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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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Denise Brailey

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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Denise

Denise

Denise Brailey has dedicated the past 20 years of her life to being a Consumer Advocate - a voice for the people and former President of RECA (Real Estate Consumer Association. She has helped thousands of investors and is currently President of the BFCSA (Banking & Finance Consumers Support Association). Denise was also awarded and presented with the Rona Oakley Award for Consumer Protection in 2010.
Banking Code of Practice offers small business a safeguard Sydney Morning Herald 15 August 2018 12:05am Kate Carnell Kate Carnell is Australia’s Small Business and Family Enterprise Ombudsman.   Perseverance is a critical factor in advocacy success. When the Australian Securities and Investments Commission (ASIC) approved the revised version of the Australian Banking Association’s Banking Code of Practice, it was a significant milestone for us. The new Banking Code of Practice puts into practice most of the recommendations in our Small Business Loans Inquiry report, which we have been publicly arguing for on a weekly basis since it was released in February 2017. The new code contains significant positive initiatives and protections for small business, and since it is ASIC-approved, ASIC will ensure it is enforced properly. As recommended in our inquiry, the code has a dedicated new small business chapter, which requires a contract to be concise and written in...
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Melbourne land speculators 'panicking' as settlements loom Australian Financial ReviewAug 15 2018 11:00 PM Larry Schlesinger   EXCLUSIVE  Speculators who hoped to get rich on a boom in Melbourne land prices are "panicking" as settlements loom and they can't find developers to on-sell their sites to, according to Resi Ventures's Khurram Saaed, who has been developing for 15 years. Mr Saaed said he was getting one call a week from panicked speculators, including one buyer who had put down $21 million in deposits on a number of sites and risked losing all their money. "These are people who have been successful in other business, and who have just bought land with no due diligence in the hope of making a lot of money in three to four years' time by flipping the site prior to settlement," he told The Australian Financial Review. Some have indeed done well following a surge in...
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Housing spiral looms as potential buyers stay on the sidelines The Australian 12:00am August 16, 2018 Robert Gottliebsen   Sydney developers are now seeing more of their young, frustrated potential buyers moving to Brisbane. A year ago they were moving to Melbourne. But now Melbourne has caught some of the Sydney disease. In simple terms, they move out of Sydney because they have no hope of buying a home, given the high prices and the current bank lending rules. And when money is available, falling dwelling prices make them frightened. But the methods we are using to lower prices don’t address some of the fundamental causes of high dwelling prices: government rules and charges. Meanwhile, as the housing markets in both Sydney and Melbourne fall, home owners with high borrowing are becoming increasingly agitated, while those who want to get into the market are asking: “How far can the fall go?”...
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It’s all the customers’ fault, says NAB at royal commission The Australian 12:00am August 14, 2018 Michael Roddan, Ben Butler   In 2011, National Australia Bank spent millions telling Australians it was “breaking up” with the other major banks, pledging to do things differently. It must come as some surprise then, just a few years later in 2016, that NAB’s spin doctors were trying to keep the bank as “just one in the pack”, not an “outlier” and in the “middle” of the major banks. This time, though, the corporate affairs executives at NAB were trying to downplay how badly the bank had stung its customers for fees where no service was given. Two years later and the bank is still stalling on the problem, if the protracted testimony of NAB executives Paul Carter, Nicole Smith and Andrew Hagger at the royal commission is anything to go by. Despite having to...
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Suncorp used 'tax surplus' for admin rather than return money to members Sydney Morning Herald 14 August 2018 5:53am Clancy Yeates   Suncorp's superannuation trustee used tax refunds within funds to purchase administrative services from other parts of the financial conglomerate, instead of returning the money to members as many funds do, the royal commission heard. As part of its scrutiny of superannuation trustees, the Hayne royal commission on Monday afternoon turned its attention to how Suncorp used what it called a "tax surplus." This referred to member funds that were collected for taxation purposes, but the fund ended up with a surplus because of deductions. Senior counsel assisting the commission, Michael Hodge QC, questioned Maurizio Pinto, the head of the office of the trustee within Suncorp Portfolio Services Limited (SPSL), about the arrangement, and the monitoring of the services provided. Mr Hodge said "many" other super funds dealt with a...
