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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.
Pressure on banks to raise rates The Australian 12:00am January 14, 2019 David Rogers   Pressure is growing on Australia’s major banks to wind back new mortgage discounts and push through further out-of-cycle increases to lending rates in response to higher funding costs. Last week’s home loan rate rises by Bank of Queensland could trigger a new round of increases despite a still record-low official cash rate set by the Reserve Bank, analysts warned. At the same time a run-up in global funding costs could increase the chance of an official rate cut later this year. “Another blowout in bank funding costs is adding to the pressure for an RBA rate cut,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital. “This is bad news for households seeing falling house prices.” In recent months, the difference in yield between three-month bank bills and the expected RBA cash...
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Regulators sound alarm over SMSF property speculation The Australian 12:00am January 14, 2019 Michael Roddan   EXCLUSIVE  A surge in property speculation by leveraged self-managed super funds amid sliding house prices in the nation’s biggest cities has sparked concerns among the powerful Council of Financial Regulators that many may be in over their heads. Confidential documents, obtained by The Australian under Freedom of Information rules, reveal a renewed rush by SMSFs to take out mortgages for property investment despite an increasing crackdown by the major banks to close off the problematic credit products. Documents collated for the regulator show the total value of property investment loans held by SMSFs has raced to $39 billion — more than 5 per cent of all assets in the $700bn self-managed super sector by the end of the June quarter. Loans for property investment through SMSFs are considered “limited recourse” because if the loan defaults,...
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Chunky capital concerns over big four banks' Kiwi arms Australian Financial Review 14 Jan 2019 12:15 AM Sarah Thompson, Anthony Macdonald   As the big four banks tackle Australia's banking regulator and how exactly it wants them to raise another $75 billion capital, there is another storm brewing across the Tasman. And while the numbers out of New Zealand may be smaller, bankers reckon the storm front is both more fierce and more likely to spark equity raisings or asset sales than regulator changes back home. The big four banks are likely to need about another $15 billion to $20 billion in tier one capital in their Kiwi subsidiaries to keep banking in New Zealand. The Reserve Bank of New Zealand wants Australia's big four - which together account for nearly 90 per cent of NZ's bank assets - to lift tier one capital to 16 per cent, from about 13...
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Big banks lobby APRA over $75b 'too big to fail' capital requirements Australian Financial Review 13 Jan 2019 11:00 PM Jonathan Shapiro   The big four banks are trying to convince the prudential regulator to reconsider its proposal to force them to raise an additional $75 billion of so-called Tier II bonds to meet "too big to fail" capital requirements. They will argue that the global market for Tier II bonds may not be large enough for them to raise up to 7 per cent of their risk weighted assets via this type of debt, in responses to an Australian Prudential Regulation Authority consultation paper that are due at the end of January. That APRA paper, released on November 8 said the banks should raise additional Tier II funds to comply with global 'total loss absorbing capital' rules intended to limit future taxpayer bail-outs by "bailing in" private investors. The release...
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Cracked Opal Tower ‘tip of iceberg’ of faults The Australian 12:00am January 12, 2019 Sam Buckingham-Jones   EXCLUSIVE  Australia’s construction system should be audited “immediately” and a dedicated emergency fund set up for apartment residents displaced by dodgy building work, a national body representing $1.2 trillion of managed property says. The chief executive of Australia’s peak strata body says poor building quality across the country — including the use of flammable cladding, illegal asbestos and cheap electrical ­cables — should be an election issue for Prime Minister Scott Morrison and Opposition Leader Bill Shorten. Speaking for the first time since the start of the Opal Tower situation in Sydney, in which a 392-apartment building cracked and forced evacuations on Christmas Eve, Alisha Fisher, CEO of the Strata Community Association, said the incident was the “tip of the iceberg”. “The bottom line is that the last 12 months have been a horror...
