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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.
Banking royal commission: Pressure to break up banks as Treasury, ASIC lash model The Australian 12:00am May 11, 2018 Michael Roddan   The corporate watchdog and Treasury have laid out stinging criticisms of vertically integrated financial players in responses to the royal commission that raise the pressure to break up Australia’s largest banks. Treasury told the royal commission into financial services that the second round of hearings had made it “clear” that poor culture and misaligned incentives were the “key cause” of misconduct, and said there were many benefits that could come from the major banks splitting up their financial advice and wealth management arms. In a cache of submissions to commissioner Kenneth Hayne, and released last night, banks and regulators had been asked to justify the entangled cross-ownership of businesses and address issues such as conflicted remuneration for financial advisers, the shunting of customers into in-house ­products and the breakdown in...
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Federal budget 2018: ASIC's shock $26m budget cut Australian Financial ReviewMay 9 2018 11:00 PM Patrick Durkin   EXCLUSIVE  The corporate regulator's permanent funding will be cut from $346 million to $320 million and staff numbers slashed by 30 investigators, in a unheralded budget cut described as shocking by insiders as the Hayne royal commission adds to the regulator's workload. Tuesday's budget also includes cuts for the Office of the Director of Public Prosecutions - from $77.4 million to $73.75 million in two years - and for the Australian Federal Police from $1.03 billion to $926 million in four years. Labor MP Matt Keogh said the cuts prove Treasurer Scott Morrison is "all bark and no bite" when it comes to fighting corporate crime. Mr Keogh said the cuts amounted to a 23 per cent reduction in staff at the DPP from 2010. Mr Keogh said the agency cuts were separate...
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Interest-only rates slashed as APRA ends investor loan growth cap Australian Financial Review May 9 2018 10:21 AM Duncan Hughes   Rates on interest-only investment loans are being slashed by up to 30 basis points following APRA's decision to lift lending caps on borrowers, triggering speculation that other lenders will start reducing investor rates in a bid to stimulate demand and boost profits. Real estate companies and developers are hoping the move will reverse the investment lending plunge that has caused new borrowing to plunge nearly 18 per cent from market highs. "This is what the market has been waiting for," said Steve Lusi, a director of Direct Property Group, a Melbourne-based real estate agency. "This will make investors a lot more confident about property and means they are not being penalised. Other lenders are expected to follow in a bid to rebuild net interest margins hit by falling investor demand....
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Commonwealth Bank says home loan arrears are ticking higher Australian Financial Review May 9 2018 12:21 PM James Eyers   Commonwealth Bank's shares are trading down heavily on Wednesday after it released a market update showing weaker-than-expected revenue and costs over the third quarter. CBA said its unaudited cash profit was $2.35 billion for the quarter to March 31, which missed analyst expectations by 8 per cent. The nation's largest lender also said more of its customers are doing it tough, with the number of borrowers behind in their mortgage repayments rising slightly and more "troublesome exposures" appearing over the third quarter. The market honed in on growing costs and softer revenue, as treasury and trading income fell along with fees from credit cards. "Overall, today's update is disappointing," said Deutsche Bank analyst Anthony Koo. CBA shares were down 3.2 per cent, or $2.33, at $71.17 just after midday AEST on...
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Young, pregnant and homeless: Hobart’s rental market at breaking point Hack (ABC) 30 April 2018 5:54pm Shalailah Medhora   Rachel and her partner, Harley, are expecting a baby in October. But they’ve got nowhere to live, so for now they’re camped out in a tent at Hobart Showground. The tent has three rooms. Right now, one is being used as a storage room. It’s crammed with bags and boxes. Soon, it’ll be the baby’s room. “This is a storage room until we turn it into a baby nursery. Which is not really good in a tent,” Rachel told Hack. Despite her circumstances, Rachel is upbeat. “I’ve got my own fridge. And I’ve got power which I’m allowed to have, which I’m pretty thankful for,” she said. As winter nears, temperatures plunge. The average temperature for May is around 15 degrees celsius. Rachel’s lived through a winter here before, and she’s not...
