services for causing nervous banks to slow lending to the self-employed. The moderation in lending to small firms in recent months appears to be an unintended consequence of anecdotal evidence of questionable bank lending practices uncovered by Kenneth Hayne's inquiry. The royal commission's interim report is due to be released on Friday. Council of Small Business of Australia chief executive Peter Strong said: "We're hearing from our members credit from the banks is becoming much harder to get because of the royal commission." Fewer and smaller loans to small firms could slow economic growth. The Reserve Bank of Australia has said that access to finance for small businesses is important because...
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S&P upgrades outlook on Australia on surplus prospects Australian Financial Review Sep 21 2018 4:01 PM Patrick Commins, John Kehoe   Global ratings agency S&P has upgraded the outlook on Australia's AAA credit rating to "stable" and says it expects the combined federal and state budgets will return to surplus by the "early 2020s" thanks to a strong job market and high commodity prices. Treasurer Josh Frydenberg has already signalled the federal budget may return to balance before the 2019-20 forecast. Final accounts for last financial year are due to be released as soon as next week, though a narrowing deficit is still expected for 2017-18. Separately, Mr Frydenberg said on Friday that S&P had provided a "strong endorsement" of the government's finances and that Australia was one of only 10 countries to have a AAA rating from all three agencies. However, the Treasurer declined to commit to offset with new...
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Banking royal commission: Insurers could face criminal charges Australian Financial Review Sep 21 2018 6:59 PM James Frost   The royal commission has heard a host of insurers have systematically broken laws, many of them carrying criminal penalties, in an explosive final day of hearings on the insurance industry. The open findings were delivered to the Hayne royal commission on Friday afternoon and were made even more embarrassing when Financial Services Council chief executive Sally Loane was unable to answer general questions about the industry and developments in relevant markets. In response to a question about the code of conduct Ms Loane said she didn't know. "As I said, I'm CEO. I have a lot of people on my staff." Counsel assisting the commission Rowena Orr, QC, presented the damaging findings, saying it was open to commissioner Kenneth Hayne to find evidence of insurance companies acting unconscionably, making false and misleading...
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'Stop being bastards': how the royal commission could reform banks Sydney Morning Herald 22 September 2018 12:00am Jessica Irvine   Graeme Samuel is in no mood for beating around the bush. Australia’s former competition tsar, now a professorial fellow at Monash Business School, recalls a meeting with bank executives, in which they quizzed him on how to stop the relentless public mantra of “banks are bastards”. “The first thing I said was: ‘stop being bastards’,” Samuel told Fairfax Media this week, reflecting on six sensational rounds of public hearings of the royal commission into misconduct in the financial services sector which, he says, revealed “horrific” case studies and examples of “crass stupidity” by executives. “Some of us who have been in public service and dealing with these companies look at it and say what is going on?” Earlier this year, Samuel was part of a high level trio – including the...
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Labor urged insurance crackdown ahead of Hayne report Australian Financial Review Sep 20 2018 10:27 PM John Kehoe   Labor is pressuring Treasurer Josh Frydenberg to explain why the government has failed to give the corporate regulator power to regulate insurance claims handling, as both sides of politics prepare for the interim royal commission report to be released next Friday. Shadow financial services spokeswoman Clare O'Neil will attend the commission's hearing in Melbourne on Friday and call on the government to explain why it has delayed giving the Australian Securities and Investments Commission the power to properly regulate claims handling in insurance. Kenneth Hayne's probe has uncovered allegations of wrongdoing by insurers in unfairly assessing and paying out claims, including Allianz, Suncorp and Youi. "I cannot begin to described how disgusted I was to hear that one insurance company left a pregnant woman without a roof for over 18 months. Insurers...
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Ken Henry says he has no regrets for pushing for bank inquiry The Australian 2:25pm September 19, 2018 Richard Gluyas   There were eight signatures on the fateful letter to then-treasurer Scott Morrison that called for the establishment of a financial services royal commission. So persuasively did the chairs and chief executives of the four major banks argue for a royal commission in the November 30, 2017 letter that the Turnbull government immediately acquiesced. The rest is history, apart from one significant point. The word on the street is that, of the four bank chairs, it was National Australia Bank’s Ken Henry who was mostly responsible for developing the industry consensus that a royal commission was necessary to end the political uncertainty and erosion of confidence in the financial system. “We now ask you and your government to act to ensure a properly constituted inquiry into the financial services sector is...
