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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.
  No credit crunch: RBA blames investors for drop in lending The Australian 11:00pm November 26, 2018 Andrew White   The Reserve Bank has again played down the role of a credit crunch in the housing market, with assistant governor Christopher Kent saying a fall in credit growth is also a result of lower demand from investors fearful of falling house prices. Mr Kent said competition between lenders had driven rates for property investment loans down at a faster rate than for owner-occupiers, suggesting lenders were battling a fall in demand for credit. And while lenders had passed on modest increases in funding costs to borrowers, there was still competition for borrowers, with rates for new loans below those for outstanding loans. “Credit supply is available to good-quality borrowers on good terms and there is a strong financial incentive to shop around,” Mr Kent told the Australian ­Securitisation Forum in Sydney...
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ASIC: Is it time for the corporate watchdog to be put down? ABC News26 November 2018 Ian Verrender business editor   It's an old and perhaps apocryphal tale. A hardened crim, on release from decades in prison, is marched into a classroom. The aim: to scare the wits out of the precocious young cherubs who think they needn't abide by society's rules. After several minutes of menacing stares and silence, our anti-hero begins reeling off a litany of misdemeanours and crimes and the amount of time spent in juvenile detention and ultimately, the big house. Finally, glaring from the front, he growls at his young charges. "Stay in school, get an education, use your brains and don't end up like me. "If I had my time over again, I'd have gone to university, picked myself up a degree in finance or law and gone into banking. You can rip off heaps...
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Garry Weaven tells APRA: drop the rubbish, serve members better The Australian 11:00pm November 25, 2018 Andrew White   Industry fund luminary Garry Weaven has called for a “radical re-education” of the prudential regulator, saying its priorities in the $2.7 trillion superannuation industry were “rubbish” and did little to further the interests of fund members. Mr Weaven, who helped establish the compulsory superannuation system and led the $700bn industry super fund sector, said the Australian Prudential Regulation Authority should be focused on “rooting out” long-term underperformance rather than trying to change the governance of funds. The focus on underperformance should extend to withdrawing the licences of chronic underperformers. But he said APRA should not have the sole responsibility for deciding which funds were eligible to receive default contributions. “APRA needs radical re-education. Most of the stuff that APRA spends its time on has been of virtually zero relevance to net benefit...
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  Westpac launches 'green' tailored deposits to take action on climate change Australia Financial Review Nov 25 2018 11:45 PM Mark Ludlow   EXCLUSIVE  Westpac is launching the world's first tailored "green" deposit scheme for big investors who want to back environmentally-friendly projects, saying wholesale investors are keen to take action against climate change. In a move Westpac expects will be followed by the other big banks, the green-tailored deposit product will only invest in schemes certified by the internationally-recognised Climate Bonds Initiative. Projects will include renewable energy, low-carbon transport, low-carbon buildings, forestry and land rehabilitation as well as waste and water projects. The City of Sydney Council has come on board as the first investor, committing $10 million over five years. As politicians fail to end a decade of policy uncertainty and the recent collapse of the National Energy Guarantee, Westpac Institutional Bank chief executive Lyn Cobley said the green...
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CBA CEO Matt Comyn warned of compensation risk The Australian 11:00pm November 25, 2018 Ben Butler   Matt Comyn told Commonwealth Bank chair Catherine Livingstone the bank might have to pay compensation for ripping off term deposit customers in a letter pitching for the chief executive’s job at Australia’s biggest financial institution, royal commission docu­ments reveal. The rip-off, which involved failing to tell term deposit customers they would get a much lower rate once a promotional period expired, spread across the banking industry in the mid to late 2000s after the corporate regulator investigated CBA over it but took no action. Late last year The Australian revealed that the Australian Securities & Investments Commission killed the investigation in 2010 despite legal advice that it had a strong case against the bank. It is estimated the rort cost customers across the industry as much as $200m a year, but The Australian is...
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Banking royal commission: NAB CEO Andrew Thorburn and chair Ken Henry to be quizzed on legal breaches Australian Financial ReviewNov 25 2018 11:00 PM James Frost   National Australian Bank chief executive Andrew Thorburn and chairman Ken Henry will be forced to defend their legacies against a mounting tide of evidence the bank has broken laws attracting civil and criminal penalties when they appear at the Hayne royal commission on Monday. The bank has had a horror year with financial performance issues, a mounting customer compensation bill and the bad behaviour of its staff examined in forensic detail by the inquiry into misconduct across the big four banks. Among the issues Mr Thorburn will need to explain is the bank's inability to report breaches of its licence to the regulator on time in breach of section 912D, while former Treasury secretary Dr Henry is likely to be asked why he signed...