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Report reveals terrible scale of Australia’s housing crisis Red Flag08 May 2018 Chris Anderton   Fewer than 6 percent of all rental listings in the country are affordable for those living on income support payments, according to Anglicare’s annual Rental Affordability Snapshot. The scale of the crisis is alarming, and particularly severe in Sydney, where only 57 out of more than 18,000 private rental properties surveyed – less than 1 percent – were found to be affordable for those on income support. The report notes that, for those on Newstart or Youth Allowance, it would be “almost impossible to find an affordable home anywhere in Australia, whether regional or metropolitan”. Avery, a single parent with two kids living in Sydney’s west, rents a one-bedroom granny flat from her aunt and divides it with a bookcase to give her kids a separate space. “I have a casual job but it is only...
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Commonwealth Bank and ASIC to settle interest rate-rigging case ABC News9 May 2018 Stephen Letts and David Chau   Commonwealth Bank has agreed to pay $25 million to settle an interest rate rigging case brought by ASIC. As part of the in-principle settlement, CBA will admit that it engaged in unconscionable conduct, and manipulated the bank bill swap rate (BBSW) five times between February and June 2012. The figure includes a $5 million penalty, a $15 million payment to a financial consumer protection fund, and $5 million towards ASIC's legal costs. The CBA case is one of several brought by ASIC against the big four banks, as well as a number of global investment banks, over their attempts to rig the BBSW. The BBSW is the key rate the market uses to set all other lending rates, such as mortgages and credit cards. ASIC alleged, "CBA traded with the intention of...
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While useless regulators are the current hot topic here’s an article from 2006 to add fuel to the fire     APRA staff unimpressed with senior management By Lisa Murray Sydney 4 May 2006 https://www.theage.com.au/news/business/apra-staff-unimpressed-with-senior-management/2006/05/03/1146335804209.html LESS than a third of Australian Prudential Regulation Authority staff consider themselves "engaged", according to an internal report. The report, by global consultant Hewitt Associates, comes despite APRA paying some of the highest salaries among government-funded organisations and goes some way to explaining its high staff turnover. Only 30 per cent of staff felt "engaged", according to the survey, which was revealed in a report last November and presented to the regulator's three-member board. Hewitt says the result is below the public sector's 43 per cent average, and falls into the "serious zone". The benchmark for the financial services industry is 54 per cent and Hewitt's "best employers" achieve an 81 per cent average. The report...
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Federal budget 2018: Tax cap limit 'more politics than economics' Australian Financial Review May 7 2018 8:56 PM Jacob Greber, Ben Potter   There is a strong case for reversing incentive-sapping effects of income tax "bracket creep", but Treasurer Scott Morrison's pledge to limit taxes to no more than 23.9 per cent of gross domestic product is mostly a political move, say leading economists. "Bracket creep is very real, and it's accounting for a big chunk of the return to surplus – by most estimates it's worth around 80 per cent of it," said Richard Holden, professor of economics at UNSW. "That means bigger taxes on middle Australians, year after year. There's an economic case for giving that back, but I'd prefer them to index the tax brackets to inflation," he said. By contrast, the setting of a tax-to-GDP "speed limit" of 23.9 per cent has no basis in economics, he...
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Banking royal commission: BoQ, Suncorp next in line for grilling The Australian 12:00am May 8, 2018 Michael Roddan   The Bank of Queensland and Suncorp will be forced to send executives to face questioning at the royal commission as Kenneth Hayne’s inquiry targets lending to small businesses later this month. The hearings will likely be fiery, with Commonwealth Bank’s wholly owned Bankwest business also to be put under the spotlight for its dealings with small businesses, many of which were tipped into default at the height of the global financial crisis after the division was taken over from HBOS. The royal commission into banking and financial services yesterday announced all four major lenders will also once again be grilled in Melbourne’s Federal Court over a fortnight starting on May 21. While the first two rounds of hearings covered mortgage lending and financial advice, the third round will focus on major financial...
