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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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To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

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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.
Australians stuck in a debt trap with wages having risen by just $3 a year over the past decade Sydney Morning HeraldSept. 19 2017 - 6:39am Michael Heath (Bloomberg)   Australians' average weekly household income grew by $213 between 2004 and 2008. Since then, it's increased by a total of just $27. The extremes roughly reflect a surge and fall in export income -- as industrialising China sent demand for iron ore and coal rocketing. But despite their stagnant wages, just over a quarter of Aussies have amassed debts equal to three times their income - mostly as housing surged during a central bank easing cycle designed to cushion the end of the mining investment boom. "Wages growth was very, very strong, but there weren't the productivity gains to match it, so now it's very weak because we're simply not competitive," said Alex Joiner, chief economist at IFM Investors. "So there...
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China shuts down Bitcoin industry; bans executives from leaving the country Australian Financial Review Sep 18 2017 11:00 PM Lisa Murray   China has stepped up its regulatory onslaught against cryptocurrencies, forcing major bitcoin exchanges operating on the mainland to shut down and banning their executives from travelling outside the country. State-owned media reported the travel ban on Monday, and a source close to one of the biggest exchanges, Huobi ,said its founder Li Lin was required to "report to the authorities and cooperate with their work at any time", which effectively means he is not allowed to leave China. Beijing's harsh crackdown on bitcoin exchanges has taken the industry by surprise. In previous years, Chinese exchanges accounted for more than 90 per cent of all bitcoin trades, but the increased regulatory scrutiny over recent months has whittled that down to just over 10 per cent. This share is expected to...
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Property investors locked out of small business low tax rate The Australian 12:00am September 19, 2017 David Uren   Property and share investors will be denied access to the Turnbull government’s special low small business company tax rate under amendments being pushed through by Revenue Minister Kelly O’Dwyer. Tax specialists say the changes, prohibiting firms that earn 80 per cent or more of their revenue from passive or investment income, will add to the complexity of the tax system and highlight the avoidance opportunities created by the new two-tier company tax rates. Ms O’Dwyer said yesterday that the government’s decision to cut the tax rate for small companies was not intended to apply to passive investment companies. “The Turnbull government is committed to lower taxes on business because we want to see them invest and grow,” she said. “These amendments will provide greater clarity about who qualifies for the lower company...
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Home-loan arrears hit five-year high: Moody's Australian Financial Review Sep 18 2017 4:39 PM Jonathan Shapiro   The disparity of Australia regional economies has been highlighted in a report by credit rating agency Moody's that showed mortgage arrears had reached a five-year high. While not a single mortgage payment was missed in seven Sydney and Melbourne post-codes during May, more than 7.5 per cent of home loans in the Western Australian outback were past due during that month, the report said.   The agency, which tracks the performance of home loans that are packaged up and sold to investors said mortgages more than 30 days overdue increased to 1.62 per cent in May 2017, from 1.50 per cent the prior year, even as delinquencies declined in NSW and Victoria.   Mortgage delinquencies increased to record levels in Western Australia, the Northern Territory and South Australia while also increasing in Queensland and...
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Banks gagged from sharing information on money laundering, law firm says Australian Financial Review Sep 18 2017 7:48 PM Andrew Tillett   Banks and other financial institutions will be blocked from informing their offshore parents and subsidiaries about suspicious customers referred to regulator AUSTRAC under plans to strengthen anti-money laundering laws, top law firm King & Wood Mallesons warns. KWM has told a Senate inquiry proposed amendments to Anti-Money Laundering and Counter Terrorism Financing Act continue to stop multinationals from sharing information within their own corporate structure, potentially exposing an institution to reputational risk. "In our experience, reporting entities that are part of a multinational corporate group have found that the AML/CTF Act prevents them from escalating potential AML/CTF issues to senior management and legal and compliance personnel," the submission to the inquiry said. "These personnel often form part of a global financial crimes team located offshore and have the expertise...
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Press Release Victims of Financial Fraud (VOFF Inc) September 17th 2017 Money Laundering. VOFF’s Press Release dated May 21 2017 highlights the “double standards” in the way a financial fraud is investigated depending on whether the fraud is against ordinary citizens or the fraud against the Commonwealth.1 Similar discrepancies can be seen in the way the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act is administered. VOFF fear another “double standard” exists, exposing about 15 million superannuation account holders in Australia because weaknesses in the Australian financial system are not disclosed. According to a former AUSTRAC senior advisor, ‘the failure of major banks and other financial institutions to carry out basic due diligence likely placed them in breach of “know your customer’ requirements.’ Furthermore ‘any criminal can get a company created today and bounce all the money into one account and then send it offshore and walk away from the company. No...
