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BFCSA
MORTGAGE
DISTRESS SOS

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.
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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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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Experts respond to PM’s claims Labor policy could spark ‘housing market crash’ news.com.au September 20, 2018 Alexis Carey   PRIME Minister Scott Morrison has slammed Labor’s bold plan to fix the housing market, with the ominous warning it could “invite a housing market crash”. But while the Coalition has poured cold water over the Opposition’s promise to limit negative gearing and halve the 50 per cent capital gains tax discount, it has ignited fierce debate among leading property experts and everyday Aussies alike. News.com.au spoke to some of the country’s biggest names in real estate to get their take on what has become one of the hottest topics in the country. Here’s what they had to say. Not parody and not the Onion: the Real Estate Prime Minister says that cutting back the tax rorts that totally didn't cause house prices to rise will cause a housing crash. Also, how can...
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AMP still taking fees from the dead The Australian 12:00am September 18, 2018 Ben Butler, Michael Roddan   Scandal-ridden wealth giant AMP continues to charge dead people for life insurance, even after being told the customer has died, the banking royal commission has heard. The nation’s fifth-biggest ­financial services group discovered in April it was slugging the dead, after launching an investigation when CBA admitted similar sins to the commission. Yesterday’s admissions by AMP’s head of wealth management, Paul Sainsbury, made it the third financial services group after NAB and CBA whose graveyard sting has been exposed by the royal commission. AMP was also put through the wringer for charging superannuants higher life insurance premiums after wrongly assigning them status of “smoker”, and failing to give the customer enough opportunity to correct the record. Mr Sainsbury’s admissions join other shockwaves from the commission, with NAB’s head of wealth, Andrew Hagger, resigning...
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  Exit not so horrible for NAB’s $20m man Andrew Hagger The Australian 12:00am September 18, 2018 Michael Roddan, Ben Butler   NAB’s head of wealth Andrew Hagger will exit with redundancy payout of up to $796,000, as the highest-profile casualty so far of the banking royal commission. Mr Hagger, who has trousered more than $20 million over his decade at the bank, agreed to fall on his sword at the weekend after his evidence to the banking royal commission over his dealings with the corporate regulator during NAB’s fees-for-no-service scandal were lashed by counsel assisting, Michael Hodge QC. He is to be replaced as NAB’s most senior customer-facing executive by former NSW premier Mike Baird. Mr Baird will move from chief customer officer, corporate and institutional, to the same role at consumer banking. Mr Hagger’s is the first scalp from the big four claimed by royal commission hearings that have...
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Treasurer’s staff scrambles for aged-care fund details The Australian 12:00am September 18, 2018 Rick Morton   EXCLUSIVE  The Treasurer’s office has sought urgent advice from two government ministers about whether the Coalition cut $2 billion from direct aged-care funding and the dementia supplement, almost a week after cabinet signed off on a royal commission into aged care. On Sunday night, five hours after Scott Morrison was asked about cutting the Aged Care Funding Instrument, an email from Josh Frydenberg’s office was sent to Health Minister Greg Hunt and Aged Care Minister Ken Wyatt’s advisers seeking more ­answers. The Australian can reveal the Coalition has been considering a review of the ACFI, which would save between $3.3bn and $5.4bn over four years on top of the $2bn shaved off in 2015 and 2016 when Mr Morrison was treasurer. However, new Treasurer Mr Frydenberg was not across the ­detail of that policy, even...
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ASIC launches civil action against ANZ over 2015 capital raising Australian Financial Review Sep 14 2018 5:26 PM Jonathan Shapiro   The Australian Securities and Investments Commission is taking court action against ANZ Banking Group in relation to the controversial $2.5 billion equity capital raising in August 2015 that is the subject of a criminal cartel case. ASIC is claiming ANZ breached its continuous disclosure obligation by failing to inform the market that $791 million of the total $2.5 billion placement had been taken up by underwriters Deutsche Bank, Citigroup and JPMorgan, according to documents filed in Victoria's Federal Court on Friday. The documents highlight three separate conference calls between ANZ's then treasurer Rick Moscati and head of capital John Needham with the bank's underwriters Citigroup, Deutsche Bank and JPMorgan. During the calls the executives and bankers agreed to dispose of shares in certain ways, as well as consult if they...