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S&P upgrades outlook on Australia on surplus prospects Australian Financial Review Sep 21 2018 4:01 PM Patrick Commins, John Kehoe   Global ratings agency S&P has upgraded the outlook on Australia's AAA credit rating to "stable" and says it expects the combined federal and state budgets will return to surplus by the "early 2020s" thanks to a strong job market and high commodity prices. Treasurer Josh Frydenberg has already signalled the federal budget may return to balance before the 2019-20 forecast. Final accounts for last financial year are due to be released as soon as next week, though a narrowing deficit is still expected for 2017-18. Separately, Mr Frydenberg said on Friday that S&P had provided a "strong endorsement" of the government's finances and that Australia was one of only 10 countries to have a AAA rating from all three agencies. However, the Treasurer declined to commit to offset with new...
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Banking royal commission: Insurers could face criminal charges Australian Financial Review Sep 21 2018 6:59 PM James Frost   The royal commission has heard a host of insurers have systematically broken laws, many of them carrying criminal penalties, in an explosive final day of hearings on the insurance industry. The open findings were delivered to the Hayne royal commission on Friday afternoon and were made even more embarrassing when Financial Services Council chief executive Sally Loane was unable to answer general questions about the industry and developments in relevant markets. In response to a question about the code of conduct Ms Loane said she didn't know. "As I said, I'm CEO. I have a lot of people on my staff." Counsel assisting the commission Rowena Orr, QC, presented the damaging findings, saying it was open to commissioner Kenneth Hayne to find evidence of insurance companies acting unconscionably, making false and misleading...
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'Stop being bastards': how the royal commission could reform banks Sydney Morning Herald 22 September 2018 12:00am Jessica Irvine   Graeme Samuel is in no mood for beating around the bush. Australia’s former competition tsar, now a professorial fellow at Monash Business School, recalls a meeting with bank executives, in which they quizzed him on how to stop the relentless public mantra of “banks are bastards”. “The first thing I said was: ‘stop being bastards’,” Samuel told Fairfax Media this week, reflecting on six sensational rounds of public hearings of the royal commission into misconduct in the financial services sector which, he says, revealed “horrific” case studies and examples of “crass stupidity” by executives. “Some of us who have been in public service and dealing with these companies look at it and say what is going on?” Earlier this year, Samuel was part of a high level trio – including the...
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Graeme Samuel ‘bewildered’ by finance companies’ poor behaviour The Australian 12:00am September 22, 2018 Michael Roddan   Former competition tsar Graeme Samuel has hit out at the “completely unacceptable” behaviour of some of Australia’s biggest ­financial institutions through the man­ipulation of supposedly independent reports concocted by major consulting firms and fed to financial regulators. While crimes and misdemeanours committed by the big four banks gave cause to establish the banking and financial services royal commission, the behaviour of the big four accounting firms — KPMG, Deloitte, Ernst & Young and PwC — and a host of second-tier auditing, contracting and consulting firms is squarely in the sights of financial watchdogs. Kenneth Hayne’s royal commission this week revealed further sorry examples of how companies pressure consultancies to fudge information in reports destined for regulators, this time with the revelation that EY buckled to the demands of insurance giant Allianz and reproduced a...
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ASIC under fire: Can a change of the guard fix regulator’s image? The Australian 12:00am September 22, 2018 Ben Butler   Hard and fast. That’s how one of the Australian Securities & Investments Commission’s new commissioners took on the spivs, crooks and scumbags infesting New Zealand’s corporate landscape when he became the head of the Kiwi regulator back in 2010. At the time, New Zealand was reeling from the collapse of a series of finance companies that erased about $NZ3 billion in savings from 200,000 depositors. “We wanted to create a deliberate image that we were going to be hard-nosed about regulation in terms of misconduct,” Sean Hughes told a parliamentary inquiry in 2014. “There had been some very vehement criticism of our predecessor bodies that they had been too soft on breaches of the law.” On his first day at the new Financial Markets Authority, Hughes inherited 55 investigations from...
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ASIC reviews penalties after Hayne shaming Australian Financial Review Sep 21 2018 11:00 PM John Kehoe   EXCLUSIVE  The corporate regulator has launched an internal review into how it negotiates settlements and the size of monetary penalties with offending companies, following revelations at the banking royal commission that it was sometimes too soft on banks and insurers. AFR Weekend has learnt that Daniel Crennan, the new deputy chairman of the Australian Securities and Investments Commission, has been made responsible for ASIC's enforcement policies and tools, including its pursuit of criminal and civil penalties, as well as the use of administrative or court enforceable undertakings. The quantum of monetary penalties imposed on infringing firms is also being examined, said sources with direct knowledge of the ASIC review. It coincides with intense pressure on the regulator from Treasurer Josh Frydenberg, who recently lashed ASIC for alleged past enforcement shortcomings committed before new chairman...