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CBA-AUSTRAC case has investor implications  http://www.financialobserver.com.au/articles/cba-austrac-case-has-investor-implications=   The scandal over misuse of Commonwealth Bank of Australia’s (CBA) ‘intelligent deposit’ machines, which will see the Australian Transaction Reports and Analysis Centre (AUSTRAC) allege that a lax approach by CBA allowed suspicious transactions valued at $625 million, was proof the authorities had known of the weaknesses for a long time, according to Victims of Financial Fraud (VOFF).VOFF – which was formed by victims of the $180 million Trio Capital fraud – asserted the AUSTRAC case against CBA strengthened its claim that the Trio victims should receive an apology and compensation for their losses in a crime that financial regulatory agencies should have expected, VOFF secretary John Telford said.“The AUSTRAC/CBA case has revealed that there were already known weaknesses in the system, which the law enforcement and banking communities already understood, that individuals starting up companies could deposit money with minimal scrutiny – even...
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Commonwealth Bank executives escape AUSTRAC blowback Australian Financial ReviewSep 18 2017 11:00 PM James Frost   Senior executives responsible for risk and security at Commonwealth Bank escaped suffering any consequences for the AUSTRAC reporting failures, despite being in charge of the functions as the bank rolled out its now infamous intelligent deposit machines. Veteran Commonwealth Bank security expert John Geurts retired from the bank last year while long time executive general manager for risk Gary Dingley moved on from the bank following a restructure at the same time. The Australian Financial Review understands that both reject assertions they were disciplined or otherwise punished for the errors that led to claims the bank delayed or failed to report 53,000 suspicious transactions. While the failure of the reporting systems would ultimately lead to the departure of the CEO, expose the bank to a class action from shareholders and prompt the banking regulator to...
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Iceland: UK should have been tougher on bankers after financial crisis Some of Iceland's bankers were jailed after the financial crisis and the country's PM says  more should have been done in the UK.     17:05, UK,Tuesday 12 September 2017 http://news.sky.com/story/iceland-uk-should-have-been-tougher-on-bankers-after-financial-crisis-11030843   People demonstrate against the financial crisis in 2008 in Reykjavik By Adam Parsons, Business Correspondent The UK should have taken stronger action against bankers involved in the financial crisis, according to the Prime Minister of Iceland. In an exclusive interview, Bjarni Benediktsson told Sky News that his own country's actions had helped to "heal" the effects of the crisis. But he said he was surprised other countries, including the UK, had not followed Iceland's example of sending senior bankers to prison. "I think there's frustration, from the outside world, that things were not at least investigated. "I'm not saying there was reason to prosecute all of those involved,...
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Westpac facing ASIC loan assessment allegations.   Westpac's usage of expenditure indexes to assess borrower suitability has come under fire by the Australian Securities & Investments Commission (ASIC) in its ongoing legal battle with the major bank.The civil proceedings allege the bank failed to conduct proper assessments to ascertain whether borrowers could afford to repay their home loans. Westpac has denied this claim.Court filings obtained by the Australian Financial Review put the spotlight on Westpac’s use of the University of Melbourne’s household expenditure measure (HEM) to determine borrower suitability.In these documents, ASIC claims that the bank reliance on the HEM to assess borrowers led to approvals where a “proper assessment” based on actual spending would have unveiled a monthly financial shortfall.ASIC said that the benchmark was based on “conservative” estimates of what a household would spend and “represents only an estimate of what Australian families consume”.Furthermore, the regulator said that the HEM used...
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NAB report finds 2.4 million Australians financially vulnerable The Australian 12:00am September 16, 2017 Michael Roddan Consumers made vulnerable and financially ruined by the Banks and still bankers continue selling Toxic INTEREST ONLY Loans to the poorest of people.  There is no enforcement of law so predatory lending continues.   More Australians are financially vulnerable with meagre savings, according to a new National Australia Bank report. The report, written by a team of researchers from the Centre for Social Impact in partnership with NAB, came as Australia’s largest mortgage insurance company Genworth warned more borrowers were using credit card debt and “cross-collateralising” house deposits with their parents, which could exacerbate risks in the housing market in an economic crisis. Despite the Reserve Bank this week claiming borrowers were better placed to pay off a mortgage as they had a proven track record of financial responsibility in saving for larger deposits, Genworth...