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Fitch downgrades outlook for CBA Sydney Morning Herald 7 May 2018 1:03pm Business Day, AAP   Ratings agency Fitch has put Commonwealth Bank on a negative outlook for its long-term debt default risk, citing concerns over the repair the bank has to do following a damaging report on its culture and governance. Fitch reaffirmed CBA's default rating, saying it expected the lender "will maintain its strong franchise and sound financial profile" despite negative findings in the Australian Prudential Regulation Authority (APRA) report. But it said its revision of the outlook to negative, from stable previously, reflected the bank's "risks in remediating shortcomings" in governance, with the agency concerned managment focus will be diverted from the operations of the business. APRA released a report on the bank on May 1 that described the bank as "complacent" and management as blinded to risks as profits continued to grow. The detailed expert report -...
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Macquarie warns bank scandals could hit investment The Australian 12:00am May 5, 2018 Scott Murdoch   Macquarie Group chief executive Nicholas Moore has conceded the royal commission’s shocking revelations of financial scandals have prompted a wave of anti-business sentiment in Australia that could damage the nation’s future investment prospects. He also said the domestic banking system should prepare for tighter regulations to be recommended against the financial service sector. Macquarie, Australia’s only domiciled investment bank, revealed yesterday its net profit for 2018 was $2.56 billion, beating most expectations. The bottom line was a 15 per cent increase on the 2017 year and the bank said it expected the current year’s earnings to be in line with this result. Net profit in the second half of the bank’s financial year, which ended on March 31, was $1.31bn, well ahead of analysts’ consensus. A final dividend of $3.20 per share was declared, which...
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Westpac hit outs at Hayne inquiry's release of mortgage report Australian Financial Review May 7 2018 11:00 PM James Eyers   Westpac has hit out at the banking royal commission's release of documents suggesting its lending controls were ineffective, saying a report by PwC had been taken out of context and confused the market, the bank's chief financial officer Peter King said. Pointing to Westpac's pristine credit quality during the presentation of its half-year results, Mr King and chief executive Brian Hartzer said the royal commission had uncovered some "inexcusable" cases of customer harm but the publication of a "targeted review" of mortgage lending by the Australian Prudential Regulation Authority had been based on incomplete information. "The challenge to this is context," Mr King said, after Westpac reported a 6 per cent rise in interim cash profit to $4.25 billion, beating market expectations and lifting the stock by 24¢  to $29.34....
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Sydney and Melbourne house prices could fall as much as 4 per cent, says SQM Australian Financial ReviewMay 7 2018 4:29 PM Su-Lin Tan   The days of double digit growth in house prices for Sydney and Melbourne are over as the two big cities head for a house price tumble, new forecast from SQM Research confirms. Property research group SQM Research, led by Louis Christopher who has successfully forecast house prices, has revised its prediction that Sydney prices will fall as much as 4 per cent in 2018. The best case scenario is a flat zero growth in prices for Sydney home owners. The group's previous prediction for Sydney made in its Housing Boom and Bust report last October was a 4 to 8 per cent rise in prices for the full year. SQM also says Melbourne's house prices are expected to fall as much as 3 per cent for...
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'The biggest scandal ever': fraud campaigner hopes for banking justice The GuardianSat 5 May 2018 Martin Farrer   In the 90s Denise Brailey, a single mother who was beginning to make her name as a tenacious consumer rights advocate, enrolled in a criminology course. To her surprise she was told by her professor that there was no white-collar crime in Australia so she would be looking into murders and other assorted wrongdoing. How things change. Over the past two weeks the banking royal commission has exposed the shocking extent of misconduct and possibly criminal behaviour by the financial sector in a system driven by greed. The revelations have stunned the nation but not Brailey. She has campaigned on behalf of the victims of misconduct for more than two decades, helping hundreds of people to claim redress in a variety of cases such as the finance brokers scandal,and the collapse of the...