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Mortgage brokers hit back at criticism of industry during royal commission Australian Financial Review Nov 23 2018 8:47 PM Ingrid Fuary-Wagner    Mortgage broker Josh Bartlett is astounded the banks have now turned on him and his like.  Bartlett, who has been building his Melbourne business for nearly a decade and this year wrote some $203 million worth of loans, suggests it is profit-seeking by the major banks that is responsible for negative sentiment surrounding mortgage brokers. "Since I've been in the game, all [the big banks] were ever doing was chasing us for business ... and now they want to turn the business off," Mr Bartlett says. "There would be big problems in the industry if there were no brokers ... the [bank] branches would collapse," he says. The recent housing boom has been a bonanza for brokers. As prices skyrocketed over the past five years, brokers, who earn a...
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Gordon Gecko Greed has been good for CBA The Australian 11:00pm November 23, 2018 Alan Kohler   It is not a well-known fact, but Gordon Gekko’s “greed is good” speech in the 1987 film Wall Street was actually about Commonwealth Bank of Australia, even though it still had nine years of government ownership ahead of it, and he’d never heard of it. In the movie, Michael Douglas’s character is speaking at the annual shareholders’ meeting of Teldar Paper Inc, and observes that the company has 33 vice-presidents each earning more than $US200,000 per year. “Now, I have spent the last two months analysing what all these guys do, and I still can’t figure it out … The new law of evolution in corporate America seems to be survival of the unfittest.” CommBank for sure. He then goes on to declare that he “liberates” companies, he doesn’t destroy them, and concludes: “The...
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Banking royal commission: ASIC’s awakening is just weeks old Australian Financial Review Nov 23 2018 1:50 PM Chanticleer (James Thomson)   The sirens finally – finally – appear to be wailing for Australia's tough cop on the corporate beat. The chairman of the Australian Securities and Investment Commission, James Shipton, revealed to the royal commission on Friday morning that he has told his squad of crime fighters  they need a good reason not to launch legal action when a financial institution reports a breach. And when was this sweeping show of strength made? Well, two or three weeks ago. The bewilderment of senior counsel Rowena Orr was obvious and infectious. She had taken Shipton to the example of Commonwealth Bank's mis-selling of credit card insurance. This is the case the royal commission examined back in August, where CBA admitted selling income protection insurance for credit cards to people who didn't have...
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Banking royal commission: James Shipton's ASIC faces independent oversight Australian Financial Review Updated Nov 23 2018 7:06 PM James Eyers   Corporate Australia faces years of litigation after the Hayne royal commission exposed the Australian Securities and Investments Commission for being a soft-touch regulator that was too close to the banks. The corporate regulator was lambasted for taking too long to investigate misconduct, was criticised for failing to take the banks on in court, and questioned over why its board lacked any independent directors. The final day of hearings in Sydney culminated with senior counsel assisting the inquiry Rowena Orr, QC, proposing an independent body to oversee the regulator, an idea ASIC chairman James Shipton conceded shouldn't be ruled out as an option. It seems clear that after a week of hearings featuring evidence from the chief executives of two of the big four banks and the conduct regulator that banks...
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Banking royal commission: ASIC supervisors to be 'raw, frank, blunt' Australian Financial ReviewNov 23 2018 5:30 PM James Eyers   The corporate regulator is concerned Commonwealth Bank is not passing its "raw messages" up the line to senior management, and insists its new supervisors embedded inside major banks will improve cultures even though the information they gather may be used for legal actions. The royal commission on Friday quizzed Australian Securities and Investments Commission chairman James Shipton on the role and concerns of its new supervisor teams, which the federal government backed with new funding in August. The first team of six is already working inside CBA, and Mr Shipton said their initial reaction is "we are not confident that that raw message [relating to ASIC's concerns about particular cases] is being escalated in direct and frank and clear terms to the senior most leaders". ASIC has received funding to put...
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ANZ doubles down on housing downturn: prices to fall 20pc Australian Financial Review Nov 22 2018 3:28 PM Nick Lenaghan   Housing prices could fall as much as 20 per cent across Sydney and Melbourne before the downturn is over, according to a revised forecast from ANZ. ANZ's economists are the latest to downgrade their predictions amid worsening signals from the housing market and the chilling effect of credit tightening. As recently as September, ANZ was tipping a a 10 per cent fall peak to trough in Sydney and Melbourne, while warning the current weakness in house prices would extend into 2020. In research published on Thursday, bank economists Daniel Gradwell and Jo Masters, revised their peak to trough forecasts for Sydney and Melbourne to falls of between 15 per cent to 20 per cent. "Until recently, housing prices have been performing broadly as we expected," they wrote. "And in fact,...