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NAB's tips on how to snow ASIC - Fees for No Work Done Scam Australian Financial Review Aug 13 2018 7:07 PM Karen Maley   Andrew Hagger, the chief customer officer for retail customers of National Australia Bank is an affable fellow with a formidable talent for circumlocution. It was a knack that Melbourne-based bank used to great advantage back in October 2016. Back then, the corporate watchdog, the Australian Securities and Investments Commission, had sent out a draft report on advice service fees. The problem for NAB was that ASIC planned to include the bank's plan service fees – where customers in superannuation funds run by the bank had been charged fees on general education advice about superannuation and their investment options, even though they had no financial advisers linked to their account. The draft copy of the report that ASIC prepared indicated that NAB was likely to face a...
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PM fends off Lucy’s links to $444m reef grant recipients The Australian 12:00am August 10, 2018 Andrew Clennell, Geoff Chambers   Malcolm Turnbull’s office has confirmed that two of the directors of the Great Barrier Reef Foundation — the recipient of a $444 million grant from his government awarded without tender — may have been hosted at the Prime Minister’s home by wife Lucy. The Australian can reveal the head of the Great Barrier Reef Foundation’s philanthropy committee, Stephen Fitzgerald, a one-time head of Mr Turnbull’s former investment bank Goldman Sachs, was on the board of the European Business Advisory Council at the same time as Mrs Turnbull. Mr Fitzgerald is also on the council of advisers for the US Studies Centre in Sydney — where Mrs Turnbull is patron — and was on that council while Mrs Turnbull held the role of deputy chair between 2012 and 2015. The chair...
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NAB CEO Andrew Thorburn: 'We do not believe they are criminal' Australian Financial ReviewAug 9 2018 9:03 PM James Frost   NAB CEO Andrew Thorburn says the bank did not act honourably but was not guilty of criminal acts in its wealth and superannuation arms, after another punishing day at the Hayne royal commission. "We do not believe they are criminal acts," Mr Thorburn said. "ASIC has made some claims against us that they suspect we have had some breaches and those are unresolved. They are suspected and not proven." "The point we are making is that we do not believe they are criminal breaches and we certainly do not believe they are criminal acts." Mr Thorburn acknowledged the bank did not act honourably following a third day of evidence from the chairman of its superannuation trustee Nicole Smith, where it was revealed the bank was being investigated for more than...
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NAB's tips on how to snow ASIC Australian Financial Review Aug 13 2018 7:07 PM Karen Maley   Andrew Hagger, the chief customer officer for retail customers of National Australia Bank is an affable fellow with a formidable talent for circumlocution. It was a knack that Melbourne-based bank used to great advantage back in October 2016. Back then, the corporate watchdog, the Australian Securities and Investments Commission, had sent out a draft report on advice service fees. The problem for NAB was that ASIC planned to include the bank's plan service fees – where customers in superannuation funds run by the bank had been charged fees on general education advice about superannuation and their investment options, even though they had no financial advisers linked to their account. The draft copy of the report that ASIC prepared indicated that NAB was likely to face a compensation bill for fees for no service...
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Melbourne auctions are dismal Australian Financial Review Aug 12 2018 4:18 PM Su-Lin Tan   The Melbourne auction scene is dismal with the general number of bidders now down to "one or none", buyer's agent Morrell and Koren's Emma Bloom says. Despite being the nation's strongest auction market, Melbourne's auction volume has plunged year on year down to 718 auctions against 955 last year. Sydney too struggled for supply of homes for sales, at 459 auctions versus 798 last year. Melbourne's preliminary auction rate at the weekend was 58.5 per cent, according to Domain. For the week, it was 61.3 per cent higher than last week's 57 per cent but still lower than last year's 69.8 per cent. "A lot of auctions have been failing," Ms Bloom said. "What agents are now doing to protect the value of the home is to use an expressions-of-interest private treaty selling method." Ms Bloom...
