Lee Doyle

Dear members Watching the news in our hotel room getting ready for the Senate hearings tomorrow am and taken aback. We cannot ger the Australian Federal Police to investigate the banksters yet they can raid two channel7 properties under the pretext of finding evidence of payments to Shapelle Corby for interviews. I'm sure if they raided the banksters on our behalf they would score better in finding indictable evidence. What they did is not of national importance, bringing the banksters to account for their engineered fraudulant deeds is. Tens of thousands of Australians lives have been decimated by their actions but no federal authority will pursue them. Tomorrow will be the new beginning, I  have never looked forward to anything as much as I look forward to  ASIC Chairman Greg Medcraft take the stand tomorrow, I hope the good Senators drill him harder than a Collins Street  dentist and leave him...

Dear Members It amazes me that as we fast approach the Senate hearings every day brings more bad publicity for ASIC. As a bipartisan exercise regardless of political allegiances, it can't bode well for them. At present the PM and Treasurer are getting no, or very little return on their money by ASIC's performance. I don't know whether anyone will actually take the time to work out how much money has been lost by the big collapses like Storm or Trio, plus all the others. The financial and human cost to individual investors and victims of loan fraud is incalculable and all this because some overpaid individuals got complacent and thought they knew best. They were given the tools and rules to carry out their mandate but instead of carrying out the job they were heavily funded for, they got lazy. What started as a trickle of FOB OFF letters has...

I have been very ill for some time now & most of this is due to ANZ, their lies & approval of an illegal loan which resulted in the loss of our family home. After a long battle with FOS who would not ask that question to ANZ  "how was I qualified for the loan in the first place?" I FINALLY learned the truth! I received an email from ANZ with an Admission that they hold NO application for my 2007 loan.  The email was received from an ANZ staff member who was filling in whilst the staff managing my banking account were on holidays... this was long after my FOS dealings.  I had tried to get copies of my LAF for many years & just kept getting the run around by ANZ staff.  Whilst they where on holidays I requested my LAF copies again as I knew the liars were away & FINALLY a relief staff member emailed me...

To date I have complained to FOS and reported a Crime to NSW Police regarding Westpac Bank and how they refuse to explain why and how it manipulated my 2010 & 11 Tax Assessments.  All questions from FOS to me so far have had nothing to do with either my complaint, or what Westpac Bank has done. It seems to me, from my experiences so far, that FOS & Westpac think its OK to increase my income Tax details without my knowledge.  A Westpac Credit Assessor increased my income on my FULL doc Loan application. As a direct result of Westpac unjustly increasing my income to suit their "service calculator" I have been placed in financial difficulty from the day the loan was approved by Westpac. R.S. (name withheld)...

  Incomprehensible, inept and just wrong TERRY MCCRANN HERALD SUN FEBRUARY 12, 2014 12:00AM WHAT Peter Mason, the soon-to-be ex-chairman of David Jones, did was utterly incomprehensible. It was also very badly wrong.  What the ‘invisible man,’ Greg Medcraft, still the chairman of ASIC, did NOT do, was merely embarrassingly inept. It was also plain wrong.  Late last year Mason, who’s been a respected and highly successful investment banker for over 40 years and an effective non-executive company director more recently, signed off as the company’s chairman, on two DJ directors buying shares in the company.  That in itself would be unremarkable; and we normally would never even hear about it. Except, that three days after the two directors, Steve Vamos and Leigh Clapham, went ahead and bought their shares, DJ released its first quarter sales numbers.  Sales bettered market expectations and the DJ share price leapt 6.6 per cent. If the...

Senate inquiry to probe ASIC's role in unsolicited card campaigns Posted on: 10th February 2014 A Senate inquiry will scrutinise how Qantas and Virgin Australia were able to secure private no-action letters from the corporate regulator which gave the airlines a "green light" to send millions of unsolicited payment cards to their members. Senators from both sides of the political divide have asked the Australian Securities and Investments Commission to explain why it allowed the airlines to ignore the laws on unsolicited debit cards. ASIC's no-action letter means it has agreed not to take the airlines to court for potential breaches of s12DL of the Australian Securities and Investments Commission Act over these card mail-outs. The senators have asked ASIC, Qantas and Virgin Australia to make submissions to the Senate Economics References Committee detailing their justification for the massive unsolicited Visa and MasterCard mail-outs. An investigation by Compliance Complete found the...

Neil Toplis - Posted on Saturday, February 15, 2014 We also were investors in the Sevelle group. ASIC never informed investors they were taking him to court.  Before they shut him down ASIC contacted the investors asking did they have any dirt on him but DID NOT inform investors that any information provided could actually shut him down. We wrote to Wayne Swan and stated 69 mum and dad investors who mostly borrowed using their homes as equity had lost 13.5 million dollars.  Mr Swan replied ASIC did what they did to protect us. ASIC lied.  At first they stated to us that they shut Sevelle down because he used pressure to coerce an investor to sign a transfer from property development to shares, but now they state they took action because he didn't have the appropriate license. It was years later, only when some of the investors got together that we discovered LAF fraud. ASIC...