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High rise owners face bill for replacing dangerous cladding Australian Financial Review Sep 15 2017 5:01 PM Duncan Hughes   Apartment owners in buildings taller than three storeys will have to pay to replace dangerous cladding themselves because of a legal loophole that means neither builders nor insurers are not liable. The loophole in a 2003 agreement between state governments and the industry could be used by developers and insurers to shift the potentially huge cost of replacing dangerous cladding on high-rise buildings onto owners or taxpayers. A 'catastrophe' fund negotiated in the same agreement, by which builders would fund cash-strapped owners in a crisis, is empty because state governments never enforced mandatory contributions, industry chiefs claim. The agreement was first negotiated by the NSW and Victorian governments in the wake of the collapse of HIH Insurance and was subsequently adopted nationally under the Council of Australian Governments. The prospect of...
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Huge investments at risk as Treasurer slams door on build-to-rent The Australian 9:16pm September 15, 2017 Ben Wilmot  The signs are everywhere re economic downturn, property collapse, bank madness and mayhem.  Who is running this country?    Australia’s nascent build-to-rent sector has been thrown into turmoil by new federal government rules that cut off the main avenue for global players to invest in the area, with warnings that the failure of the sector could worsen the affordability crisis. The future of the build-to-rent sector — which has been pitched as potential $300 billion saviour to drive investment into Australia’s housing supply — was hanging in the balance after Treasurer Scott Morrison shut the door to foreign institutions receiving favourable tax treatment. The model of building apartments to rent has already been embraced by top companies, including Lendlease, Mirvac and shopping centre giant Westfield. Private groups like Grocon and Salta have also...
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Australian Banks Could Finally Head Down Under Wall Street Journal Sept. 15, 2017 5:58 a.m. ET Jacky Wong   Investors have been calling the Australian housing market a “bubble” for years, yet prices keep charting higher. The market, though, could finally be about to turn south. That won’t be pretty for the country’s banks. The property market has been skyrocketing Down Under—prices in Sydney have gone up 80% since 2012 while in Melbourne they have gained 54%. In turn, houses have become unaffordable for many Australians as prices keep outpacing income growth. An average home in Sydney now costs more than 12 times the median income there, according to research firm Demographia. To keep houses within the reach of buyers, banks seem to have loosened their lending standards. Home lending is big business for Australian banks—more than half of their loan books consist of residential mortgages, amounting to $1.2 trillion, a...
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ASIC to probe interest rate rise ‘profiteering’ by big banks Domain Sept 15, 2017 Paulina Duran (Reuters)  ASIC PROBE is nothing more than a poke in the eye.  Pure Farce.  Consumers have been swindled by Major Banks.   Non-verification and robo driven fraudulent approvals is rampant. Victims just want the regulator to do its job and enforce the law against bankers.   Australia’s corporate regulator said on Thursday it will investigate whether the country’s big banks are using a regulatory push to curb a potential housing bubble as an excuse to profiteer through increased mortgage rates. Investigators would focus on whether the banks’ for recent out-of-cycle interest rate rises have been excessive and whether their public justifications had been “inaccurate and perhaps false and misleading”, Australian Securities and Investment Commission Deputy Chairman Peter Kell told a parliamentary committee. “It is an issue we are concerned about … we will have to look...
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Law firms, investment banks turn to AI to power deals Australian Financial Review Sep 15 2017 7:18 AM James Eyers   Most of the nation's leading investment banks, law firms, private equity houses and advisers will begin using artificial intelligence technology to improve due diligence processes, a move set to slice both the risk and cost of deal-making across the economy. Rapid global advances in artificial intelligence and "natural language processing" algorithms will arrive in CBD towers across the country via the "virtual deal rooms" provided by Sydney-based technology firm Ansarada, which has an 80 per cent share of that market. Since it was established more than a decade ago, Ansarada technology has been used in more than 20,000 deals, including internationally. The company has 200 staff in offices around the world and was profitable from its first day. It is preparing to tap into its history of deals to provide...
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It's not just CBA: all the banks are exposed to millions in money laundering Australian Financial ReviewSep 14 2017 11:45 PM Nick McKenzie, Richard Baker, Georgina Mitchell   EXCLUSIVE  Gaping holes in the anti-money laundering systems of Australia's big banks are being exploited by crime groups to wash up to $5 million in drug cash a day, according to confidential briefings by federal and state policing agencies. New details of police investigations reveal that the big four banks – Westpac, ANZ, NAB and CBA – have all been used by money laundering syndicates to launder drug funds offshore. Syndicates are also suspected to have infiltrated the franchises of mid-tier banks. Police have gathered intelligence that an outlaw bikie group is examining acquiring the franchise of a mid-tier bank, while the Bank of Queensland's Punchbowl branch in Sydney was closed after Mexican cartel drug money washed funds through its accounts in 2010....