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Deloitte, EY, PwC's multiple 'independent' roles at the big banks Australian Financial Review Nov 22 2018 11:00 PM Edmund Tadros   EXCLUSIVE  The corporate regulator is allowing consultancy firms Deloitte, EY and PwC to police its enforcement regime for the big banks while they are paid millions for other consulting work, raising conflict concerns. The dual role raises questions about the ability of the consultants to be truly independent when there is a larger, and ongoing, commercial relationship with the client, a problem that has been raised repeatedly by the banking royal commission over "independent reports" produced by Clayton Utz and EY. The Australian Securities and Investments Commission, whose chairman James Shipton was accused of being too cosy with the banks on Thursday at the royal commission, was slammed in an interim report by Commissioner Kenneth Hayne for failing to take legal action against corporate wrongdoers. The regulator's preference for "negotiated...
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'What do we have to lose': soft touch ASIC laid bare at commission Sydney Morning Herald 22 November 2018 7:39pm Sarah Danckert, Clancy Yeates   The corporate regulator's reluctance to prosecute the big banks has been laid bare at the royal commission after it emerged senior staff at the watchdog opposed taking action against National Australia Bank over a home loan fraud. The revelation came as Australian Securities and Investments Commission chairman James Shipton gave assurances during his evidence at the commission that he would ensure ASIC was no longer seen as being too close to the banks and one that didn’t apply the full force of the law. During Thursday's hearing, counsel assisting Rowena Orr, QC, confronted Mr Shipton with an internal email by senior manager Kevin Foo in July that detailed a discussion of a meeting at ASIC about whether to take action against the bank. Following the meeting,...
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Banking royal commission: James Shipton probed on ASIC's relationship with banks Australian Financial Review Nov 22 2018 5:14 PM James Thomson   The chairman of the Australian Securities and Investment Commission, James Shipton, possibly walked into the royal commission witness box expecting to be chastised for not talking enough to naughty banks and financial institutions. Instead, he was interrogated for talking to them too much. After softening Shipton up with a series of questions about the expansion of ASIC's regulatory remit and the more modest expansion of its resources, senior counsel assisting Rowena Orr began asking about Shipton's engagement with chief executives and boards. Shipton said his contact was regular and irregular, formal and informal – annual meetings with boards, for example, as well as ad hoc phone calls with CEOs when a point needs to be made. "I've called CEOs to express dissatisfaction on a number of occasions as regards...
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IMF backs negative gearing curbs in broader tax reform Australian Financial Review Nov 20 2018 9:09 PM John Kehoe, Jonathan Shapiro   The International Monetary Fund has signalled qualified support for Labor's plan to curtail negative gearing, but warned that reducing tax breaks that encourage excessive borrowing should be part of a broader tax reform and be rolled out carefully. In an interview at the conclusion of a review of Australia's economy, IMF mission chief to Australia Thomas Helbling told The Australian Financial Review that tax incentives for leveraged real estate and shares, as well as tax concessions for other assets, should be reviewed. Cautiously weighing into the politically-charged debate over Labor's proposal to unwind negative gearing and capital gains tax concessions, Mr Helbling said the fund had long supported discouraging too much borrowing for assets including residential real estate. "Australia would benefit from broader tax reform, including revisiting tax concessions...
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Financial planning ethics chief to front industry angry about possible conflicts Australian Financial Review Nov 21 2018 11:00 PM Robert Bolton   The new chief executive of the Financial Adviser Standards and Ethics Authority fronts financial planners on Thursday as his organisation is criticised for lacking transparency, possible conflicts of interest and not taking previous qualifications into account. Stephen Glenfield, who was appointed CEO of FASEA in June, will outline to the Financial Planning Association annual congress the new industry code of ethics and seven pieces of legislation, some of which are meant to be in place by January 1. [Glenfield is a former APRA executive. See his short bio here. He’s the bloke who told the royal commission back in August about how his “front line” supervisory team kept getting knocked back by APRA’s so-called Enforcement division whenever they reported dirty deeds by superannuation trustees. –RJB] The founder of Portfolio...