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Future Fund could manage your superannuation Australian Financial Review12 Jan 2019 12:12 AM John Kehoe   EXCLUSIVE  The Morrison government is actively considering allowing a federal institution such as the Future Fund to offer low-fee superannuation accounts in a potential major shake up move to inject competition into Australia's underperforming $2.7 trillion retirement fund system. The Australian Financial Review has been told by several government sources that allowing the $149 billion Future Fund or another public wealth management entity to directly manage super and be eligible to accept default members is a live option among senior ministers who are examining the proposal. The idea, promoted by Future Fund chairman and former Liberal treasurer Peter Costello and top economist Nicholas Gruen, is gaining momentum in the wake of the damning royal commission into financial services and this week's Productivity Commission report. The independent government economic adviser exposed that Australians were losing $3.8...
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  Funds run by big banks would miss out on best performer list The Australian 12:00am January 12, 2019 Anthony Klan   EXCLUSIVE  Not one superannuation fund run by the nation’s banks and major financial institutions would make it into a proposed “best in show” list of top 10 performers, data shows. Industry funds took out each place in the list of 10 highest returning funds in the year to June, with that $653 billion not-for-profit sector similarly outperforming over three, five, 10 and 15 years, according to highly regarded analyst SuperRatings. Of the 10 worst performers on a list of the nation’s biggest 50 balanced funds last financial year just two were industry funds — one of which was TWUSuper, the biggest super fund for the nation’s transport workers — while seven were funds operated by AMP, ANZ, CBA, Westpac and NAB. The government this week released the Productivity Commission’s...
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Chinese buyers ‘will avert property cataclysm’ The Australian 12:00am January 12, 2019 Luke Griffiths   Ongoing Asian investment in Australian property, particularly from Chinese buyers, is the only thing saving the local market from a “cataclysmic” wipe-out, property developer Michael ­Drapac says. The founder and chairman of Drapac Capital Partners has long predicted a significant fall in property prices, particularly in Sydney and Melbourne, and while interest from Asia would avert a “horrific” outcome, an overall correction of 30 per cent should still be expected. His comments come as figures this week from the Australian Bureau of Statistics show the number of apartment approvals in November fell to a five-year low, driven mostly by a 26 per cent fall in Victoria and a 15 per cent fall in NSW. The NSW Property Council also reported a 22 per cent fall in industry confidence over the past 12 months. Drapac, 63, says...
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It’s Canberra or quits for top crime busters The Australian 12:00am January 12, 2019 Jared Owens   EXCLUSIVE  Australia’s leading criminal intelligence agency plans to recall dozens of operatives from state offices to Canberra, prompting fears of a brain drain as staff take redundancy payouts rather than move to the nation’s capital. The Australian Criminal Intelligence Commission said the overhaul would ensure its staff were “in the right location, with the right skills” to combat serious and organised crime. But staff have demanded a clearer justification for the change that will ­affect about 65 of the agency’s 800 workers. The restructure will be felt mostly in Queensland, where one-third of about 90 staff expect to be asked to move. Community and Public Sector Union deputy president Lisa Newman said the commission risked losing some of its best intelligence officers since “few if any” interstate staff would contemplate moving. “It’s quite mystifying...
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APRA mute on lack of action The Australian 12:00am January 11, 2019 Ben Butler   The prudential regulator has failed to respond to criticism by the Productivity Commission that it has been “missing in action” by not taking action against super­annuation trustees who rip off members. Australian Prudential Regulation Authority member Helen Rowell yesterday failed to address calls in a blockbuster Productivity Commission report for the regulator to ditch its preference for backroom deals in favour of taking public legal action in order to raise standards across the scandal-ridden super sector. However, Mrs Rowell, APRA’s super tsar, said the regulator welcomed the Productivity Commission’s calls for a capability review — an inquiry by external experts into the agency’s ability to enforce the laws for which it is responsible. A spokesman for the Australian Securities & Investments Commission, which regulates some parts of the super industry and was also criticised by the...