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APRA 'risk culture' reviews to become the norm Australian Financial Review Sep 13 2017 10:00 PM Joanna Mather  APRA Do Nothing other than “Monitor in Secret” Policy is so disingenuous.  People are fed up with APRA lying to Parliament re no systemic issues in Banking.   Experts in organisational psychology have been drafted into a specialist team that will be embedded in banks and other financial services companies to conduct "risk culture" reviews. The reviews by the Australian Prudential Regulatory Authority (APRA) will draw on a wide range of sources, from the opinions of junior staff to first-hand observations of board meetings. APRA describes risk culture as the way staff identify, understand, discuss and act on the risks an organisation either confronts or takes. Pilot reviews are occurring within five unnamed companies operating in banking, insurance and superannuation. In a break from usual practice, APRA will use focus groups, surveys and...
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Sentiment about real estate hits 40-year low: Just 1 in 10 see property as best investment Domain Sep 13, 2017 Chris Kohler   Confidence in Australian real estate has dropped to its weakest level in over 40 years, with just 10.5 per cent of people now seeing property as the wisest place to put savings. Overall consumer sentiment ticked 2.5 per cent higher in September but pessimists outnumber optimists for the tenth consecutive month, despite the Australian economy now notching up 26 years of unbroken GDP growth, according to the Westpac-Melbourne Institute consumer sentiment report for September. Views on housing slipped to the lowest level since the index began amid concerns of a cooling market, rising household costs and stagnant wages growth. The “time to buy a dwelling” sub-index grew by 0.8 per cent in the month but has slumped almost 13 per cent over the year, while real estate is...
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ABS research reveals household debt has doubled over 12 years News Corp Australia NetworkSEPTEMBER 13, 201711:30AM Sophie Elsworth   THE number of debt-laden Australian households is soaring as people push their finances to the brink, alarming new figures have revealed. Rising property prices have resulted in mortgage customers taking on fatter loans, which, combined with an increased appetite for credit cards, is being blamed for the growth in cash-strapped Aussie households. RED ALERT: Aussies $200 away from financial disaster The Australian Bureau of Statistics Household Income, Wealth and Expenditure Survey has found the average amount of debt has almost doubled in the past 12 years — from $94,100 in 2003-04 to $168,600 in 2015-16. Most of this is accounted for by property debt. The research was collated after 18,000 Australians were quizzed on their household income and debt levels in the 2015/16 financial year. The report found 29 per cent, or...
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AUSTRALIAN BANKS HAVE BECOME A CRIME SCENE Bankers Illegal Loan Assessment Policies - Unaffordable Unsustainable Unverified INTEREST ONLY SUB PRIME LENDING. Regulators ASIC and APRA form a Major Part of the Criminal and barbaric Bankers' Control Fraud.   CBA, NAB, ANZ, WESTPAC, Macquarie and every second tier lender have been acting as an evil Australian Banking Cartel. ASIC is using Westpac to cover up the crimes within the bigger banks. FRAUD in lending has become the norm. "The computer did it!!!" Yes but the bank engineers pocketed $200m each for 5 years dirty work. Nice money....stolen from hard working Mums and Dads.   DO NOT SIGN A MORTGAGE APPLICATION during the next three years whilst this mess is eventually cleaned up by two Royal Commissioners. ASIC and APRA have been forced by consumers into the limelight. BFCSA has done all the 17 years of hard yakka in exposing these crimes....
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Joke Joyce.....APRA to TRY to spot any "core organizational and cultural drivers" behind the series of scandals that have engulfed the bank in recent years, and suggest ways to change them?...APRA must have forgotten to look in their own archives!   Beneath the scandals, Commonwealth's bigger challenge is an erosion of lending standards. By David Fickling @davidfickling 12‎‎September‎‎2017‎‎1‎:‎49‎‎PM https://www.bloomberg.com/news/articles/2017-09-12/liar-loans-betray-lost-virtue-of-commonwealth-bank-of-australia    Banks occasionally get swept away in the storm of a financial crisis, but that’s not how they usually decline.  More common, and more deadly, is the slow erosion of income statements and balance sheets when a once mighty institution loses its way. That's been the situation for Deutsche Bank AG, whose return on equity rebounded sharply from the 2008 financial crisis but has slumped since and hasn't hit positive territory in two years. And it's the fate that Commonwealth Bank of Australia should now fear, as it tries to right the...
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Growing inequality puts Australians on same path as America: ACTU Sydney Morning Herald September 13 2017 - 6:17am Anna Patty   Australians face growing wage inequality and the threat of an American work culture of longer hours, low wages and poor job security, the peak labour organisation has warned. In a new report to be released on Wednesday, the Australian Council of Trade Unions says income inequality is at its greatest level in 70 years with a majority of Australians experiencing a decline in living standards and job security. Describing inequality as "the challenge of our time", the ACTU warns that if Australia fails to change course it is at risk of becoming an "Americanised society of high inequality and dead-end jobs, with long working hours, no holidays, zero job security and poverty pay levels". "These are the economic conditions that breed high levels of crime, discrimination against minorities and a broad range...
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20,000 people sent Centrelink 'robo-debt' notices found to owe less or nothing