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Banking royal commission report will crimp mortgage credit: Citi and UBS Australian Financial ReviewSep 20 2018 11:00 PM James Eyers   Banking analysts are braced for the interim report of the financial services royal commission to prompt a further restriction in housing credit, which could apply further pressure to house prices, after various case studies presented by the inquiry found banks lent more than many borrowers could afford. Citi banking analyst Brendan Sproules said he's expecting a "blistering review" of lending standards by Commissioner Kenneth Hayne when he delivers his interim report next week, and suggested investors could be underestimating the impact of his recommendations on the sector. Systemic over-lending The hearings on consumer lending had exposed "systemic over-lending" and in a comprehensive report published on Thursday, he predicted the inquiry would prompt further tightening of lending and lead to a ramp up of enforcement of lending laws by regulators. Commissioner...
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How reef funds went from $5 million to nearly $500 million in five days Sydney Morning Herald 21 September 2018 12:00am Carrie Fellner & Peter Hannam   EXCLUSIVE  Just days before the Great Barrier Reef Foundation received a controversial $443.4 million funding package, the organisation was in talks with then environment minister Josh Frydenberg's office for a grant of just $5 million. Documents obtained by Fairfax Media under freedom of information also show in the weeks after Mr Frydenberg met the foundation chairman John Schubert with the then prime minister Malcolm Turnbull on April 9 to tell him the grant had leapt almost 100-fold, officials were still scrambling to learn what the non-profit group did. The internal emails and diary notes provide colourful details of the efforts to justify the funding, with an Environment department staffer asking the group on April 19 for "any summaries of projects that we are investing...
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Labor to target overseas tax haven loopholes and 'citizenship shopping' Australian Financial Review Sep 20 2018 11:00 PM Tom McIlroy  WE HOPE LABOR START WITH THE CAYMAN'S Labor will move to end travel allowances for known overseas tax havens and stop citizenship shopping by requiring Australians with foreign residency to report to the Tax Office. Shadow assistant treasurer Andrew Leigh will announce plans to close a loophole that allows wealthy employees to receive allowances of up to $2000 tax-free for trips to nearly 30 countries including the Bahamas, Bermuda, Barbados, the Cayman Islands and Monaco. Currently some allowances paid to employees for overseas travel are tax deductible – up to $400 per day for five days. The plan would automatically deny deductions relating to all jurisdictions included on a European Union-style blacklist, including countries such as Nauru, the Maldives, Cook Islands, Niue and Vanuatu. Individuals could apply to the Commissioner of...
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Hayne shines a light on bargain basement penalties: Petty cash justice for Major Crimes Australian Financial Review Sep 20 2018 7:31 PM James Frost, Misa Han   The corporate regulator's failure to issue major companies with fines of any consequence was again highlighted at the Hayne royal commission on Thursdaywhen evidence showed Suncorp was fined just $43,200 when it was liable for a $7.2 million penalty. The Australian Securities and Investments Commission told Suncorp its promotion of insurance was false and misleading and issued the company four infringement notices with penalties of $10,800 per infringement. Breaching this section of the law is a criminal offence and carries a maximum penalty of $1.8 million per contravention. Emails between Suncorp employees show they knew promoting complete replacement cover was likely to infuriate both regulators and politicians but "the risk was accepted" after they considered the potential financial reward. Suncorp reported net profit of $1.1...
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Labor urges insurance crackdown ahead of Hayne report Australian Financial Review Sep 20 2018 10:27 PM John Kehoe   Labor is pressuring Treasurer Josh Frydenberg to explain why the government has failed to give the corporate regulator power to regulate insurance claims handling, as both sides of politics prepare for the interim royal commission report to be released next Friday. Shadow financial services spokeswoman Clare O'Neil will attend the commission's hearing in Melbourne on Friday and call on the government to explain why it has delayed giving the Australian Securities and Investments Commission the power to properly regulate claims handling in insurance. Kenneth Hayne's probe has uncovered allegations of wrongdoing by insurers in unfairly assessing and paying out claims, including Allianz, Suncorp and Youi. "I cannot begin to described how disgusted I was to hear that one insurance company left a pregnant woman without a roof for over 18 months. Insurers...
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One in five interest-only borrowers could run into mortgage repayment arrears: Most of whom were NOT TOLD their loans were Interest Only.  Australian Financial Review Sep 21 2018 12:16 AM Su-Lin Tan   One in five interest-only loan borrowers will struggle to make mortgage repayments when their interest-only loan expires, the latest UBS housing and banking survey reveals. The Reserve Bank previously indicated almost half a trillion dollars in interest-only mortgages - or about 30 per cent of all outstanding mortgages - will convert to principal and interest loans over the next four years, jacking up monthly repayments for almost 1.5 million borrowers and cooling housing markets further. "This last finding is quite concerning, in our view, as it implies that 18 per cent of interest-only customers will not be able to afford to pay their monthly mortgage repayment when their Interest-only period expires," the 2018 UBS Evidence Lab Mortgage Survey said....
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