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Banking royal commission: 10 minutes that shamed the Commonwealth Bank board Australian Financial ReviewNov 21 2018 11:00 PM Aaron Patrick   As a former logistics executive, Commonwealth Bank of Australia chairman David Turner liked to run his board tight. At meetings of the board's remuneration committee agenda items were allocated 10 minutes. Directors were presented papers prepared by the bank's staff to help them understand each issue. Direct discussion with bank executives beforehand wasn't encouraged. A desire to move briskly through board business explains why a meeting of the committee on August 8, 2016, that approved short-term bonuses for the bank's senior staff worked on the decision from just 12.40pm to 12.50pm. Two years later, those 600 seconds were used at the banking royal commission on Wednesday to make a important point: for all their talk about rewarding good behaviour, bank boards punished top executives only when they got caught. Play...
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Commonwealth Bank internal audit team raised 18 red flags The Australian 11:00pm November 21, 2018 Ben Butler   Australia’s biggest bank, Commonwealth Bank, has 18 “red” — unsatisfactory — audits outstanding, covering almost every area of the company from its compliance with anti-money-laundering and counter-terror financing laws through its mortgage broking subsidiary Aussie to problems with the SWIFT system used to transfer money between banks, documents tendered to the financial services royal commission reveal. Details of CBA’s audit woes are laid bare in a confidential paper prepared for a meeting on October 23 of an executive committee set up by new chief executive Matt Comyn to deal with non-financial risks by the bank’s internal audit and assurance team. The audit team said CBA’s anti-money-laundering and counter-terror financing (AML/CTF) program was “rated red, reflecting the significant number of issues already known to management and the additional issues found by Group Audit &...
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Banking royal commission: Westpac's Brian Hartzer doesn't know how much to repay Australian Financial Review Nov 21 2018 8:00 PM James Frost   Westpac chief executive Brian Hartzer said the bank was unable to quantify what proportion of a billion dollars in fees it will have to repay customers who were charged with services they never received, because the records were so poor. The admission at the Hayne royal commission has cast fresh doubt on the viability of the integrated model that sees banks provide financial advice and investment products with Mr Hartzer admitting the challenges were mounting. Mr Hartzer revealed that the bank was working on establishing a rule of thumb for refunds to customers of financial advisers who worked under the bank's licence but were not salaried employees. Mr Hartzer agreed that poor record keeping had made the process difficult. "We've been in discussions with ASIC and one of...
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CBA CEO Matt Comyn shifts blame to former execs Australian Financial Review Nov 19 2018 9:45 PM James Frost   Commonwealth Bank CEO Matt Comyn has shifted responsibility for the delay to stop selling dud insurance policies to the former CEO Ian Narev and former head of wealth management Annabel Spring, the Hayne royal commission has heard. Mr Comyn said he had been aware the controversial insurance products could pose a big problem for the bank for years through engagement with ASIC and conversations with CBA's former head of retail banking Ross McEwan, who oversaw growth of the product in Australia. "I am not trying to be flippant ... his advice to myself as I recall, Mr Narev, Ms Spring, is quite clear – stop" Mr Comyn said. Mr McEwan left CBA to run Royal Bank of Scotland. RBS was one of a number of banks caught up in the misselling...
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Quietly one arvo the Aussie property bubble burst MacroBusiness12:15 am November 20, 2018 David Llewellyn-Smith   Game over. Via ABC coverage of CBA CEO Matt Comyn at the Hayne Royal Commission yesterday afternoon: Rowena Orr has moved on to CBA’s own lending practices, particularly its extensive use of the Household Expenditure Measure (HEM). For those of you who don’t remember the HEM from the first round of hearings, it is a relatively low-ball measure of household living costs. Banks have used it as either a floor or even default measure of living expenses when they decide how much people can afford to borrow. When the bank regulator APRA ordered a targeted review of major bank lending standards, conducted by PwC, it found CBA used the HEM in 75-80 per cent of loan approvals. Given that the HEM represents the median (middle, or typical) spending on essential items for people in a...
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Call for Hayne to break up the banks Sydney Morning Herald 20 November 2018 12:15am Sarah Danckert   Banks’ self-serving flogging of products to customers should be canned by the Hayne royal commission and they should be broken up, a conference has heard. Nick Sherry, who was superannuation minister from 2007-09 in the Rudd government, said revelations at the banking royal commission showed that many of the superannuation trustees for big banks were not working in the best interests of members in the funds. “What I find a little startling is the culture of many who participate in this sector who believe it is appropriate to maximise the clip-the-ticket fee approach. Is that consistent with the fiduciary duties for a trustee?” Mr Sherry asked the Maurice Blackburn Corporate Conduct and Class Action Symposium in Sydney on Monday. “I despair that we still have trustees in my view failing to exercise their...
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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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