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Banking royal commission: Hayne terrifies banking industry The Australian 12:00am August 13, 2018 Richard Gluyas   An abrupt summons delivered last Friday to senior National Australia Bank executive Andrew Hagger to appear today at the financial services royal commission has signalled a new chill between the commission and the nation’s besieged banking industry. Mr Hagger, NAB’s chief customer officer consumer and wealth, is the first bank executive to be summonsed by Ken Hayne at short notice, without the opportunity to pull together a witness statement. It signals a much more aggressive approach by the commission, which has previously identified its likely areas of focus to targeted institutions so they can prepare their witnesses. Last week, however, hostilities between Mr Hayne and NAB exploded. The commissioner erupted at the bank’s senior counsel and former Federal Court judge Neil Young, accusing him of a coaching Nicole Smith — the ex-chair of NULIS, the...
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National Australia Bank pays low interest to superannuation customers The Australian 12:00am August 13, 2018 Anthony Klan   National Australia Bank has short-changed its super­ fund members in addition to fee gouging by paying interest rates on simple “cash” investments well below what a mystery shopper was ­offered after approaching other banks, documents show. A witness statement by NAB executive Paul Carter filed with the banking royal commission says independent analyst firm Rice Warner had conducted a “no names” ­inquiry of CBA, Westpac and ANZ to obtain quotes and had “identified that a higher rate may be available” than that which NAB was paying its superannuation members. The statement says that subsequently, one of NAB’s superannuation arms had negotiated, with NAB, a 26-basis-point increase in the interest rate NAB would pay to its own super members — a move that would see “cash” returns being paid to many members almost double....
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NAB, IOOF just the tip of the iceberg Australian Financial ReviewAug 12 2018 11:00 PM Adele Ferguson   "Did you think, yourself, that taking money to which there was no entitlement raised a question for criminal law?" Commissioner Kenneth Hayne asked one of the witnesses. "I didn't," replied the former chairman of NAB's superannuation trustee, NULIS Nominees, Nicole Smith. Hayne's words would have chilled trustees across the country, many of whom have sat in conflicted silence around the board tables, earning tidy sums as they rubber stamp a myriad of matters that are not in their members' best interests. Trustees are supposed to be the guardians of our retirement savings. The Australian Financial Review can reveal that the Superannuation Complaints Tribunal as recently as July 3 made a landmark decision to direct a trustee to not just refund more than $8000 in fees deducted for no service to a member that...
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Let good times roll, says RBA The Australian 12:00am August 11, 2018 David Uren   The Reserve Bank has forecast a period of prosperity with rapid economic growth lasting at least until the end of 2020, powered by fast-rising exports and the building of office towers and major ­infrastructure. The bank’s upbeat quarterly economic outlook says the unemployment rate will drop to 5 per cent over the next two years, which should enable the Reserve Bank to start lifting its benchmark interest rate. “The Australian economy remains on track to achieve lower unemployment and higher inflation over time,” the report says. “Supported by accommodative domestic monetary policy and a positive international outlook, GDP growth is expected to be a little above 3 per cent in both 2018 and 2019.” The forecasts, which are broadly consistent with those in the federal budget, include an upgrade for 2018 that suggests the strong 1...
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IOOF super fund staff raided member reserves Australian Financial Review Aug 10 2018 8:25 PM James Frost   Staff at wealth manager IOOF raided a reserve fund to fix their own bungle then lied to both customers and the regulator about what had transpired, the Hayne royal commission heard on Friday. The fifth day of hearings into superannuation continued the week-long exposure of the shadowy world of super trustees, who are obliged to act in the best interests of fund members but have repeatedly been shown to be compromised by commercial allegiances. IOOF's raid of the members' reserve funds was just one of several that have occurred under the watch of veteran managing director Chris Kelaher, who has been in the job since 2009. When asked whether the issue of dipping into the reserve to repay members had arisen at other times Mr Kelaher said: "You will have to be more...