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Macquarie Group readies big new hybrid raising, brokers lined up Australian Financial Review May 6 2018 6:54 PM ‘Street Talk’ (Sarah Thompson, Anthony Macdonald, Joyce Moullakis)   Macquarie Group will launch a new $600 million-plus hybrid securities raising as early as Monday. As Street Talk revealed on Sunday, Macquarie has lined up a big syndicate of institutional and retail brokers to sell its proposed new "Macquarie Capital Notes 3" issue to investors. Macquarie is expected to structure the deal as a hybrid security and seek to raise more than $600 million at an indicative margin of about 3.9 per cent over the bank bill swap rate. The raising will include a large allocation to holders of an existing Macquarie hybrid, Macquarie Group Capital Notes, which will be redeemed next month as part of the bank's capital strategy. The new deal is expected to help Macquarie comply with new Basel capital standards....
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Westpac to address asset quality, big mortgage switch Australian Financial Review May 6 2018 4:36 PM Jonathan Shapiro   Westpac is under pressure from investors to show that its lending margins are not being squeezed by the regulation-imposed switch away from lucrative interest-only mortgage loans and rising short-term funding costs. Westpac rounds out the half-year earnings for the major banks, which have been overshadowed by the upheaval of the royal commission and the prudential regulator's scathing attack on Commonwealth Bank's culture and management. The Sydney-based lender is forecast to deliver a half-year cash net profit after tax of about $4.2 million and pay an interim dividend of95¢. So far the Melbourne lenders, ANZ and National Australia Bank, have delivered a mixed set of results with respect to asset quality, cost controls and margins. But the mortgage-focused Westpac's results will be watched closely for several reasons. Of specific interest to analysts covering...
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ANZ scraps product-linked bonuses for financial planners Australian Financial Review May 6 2018 11:30 PM Alice Uribe   EXCLUSIVE  Financial planners employed by ANZ Banking Group will no longer get bonuses for pushing products and will be sacked if they fail a compliance audit twice, but chief executive Shayne Elliott admits the bank has been too slow to fix systemic issues that has allowed bad adviser behaviour to flourish. "I think it's a fair criticism that that we haven't spent enough time on structural reform," Mr Elliott told The Australian Financial Review. "We've been busy with remediation. It should have been done before, but at least we're getting on with it now," he said as the bank unveiled a range of changes to company's financial planning business. ANZ has paid at least $130 million in remediation to customers over the last decade over a range of issues and anticipates it will...
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Financial service system not broken says Murray Australian Financial ReviewMay 6 2018 11:45 PM James Thomson, Alice Uribe   Incoming AMP chairman David Murray says the vertically integrated model is not dead in financial services and warned that the banking royal commission has given people the impression that the system is more broken than it is. Mr Murray, who was appointed to the beleaguered financial services giant last week after Catherine Brenner resigned, said on Sunday that while the Hayne royal commission had uncovered very serious problems in the financial services industry, it had created an "unusual" environment for the sector. "There is no industry you can consider that doesn't have issues, but the royal commission tends to bring them forward and throw them out in a way that deals with the most egregious," Mr Murray said in an interview with The Australian Financial Review on Sunday. "It gives people the...
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Banking scandals send lawyer demand to 'generational high' Australian Financial Review May 3 2018 11:00 PM David Marin-Guzman, Misa Han   Banking scandals have created a generational peak in demand for lawyers, with recruitment firms forced to scout overseas for senior talent and law firms stretching their resources with unprecedented secondments at financial institutions. Jason Johnson, head of Johnson Executive Search, said there had been "a perfect storm" of pressures on financial institutions that were driving demand for compliance and risk lawyers to a "generational high". "You've had the headwinds blowing, particularly from the UK financial services environment and other regulatory changes that have washed through the UK and made their way to Australia. "Now, increasing regulator scrutiny and a royal commission all coming to bear in a six to 12 month cycle has created unprecedented demand and regulatory overlay." Analyst for investment service CLSA, Brian Johnson, told The Australian Financial...