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NAB’s new spin king Philippa King a financial novice The Australian 12:00am January 11, 2019 Joyce Moullakis   EXCLUSIVE  National Australia Bank has filled a longstanding vacancy by tapping former Malcolm Turnbull and Mike Baird adviser Philippa King for a government affairs post. The Australian can confirm Ms King will start in the role of general manager government affairs and public policy this month, after employees were told of the appointment early this week. A NAB spokeswoman confirmed the appointment and said: “Philippa has significant experience and demonstrated capability in domestic and inter­national policy and political environments, having worked under Coalition and ALP governments and navigating a range of complicated and sensitive issues. “She has shown great ability to work across all sides of politics, making her highly suitable for this position. “The seniority of her postings reinforce the confidence in her by successive governments.” But several industry executives canvassed by...
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Ban ex-regulators from bank boards: Deutsche analyst Australian Financial Review 10 Jan 2019 5:52 PM Jonathan Shapiro   Former financial regulators should be banned from sitting on the boards of banks and other institutions following revelations of conflicts of interest at the Hayne royal commission, say Deutsche Bank's banking analysts. The inquiry had exposed how the mortgage product had evolved from a means to afford a home to "a high-return financial-credit product which fabricated both a source and store of chimerical wealth", Matt Wilson and Anthony Hoo said in a note to clients published on Thursday. The extent to which the family home had been 'financialised' made regulators vulnerable to capture given "the broader economic and political impacts of their actions", they said. "Perhaps true courage and independence can only be obtained if financial regulators were essentially precluded from becoming directors of financial service enterprises." The boards of financial institutions are...
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Taxpayer may foot the bill for Sydney Opal Tower defects The Australian 12:00am January 11, 2019 Sam Buckingham-Jones   EXCLUSIVE  The NSW government may be on the hook for millions of dollars to fix the cracks and defects in Sydney’s damaged Opal Tower because of a law that exposes it to legal action as owner of the land. While NSW Premier Gladys Berejiklian has “wholeheartedly” encouraged Opal Tower’s residents to take “every legal opportunity they have”, The Australian can reveal that her government’s own Sydney Olympic Park Authority, and not Ecove — the company that developed the land into Opal Tower — could be sued by apartment owners because of changes in building warranty laws designed to close a loophole. On Christmas Eve, residents heard loud bangs as large cracks appeared in Opal Tower, forcing more than 300 residents of the tower to evacuate while engineers from Icon Co, the builder,...
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Government expert says Opal crisis could have been avoided Australian Financial Review 10 Jan 2019 11:00 PM Sue Williams and Jimmy Thomson   The NSW government-appointed expert who wrote its report into building industry standards says had his 2016 recommendations been followed, the Opal Tower crisis, where cracking in support walls has led to hundreds of residents being evacuated, might never have occurred. And Michael Lambert, whose review of the Building Professionals Act contained 150 recommendations for improving quality control in new buildings, claims there are thousands of other defective buildings whose plight is never reported. "I tried to persuade them [the government] to do something, but after two years, I gave up and sat back and felt very frustrated by it all," the former treasury secretary told The Australian Financial Review. "It's bureaucrats resisting any changes and ministers who don't feel motivated to override them." Mr Lambert says defects in 85...
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Australia’s house price slide prompts worries about economy Financial Times10 January 2019 Jamie Smyth in Brisbane   Free iPads, rental guarantees and an eye-watering A$100,000 ($72,000) off the price of an apartment are some of the sweeteners on offer from property developers amid the worst housing downturn in Australia for 35 years. National house prices fell 1.3 per cent in December, the largest monthly fall since 1983, which resulted in an annual decline of 6.1 per cent last year. Prices in Sydney, the country’s biggest property market, are down 11.1 per cent from their peak, according to Morgan Stanley, which warned this week the slump could torpedo Australia’s run of 27 years without a recession — a modern global record. “We think the steep downturn in house prices exposes Australia to the risk of recession, particularly in the context of an exogenous shock such as slowdown in Chinese growth,” said Daniel...