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Josh Frydenberg slams ASIC for enabling 'culture of appalling conduct' Australian Financial Review Sep 14 2018 11:00 PM Phillip Coorey   EXCLUSIVE  Federal Treasurer Josh Frydenberg has slammed the past failures of the corporate regulator and promised new powers to speedily compensate victims of misconduct. Although awaiting the final recommendations of commissioner Kenneth Hayne's banking royal commission, Mr Frydenberg said he was likely to give ASIC new powers, including the power of remediation that was included in a capability review handed down in 2016. That means ASIC would be able to order companies who had wronged customers, such as AMP, to compensate them within a set timeframe, thus avoiding ASIC needing to take legal action. "Australians affected by financial misconduct deserve timely remediation," Mr Frydenberg told AFR Weekend. "A new ASIC remediation power as recommended by the ASIC Capability Review and accepted in principle by the government is one potential solution...
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When Guy Debelle had to wake the RBA governor to save the dollar Australian Financial Review Sep 15 2018 3:46 AM Karen Maley   In the weeks following the spectacular collapse of US investment bank Lehman Brothers, Reserve Bank of Australia officials were often woken from their sleep and forced to make big calls about spending millions to oil the wheels of paralysed currency markets. "My main memory of that time is that I didn't sleep for two months", recalls RBA deputy governor Guy Debelle, who in 2008 was responsible for running the central bank's financial market operations. At the time, most assumed the RBA's intervention in foreign currency markets was aimed at putting the brakes on the Australian dollar's precipitous decline. Ten years on, Debelle reveals this was not the case. Instead, the RBA wanted to narrow the yawning gap between the cost of buying and selling Australian dollars. The...
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GFC the catalyst for Macquarie transformation Australian Financial Review Sep 14 2018 10:45 PM Chanticleer (Tony Boyd)   The global financial crisis was the trigger for the most prolonged period of value destruction in the 49-year history of Macquarie Group, as well as being the catalyst for a transformation that is still paying shareholders in spades. A GFC-inspired share price plunge wiped $19 billion from the value of Macquarie between May 2007 and February 2009. This period of upheaval exposed a market-wide misunderstanding about how Macquarie worked. The bank had talked for years about the strength of its core risk management function leading into the GFC. But it was clear from the savage market reaction that investors did not understand what this meant. One person who capitalised on the lack of market knowledge about Macquarie was Jim Chanos, the founder of hedge fund Kynikos Associates in New York. In May 2007,...
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Low dole, high rent add up to housing stress in capitals The Australian 12:00am September 15, 2018 Rick Morton   EXCLUSIVE  Almost two-thirds of people on the dole who also receive commonwealth rent assistance are living in housing stress and a further quarter are paying more than half of their total income on rent, new data shows. The data released by the Department of Social Services shows the twin effects of the low value of the Newstart Allowance — which hasn’t risen in real terms for more than 20 years — and the high cost of rent in capital cities. The average rent assistance paid to someone on the unemployment benefit is $113 a fortnight, in addition to the payment itself, which is $539, and average rent is $452 for these recipients. Social Services Minister Paul Fletcher told The Australian this week that it was “simplistic” to say people on the...
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Royal commission: Insurer TAL launched dirt-digging campaign to deny mental illness claim ABC News13 September 2018 Stephanie Chalmers, Michael Janda   A nurse diagnosed with an anxiety disorder was followed by a private investigator, tracked on social media and bullied by insurer TAL, as part of its campaign to deny her income protection claim. The banking royal commission heard how a three-year dispute with TAL did not end when the Financial Service Ombudsman ordered the insurer to pay out her claim, with interest. Instead, staff within TAL stepped up efforts to discredit the claimant and ordered intense surveillance, which lasted at least four months. TAL executive Loraine van Eeden, who joined the company in January, was questioned about the case — which she repeatedly described as "inappropriate" — for several hours on Thursday. The customer at the centre of the case worked as a nurse and also cared for her partner,...