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PM fends off Lucy’s links to $444m reef grant recipients The Australian 12:00am August 10, 2018 Andrew Clennell, Geoff Chambers   Malcolm Turnbull’s office has confirmed that two of the directors of the Great Barrier Reef Foundation — the recipient of a $444 million grant from his government awarded without tender — may have been hosted at the Prime Minister’s home by wife Lucy. The Australian can reveal the head of the Great Barrier Reef Foundation’s philanthropy committee, Stephen Fitzgerald, a one-time head of Mr Turnbull’s former investment bank Goldman Sachs, was on the board of the European Business Advisory Council at the same time as Mrs Turnbull. Mr Fitzgerald is also on the council of advisers for the US Studies Centre in Sydney — where Mrs Turnbull is patron — and was on that council while Mrs Turnbull held the role of deputy chair between 2012 and 2015. The chair...
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Understandable community anger is a threat to us all The Australian 8:09am August 9, 2018 Robert Gottliebsen   We looking at entering a new an era of crime and punishment in Australia as the community loses trust in its politicians and corporate executives. Suddenly the possibility that the actions of politicians and corporate executives could be classed as “criminal” is being publicly raised. The penalty for criminal offences can be jail, although there are many other non-jail penalties. Back in 1995 the Australian Parliament passed legislation stating very clearly that any politician, public servant or political adviser found by the courts to be misleading the public could be jailed for one year. Yet politicians commit that offence on a regular basis in defiance of the law because votes are more important. But the law is there. The first linking of possible criminal offences to corporate actions actually came from a politician...
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Real wages falling for workers, union-commissioned poll finds The Australian 12:00am August 10, 2018 Ewin Hannan   Four out of five workers did not receive a pay rise or endured a real wage cut in the past year, ­according to union-commissioned polling that found low wages growth was set to be a significant ballot box issue for voters at the next federal election. The ReachTel polling of 2453 residents across Australia included 36 per cent who said they would vote for the Coalition at the next poll. Twenty-eight per cent said low wages growth would be the top issue when they voted, and 54 per cent said it would be an important issue. Of those surveyed, 62 per cent, or 1528 people, said they were working. Almost half of those said they had not received a pay rise in the past year, while 33 per cent said they received a wage...
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NAB CEO Andrew Thorburn: 'We do not believe they are criminal' Australian Financial ReviewAug 9 2018 9:03 PM James Frost   NAB CEO Andrew Thorburn says the bank did not act honourably but was not guilty of criminal acts in its wealth and superannuation arms, after another punishing day at the Hayne royal commission. "We do not believe they are criminal acts," Mr Thorburn said. "ASIC has made some claims against us that they suspect we have had some breaches and those are unresolved. They are suspected and not proven." "The point we are making is that we do not believe they are criminal breaches and we certainly do not believe they are criminal acts." Mr Thorburn acknowledged the bank did not act honourably following a third day of evidence from the chairman of its superannuation trustee Nicole Smith, where it was revealed the bank was being investigated for more than...
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Investor mortgage crash to drive house prices lower MacroBusiness 12:02 pm on August 8, 2018 Leith van Onselen   Today’s housing finance data for June, released by the Australian Bureau of Statistics (ABS), posted a large fall in overall finance commitments, led by crashing investor demand. According to the ABS, the total number of owner-occupier finance commitments (excluding refinancings) fell by 0.5% in June in seasonally adjusted terms and was down 5.6% over the year:  The recent rise in FHB mortgage demand has been driven by NSW and VIC, where FHB incentives were implemented from 1 July 2017. FHB commitments were up by 56% and 31% in NSW and VIC respectively relative to June 2017: Next, the below chart tracks the annual growth in the value of finance commitments, and shows that the trend in owner-occupied finance (excluding refinancings) has only recently fallen whereas investor finance commitments are crashing, with total mortgage...