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Loophole: how Deloitte games the tax laws for Kiwi raider michaelwest.com.au Jan 10, 2019 Michael West   The minute the government brings in new tax laws, the Big Four accounting firms get cracking on the loopholes for their multinational clients. It matters not that EY, PwC, KPMG and Deloitte are the biggest beneficiaries of government consulting contracts, they are also the masterminds of global tax avoidance. Michael West reports on the case of the Kiwi corporate raider, Graeme Hart, the once venerable Burns Philp and its accountant Deloitte. One of the new measures introduced in 2016 to increase the transparency of large multinational companies operating in Australia is the requirement that they prepare General Purpose financial statements. According to the Tax Office website, “These will help the community understand more about the tax compliance of large corporate groups.” When the laws were enacted a couple of years ago, the Big Four...
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Banks set for another challenging year Australian Financial Review 09 Jan 2019 5:33 PM Sarah Turner   Investors should prepare for another "very challenging" year for the banking sector, according to a fund manager, which puts the prospect of a banking crisis at between 40 per cent and 50 per cent. The S&P/ASX 200 Banks Index dropped 16.5 per cent over 2018, taking the sector to a level not seen since early 2013. JCP Investment Partners continues to steer clear of bank stocks, and believes there are fairly high chances of a banking crisis and adverse credit cycle emerging. "With negative asymmetric risk around a credit crunch and therefore capital risk, the environment for the Australian banking sector seems at best, very challenging," JCP wrote in an investor update. If JCP is right, it means last year's royal commission into the financial services sector, tighter funding markets and falling house prices...
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Labor negative gearing, CGT policies 'sound', KPMG Economics says Australian Financial Review 09 Jan 2019 11:59 PM Michael Bleby   Labor's negative gearing and capital gains tax policies would need to be introduced carefully but are "sound", KPMG Economics says in a new report on the Sydney and Melbourne housing markets. The opposition's plan to curb the tax breaks allowed on investor purchases of established dwellings and to halve the 50 per cent deduction on capital gains allowed all across asset sales would be unlikely to distort the mix of investments across asset classes, KPMG chief economist Brendan Rynne said. And even though the policies could affect the market of investment for rental housing in the short term, they were sound, Mr Rynne said in comments accompanying the report Housing affordability: Sydney and Melbourne housing market update. The report notes that superannuation funds are already exempt from the Labor policy. "These...
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Productivity Commission super report: 31 recommendations take aim at APRA, ASIC Australian Financial Review 10 Jan 2019 12:01 AM Lucas Baird   The Productivity Commission has released a major report into Australia's superannuation system. These are its recommendations. 1.       Employees should only ever be defaulted into a superannuation account if they are new to the workforce or don't have an existing account. 2.       Employees without a superannuation account should be presented 10 "best in show" funds to choose from within 60 days. If no choice is made after that time they will defaulted into one of these 10. 3.       The "best in show" super funds shortlist will be judged by an independent expert panel to ensure they deliver the best outcomes for their potential members. 4.       All APRA-regulated super funds to undertake an annual outcomes test for their MySuper and choice offerings to be measured against clear benchmarks. When a fund...
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Productivity Commission super report: APRA's ability to govern super questioned Australian Financial Review 10 Jan 2019 12:00 AM Jonathan Shapiro   The Productivity Commission says a review of the prudential regulator's capabilities is overdue as it identified a litany of failures relating to oversight of the $2.7 trillion superannuation system. In a scathing assessment, the Commission said the approach of regulators had been "inappropriate and inadequate" for superannuation products. "Members would have a realistic expectation that government and regulators would ensure their fund is looking after them," the Commission's report on the superannuation system released on Thursday said. "But this expectation would have been sadly misguided – with no regulatory disposition nor effective mechanism in place for weeding out underperforming funds and products." The Productivity Commission said a capability review into the Australian Prudential Regulation Authority was "a high priority" and should examine whether it was sufficient resources, staff and funding...