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Banking royal commission: ASIC comes under fire for light touch The Australian 12:00am September 14, 2018 Michael Roddan, Elizabeth Redman   Financial regulators are under pressure to sting crooked companies with larger fines and enforce the full extent of the law to deter misconduct, as the royal commission continues to uncover weak responses to corporate malfeasance. The Australian Securities & Investments Commission’s lacklustre action against Common­­wealth Bank, which had breached laws barring misleading and deceptive behaviour, was put under the spotlight yesterday as the Hayne inquiry continued to probe transgressions in the life insurance sector. In a day of shame for the life insurance industry, the royal commission revealed that insurer TAL paid tens of thousands of dollars to a private investigator to follow a woman’s “every move” after it failed to win a three-year battle to stop her from claiming on a mental health policy that the ­independent ombudsman had...
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How we staved off recession and the GFC Australian Financial ReviewSep 13 2018 11:00 PM Kevin Rudd   EXCLUSIVE  Lehman Brothers' eye-watering $US612 billion collapse was the single largest bankruptcy in US history. Global financial markets panicked, within 24 hours global capital flows literally froze and for the next month the world teetered on  the brink. These were white-knuckle times as we entered not just the Global Financial Crisis, but also the "great global recession" that followed. These were the events that would dominate the entire history of our government. In Australia we successfully navigated the GFC without losing a single financial institution – although we came perilously close in a number of cases – and without a single citizen losing their saving deposits. We also became the only major developed economy  to come through the great global recession unscathed. And despite the ocean of opportunistic conservative political commentary that has...
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Skye Capital Advisory crucial to debt deals the banks are too shy to touch Australian Financial ReviewSep 12 2018 11:00 PM Sarah Thompson, Anthony Macdonald   EXCLUSIVE  When a private equity firm wants to fund a big new Australian leveraged buyout, it no longer goes straight to the big four banks. Increasingly the big firms that do the big buyouts – such as The Carlyle Group, KKR and TPG Capital – are turning to US and European institutional investors to help fund takeovers or refinance portfolio companies because the capital-conscious big four typically cannot or do not want to offer the same quantum and terms for new loans. They're often part of the overall funding mix, but not front and centre as they once were. Instead more creative and nimble providers like HPS Investment Partners have stepped up to the plate. And the change – which has happened slowly over the...
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Freedom Insurance used every trick to trap customers The Australian 12:00am September 13, 2018 Michael Roddan, Elizabeth Redman   Freedom Insurance deployed every trick in the book to hold on to each dollar it siphoned from its unsuspecting victims, pitting staff against one another in a battle to dissuade the most determined customers from cancelling their policies and deducting the cost of an employee’s “seat”, which they had to earn back before they won bonuses. While sales of toxic funeral insurance policies, callously named “final expenses policies”, and accidental death insurance cover have soared in recent years for the fledgling company, so too have the busloads of victims calling up in vain to try to cancel policies. As Freedom chief operating ­officer Craig Orton was forced to take the stand in Melbourne’s Federal Court yesterday for a second day, counsel assisting the commission Rowena Orr QC ran over the extraordinary efforts...
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Banking royal commission: CBA rejected heart attack claims, misled ombudsman The Australian 12:00am September 13, 2018 Elizabeth Redman, Michael Roddan   Commonwealth Bank denied the claim of a life insurance customer who suffered a heart attack by using out-of-date medical definitions and then misled the Financial Ombudsman Service by covering up advice it had received from a doctor when the customer complained. CBA also ignored the ombudsman’s findings that it should apply an updated medical definition to the claim, in a series of repellent manoeuvres revealed by the financial services royal commission yesterday that the corporate watchdog labelled “serious misconduct” but failed to take action against. The royal commission also revealed how CBA routinely ignored the medical advice of its own employed doctors, including its chief medical officer Dr Benjamin Koh who blew the whistle on the company’s misconduct in 2016, to update its definition of heart attack, and routinely rejected...
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