Sydney Morning Herald September 13 2017 - 10:45am

Tom McIlroy

 

The Turnbull government has admitted it issued robo-debt recovery notices to 20,000 welfare recipients who were later found to owe less or even nothing.

Documents presented to Parliament by Human Services Minister Alan Tudge showed the use of automated data matching processes by Centrelink and the Department of Human Services resulted in 19,980 debt notices being issued, all of which were either reduced or rescinded.

Data to March 31 showed a total of 12,524 people had their robo-debt demands reduced to a smaller amount, while a further 7456 people were found to have no legitimate debt.

In a response to questions from Labor backbencher Steve Georganas, Mr Tudge said NSW had the most debts reduced to zero, with 2234, while another 3644 debts in the state were reduced.

Victoria had 1894 debts reduced to zero, ahead of Queensland with 1665 and Western Australia with 646.

Victoria had 3306 debts reduced but not completely rescinded, with 2718 in Queensland and 1609 in Western Australia.

The ACT had 100 debts reduced to zero, and 169 debts reduced to a smaller amount.

The number of altered robo-debt notices is likely to have grown in the past six months, and only represents instances where welfare recipients have challenged the amounts.

The government said debt reassessments could take place multiple times.

Labor's human services spokeswoman Linda Burney called the figures "absolutely shocking".

"This is the government finally telling the truth and finally admitting that they sent out 20,000 letters to people accusing them of owing money that they did not owe," she said.

"These questions will be pursued by the Labor party with the government. It is just an outrage that so many people were accused. It is incompetence that so many people were accused of owing money that they did not owe."

Among the suburbs with the largest number of debts reduced to zero were Bundaberg, Mackay, Toowoomba and Cairns in Queensland, Gosford in NSW and Cranbourne, Ballarat and Werribee in Victoria.

The areas with the most debts reduced include Bundaberg, Cranbourne, Toowoomba, Cairns and western Sydney suburbs including Mount Druitt, Liverpool and Campbelltown.

Labor, the Greens and social services agencies have been critical of the automated data matching process since late-2016.

 

The tax records of welfare recipients are compared with the levels of pay they reported to Centrelink. Income is averaged over 26 fortnightly reporting periods, leading to distortions and incorrect assessments of recipient's entitlements.

The government maintained the system was working effectively, despite a critical report from the Commonwealth Ombudsman published in April.

The probe found demands on recipients were neither reasonable nor fair, highlighting serious deficiencies caused by the Department of Human Services failing to properly consider the issues involved in moving to a system without human oversight.

Acting Ombudsman Richard Glenn found 20 per cent of people sent an initial "request for information" letter were able to prove they owed nothing to the welfare agency.

Labor has called on the government to act on 21 recommendations from the Senate committee, which said the process should be immediately stopped.

It found the program had a "profoundly negative impact on the lives of thousands of Australians."

 

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ASIC says bank culture a ‘major problem’ The Australian 4:31pm September 12, 2017 Prashant Mehra  Houston we have a problem!!!   Consumers are figuring out they have been swindled by Major Banks.  LIAR LOANS means the LENDERS ARE THE LIARS.  They then commission FAKE SURVEYS to blame the customers for the ROBO APPROVED toxic loans riddled with fraud.  Seriously???? The corporate regulator has again slammed the big banks, saying there are major problems with their culture and conduct that are yet to be addressed. Australian Securities and Investments Commission Chairman Greg Medcraft said he is not scared of taking on the major banks, and highlighted the need for individual accountability and bigger penalties for white collar crimes. “There is still a major problem with culture, conduct and accountability at the major banks,” Mr Medcraft told a Reuters Newsmaker event in Sydney. “I think the big banks are extremely powerful in this country....
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