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Property borrowers brace for a new round of rate hikes as funding costs rise Australian Financial Review 09 Jan 2019 11:16 AM Duncan Hughes   Borrowers are bracing for a new round of interest rate rises as Bank of Queensland and Homestart Finance buckle to funding pressure and hike lending rates, slash discounts and other credit costs. Other lenders are trying to postpone out-of-cycle rises by shaving deposit rates and restructuring loan books in a bid to cushion the impact of rising funding costs and pressure on bank deposits. But they are being squeezed by increasing regulatory costs, falling demand for lending products, partly as a result of much tougher lending standards, and rising funding costs. Interbank rates, which are interest rates on short-term loans between banks, have jumped more than 32 basis points in the past 11 months. Bank of Queensland triggered a round of rate rises late last year...
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ACCC warns 'arrogant' business sector of huge fines Australian Financial Review 06 Jan 2019 11:45 PM James Thomson   EXCLUSIVE  Competition regulator Rod Sims has slammed the corporate sector as arrogant and warned companies that mislead consumers to expect fines in the hundreds of millions of dollars this year. A fired-up Mr Sims also predicted the Australian Competition and Consumer Commission will increasingly clash with companies over merger proposals, and accused dealmakers of lying about wider benefits of potential takeovers. The ACCC chairman said the Hayne royal commission into misconduct in the financial services sector and other scandals had exposed the business community for losing focus on their customers. "I think there's an element of arrogance about corporate Australia, that they are in a privileged position and they can do as they like in almost an unfettered way," Mr Sims told The Australian Financial Review. "They just need to come down...
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ASX proposes sweeping regulatory changes to stop dodgy listings Australian Financial Review 06 Jan 2019 11:00 PM William McInnes   EXCLUSIVE  The Australian Securities Exchange is pursuing its hard line against Chinese firms, expelling a number from the exchange and proposing to impose new rules to punish dodgy listed companies and rule breakers. China Dairy, Traditional Therapy Clinics, Winha Commerce, Wolf Petroleum, Ding Sheng Xin Finance and Premiere Eastern Energy were all delisted by the ASX in 2018 and there could be several more expelled under the proposed changes. ASX has also been increasing scrutiny of companies proposing to list on the local market. The reasons companies are delisted include failing to lodge accounts, corporate governance problems, failure to respond to ASX queries, breaches of listing rules and long-term suspension of shares. Among the ASX's proposed changes is tightening the time companies can be suspended from trading, introducing a public censure...
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Macquarie Private Wealth hit by mass adviser exodus Australian Financial Review 06 Jan 2019 11:00 PM Sarah Thompson, Misa Han   The private wealth division of Macquarie Group has taken a hit after more than 20 advisers left amid concerns about the group's narrow focus on wealthy clients and its new fee and remuneration model. The Australian Financial Review can reveal more than 20 advisers, many of whom were key revenue writers, jumped ship to rival firms across Sydney, Melbourne, Adelaide, Perth and Canberra on the Friday before Christmas. Sources said the key reason for the departures was Macquarie's shift in gear last year to merge its private bank and private wealth businesses and focus exclusively on wealthier clients after the Hayne royal commission revealed industry-wide troubles in the retail advice sector. Under the new rules, new and existing clients have to have at least $1 million to invest or bring...
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New apartment settlements to increase pressure on Melbourne, Sydney prices Australian Financial Review 06 Jan 2019 5:55 PM Michael Bleby   New Melbourne apartments, which fell up to 20 per cent in value upon settlement in 2018, will come under further price pressure this year as a wave of newly completed units hits the market, adding to the pressure of tight credit curbs and uncertainty about property investment tax policy. The number of newly completed high-rise apartments – those in buildings of four storeys or higher – will jump to 17,000 in the Victorian capital this calendar year from 13,500 last year, consultancy BIS Oxford Economics expects. Melbourne's rising completions, along with levels that remain elevated in Sydney, will keep the pressure on apartment prices as completing projects reach settlement and banks reassess values. In Sydney the outlook is similar, with the 2018 total of 28,000 completions set to tick only...
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