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  Housing credit crunch feared as RBA keeps rates on hold The Australian 12:00am August 8, 2018 Adam Creighton, David Uren   Scott Morrison says the economy faces an “own goal” if the financial services royal commission causes a credit crunch, with his warning coming as the Reserve Bank governor highlighted “changed ­dynamics” in the ­increasingly fragile housing market. The Treasurer said he was ­relaxed about house prices, which are falling in Sydney and Melbourne at an annualised pace of about 5 to 10 per cent, but urged vigilance to avoid a sharp drop in home loan growth. “We must be very careful to avoid that. We are being very careful about that in terms of how we handle the regulatory ­response,” he said at a business lunch in Melbourne yesterday. “There are concerns that the wrong response to what we’re seeing in our banking or financial system could further constrain...
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CommBank relaxed about slow housing, mortgage stress Australian Financial Review Aug 8 2018 8:14 PM Jonathan Shapiro, James Eyers   Commonwealth Bank chief executive Matt Comyn said the softening housing market is "unambiguously a good thing" for the long-term health of the economy as the Reserve Bank of Australia governor dismissed concerns about falling property values, tighter lending standards and rising funding costs.  Mr Comyn offered an upbeat outlook for the economy as he unveiled a 4.8 per cent fall in cash profit to $9.23 billion, saying  "it's actually a good economic backdrop" for a slowing of the housing market to be taking place and "long term we see great prospects in the growth of the Australian economy". With recent data showing Sydney house prices had fallen at their fastest price in five years, driven in part by tighter credit standards, RBA governor Phil Lowe said the economy "needed a period...
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Banks’ policing regime won’t prevent gouging of super nest eggs The Australian 1:08pm August 7, 2018 Anthony Klan   The Federal Government’s announcement of a new policing regime for the major banks and financial institutions will, like so many similar Band-Aid moves before it, do little to zero to correct and prevent the ongoing, systemic gouging of the public’s superannuation nest eggs. The Australian Securities and Investments Commission is to be given an extra $70 million to boost its “policing” activities, including $8m to embed “dedicated staff” within the Big Four banks and AMP: which is precisely the type of window dressing critics were expecting. This is the same regulator which has recently denied it is even responsible for policing the widespread malfeasance in the super sector — which is literally costing the public billions of dollars a year — despite it having, according to its own latest annual report, a...
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AMP's Wilkins tells staff to own mistakes after record outflows Australian Financial Review Aug 8 2018 10:00 PM Joyce Moullakis   AMP has suffered a $5 billion slump in cash inflows in its core Australian wealth management business over the latest half year because of damage to its brand from disclosures at the Hayne royal commission. In its first results since the bruising commission appearances and subsequent management turmoil, the AMP revealed net outflows for the half year amounted to a record $873 million. The numbers illustrate the scale of the task facing the troubled wealth manager to reestablish its reputation. In a step towards that goal, acting AMP chief executive Mike Wilkins laid down a new staff mantra to own and fix any mistakes and restore the group's tarnished image and earnings. But he refused to follow rivals that have stopped paying trailing commissions to advisers on legacy products. His...
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Greens want Australia's banks broken up over 'shocking degree of rot' The GuardianWed 8 Aug 2018 04.00 AEST Paul Karp   Australian financial institutions including the big four banks would be forced to break up their businesses and perform just one of four key functions in a radical Greens plan to increase competition. The plan would force Westpac, ANZ, NAB and the Commonwealth Bank to divest their wealth management arms while Westpac’s BT Financial Group, AMP and MLC would be broken up separating superannuation, insurance and wealth management functions. The Australian Competition and Consumer Commission would also gain a larger role under the plan, taking responsibility for consumer protection and joining the Council of Financial Regulators. The Greens cite the “shocking degree of rot” in financial institutions uncovered by the banking royal commission as inspiration, but the policy significantly front-runs the commission and other major parties. The Greens were the first...
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