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Financial advisers: Not just a few bad apples The Australian 12:00am May 4, 2018 Adam Creighton   A lot of the problems highlighted by the royal commission into misconduct in financial services aren’t unique to Australia. The sector that has faced the most scrutiny, financial advice, has also performed poorly in the US, where about 650,000 advisers help oversee more than $US30 trillion ($40 trillion) of ­assets. It’s something innate, it seems, and not just a few bad apples. “Despite their prevalence and importance, financial advisers are often perceived as dishonest and consistently rank among the least trustworthy professionals,” write three economists from Stanford, Harvard and University of Texas who have analysed the career histories of financial advisers in the US between 2005 and 2015. It turns out that more than 7 per cent of the 1.2 million current and former financial advisers during that period broke the rules, rising to...
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NAB's Andrew Thorburn concedes Hayne 'risk' to MLC sale Australian Financial ReviewMay 3 2018 8:50 PM James Eyers   National Australia Bank is joining other major banks in a retreat from wealth management, selling off its $3 billion MLC subsidiary, as the Hayne royal commission hears damning evidence of misconduct and expresses concerns over conflicts of interest generated by vertically integrated banks. NAB chief executive Andrew Thorburn said MLC can be sold as a one-stop shop for wealth advice but recognises the royal commission could derail those plans by forcing financial planners to operate separately from companies making superannuation and investment products. He denied the decision was a response to the royal commission but said the MLC sell-off was part of the plan to simplify the bank's business. The NAB deal, initially flagged by The Australian Financial Review's Street Talk column in January, comes after ANZ Banking Group sold its wealth...
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Tony Abbott slams banks for virtue signalling ahead of scandal The Australian 5:39pm May 2, 2018 Greg Brown   Tony Abbott says the big banks should have focused on treating their customers ethically rather than spending time “virtue signalling” on “politically correct subjects”. The former prime minister attacked the financial services industry for the revelations unearthed in the Hayne royal commission, declaring the boards and executives should have kept the focus on their core businesses rather than making political statements. The big four banks publicly supported same-sex marriage in last year’s plebiscite and have all ruled out providing funding for the Adani coal mine. “I’m very disappointed in the banks and you wonder how much better the banks would have been if they had been focused on doing their core business honestly and ethically rather than running around the place virtue signalling on any number of politically correct subjects,” Mr Abbott...
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Royal commission to probe treatment of farmers after Landmark deal: ANZ Australian Financial Review May 2 2018 11:00 PM James Eyers   ANZ expects the banking royal commission, which will examine business lending during its next round of hearings, to probe its treatment of farmers following the Landmark acquisition during the financial crisis. But chief executive Shayne Elliott says he is not expecting any surprises, given almost every aggrieved customer has been remediated. ANZ's purchase of the Landmark loan book from the Australian Wheat Board in 2009 was a key focus of the parliamentary inquiry into loan impairments which reported in 2016, along with Commonwealth Bank's acquisition of Bankwest in 2008. The committee heard evidence from a handful of Landmark's 10,000 customers that ANZ had engaged in deliberate impairments or defaults of performing loans, but said in its final report it was not able to conclusively determine this had occurred. The...
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Banking royal commission: million-dollar windfall for CBA star witness Marianne Perkovic The Australian 12:00am May 3, 2018 Leo Shanahan   Marianne Perkovic, the CBA’s former head of a wealth management arm that charged fees to the dead, received a million-dollar windfall when the bank bought the financial planning business where she was previously boss. The sale of now scandal-­ridden Count Financial to CBA in 2011 — 18 months after Ms Perkovic joined the bank — allowed its former boss to make $1 million on Count shares she retained and then resume her role as boss of the financial planner with the CBA. CBA’s star witness last month at the financial services royal commission was formerly head of the bank’s financial planning business and is now the head of the millionaire’s bank Commonwealth Private. Ms Perkovic was asked to explain to the royal commission why CBA’s Count Financial collected money from thousands...
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