This is my story..    In 2006 we became involved with an investment group.. in order to invest we had to refinance and this was with Perpetual Trustee who became GE Money.   In 2007 Sevelle finance was shut down and $500,000 invested (borrowed against our Home equity) was gone.     If this was not devastating enough, we asked for a copy of our original LAF faxed to the Lender on BFCSA's advice and it was ONLY then we discovered the changes that had been made...figures added in, false super and business valuations and my husbands salary altered.  That's what we saw on the pages of the LAF GE would give us... We have never gotten the other pages and in fact subsequent requests have been met with less pages.   ASIC was told of the fraud...a billion reasons why they could not help.  FOS...no help. Police...no help....this was...

Dear members Its the ground swell of public discontent at ASIC's performance  that has now reached tsunami levels. Even on short notice of dates and venue BFCSA's presence will be felt. After ASIC head Greg Medcrafts appearance we are up against a majority of hard hitters who are predominately pro-ASIC from the ASIC Gene-Pool, you can form your own opinions because each witness has a submission number next to their title so you can refresh your memories. I have read all the submissions to the Senate hearings and all those who are pro-ASIC seem to be people who have something to gain either directly or indirectly as ASIC stands in its present form . Some of the witnesses gain monetary profit from ASIC's inaction and others are protecting their jobs and futures while others are trying to protect the supposition that they weren't performing their duty of care to the aggrieved...

By Rob Taylor and David Winning CANBERRA, Australia — Australia is readying a plan to sell 130 billion Australian dollars ($117.49 billion) in assets ranging from health insurers to electricity poles, hoping to set an example to cash-strapped governments around the world that need new funds to boost their economies. Treasurer Joe Hockey, who will chair a meeting of finance ministers and central bankers from the Group of 20 developed and developing nations this month, said Australia’s conservative government was finalizing a deal with state counterparts to prioritize assets and businesses that could be sold to private investors. “We are going to free up the capacity to get on with the job of building things,” Mr. Hockey told The Wall Street Journal in an interview at his parliamentary office in Canberra. “We’re going to form a partnership with the states that is going to be rolled out over the next few...

Farmers launch class action against ANZ bank Sarah Taillier Updated 7 hours 49 minutes ago A group of West Australian farmers say they are planning a class action against the ANZ Bank, claiming it has engaged in 'predatory' and 'unethical' practices. In 2009, ANZ purchased Landmark's loan book, which contained rural clients. Some of those clients are involved in the class action claiming revised loan conditions, imposed by ANZ, are too harsh. The Rural Action Movement's, Greg Kenney, is one of about seven farmers behind the action. He said he hoped the case resulted in a Parliamentary inquiry into banking practices. "I wouldn't like the class action to end with just those farmers that have come on board being the beneficiaries of it," he said. "I'd like to think that once the banking practice has been made public, that the public is aware of what they've been doing, practically in the bush,...

Extract of a submission to the Senate Inquiry into ASIC's performance  "The subsequent list of failed companies (too many to list here) indicates that  ASIC failed in their duty to investors. Who is ASIC accountable to?..." ..." In summary:- 1. We believe ASIC failed in its duty to investors 2. ASIC's investigating procedure borders on an insult to our intelligence..." to read more, click on link for PDF   http://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&ved=0CEIQFjAE&url=http%3A%2F%2Fwww.aph.gov.au%2FDocumentStore.ashx%3Fid%3D7bb3eb9e-b923-40f2-ad5d-4ff97d8d1a0b%26subId%3D31251&ei=D139Ury2GaiwiAeDkIDQAw&usg=AFQjCNGPWjHk9yjmTVyunfDNtZdRZckIJg   Director banned but back for more by: Exclusive: Anthony Klan From: The Australian March 24, 2012 12:00AM  AN Australian man with a track record for presiding over corporate collapses is operating an international currency trading scheme which is bleeding millions of dollars raised from investors and clients across the globe.          Les Freeman, who was in 2010 banned by the Australian corporate regulator from being a company director, is behind the group of companies operating out of Brisbane, Santa Monica and Hong...

Dear Senator Ryan,                                Your statement reported in today's WA Today paper accused Mr Shorten of ignoring corruption in the Union. The same accusation could (and should) be levelled at you and your Government for ignoring mass corruption in the banking and finance industry and the Regulators which has been going on for decades.    BFCSA (inc) members are calling for a ROYAL COMMISSION WITH WIDE TERMS OF REFERENCE and should have been granted before the Union Royal Commission. Why? Because the matter we are dealing with is more serious. Hundreds of thousands of people are being ruined because of engineered bank fraud and that is all banks.    I implore you to use the same tools to turn a light into the dark corners of the banks where we know and have absolute proof of CRIMINAL practices.    Regards    Ken P....

Dear members As a consequence of life I get quite a lot of down time but the upsiide is I get exposed to lots of media broadcasts and the information within. This morning on ABC breakfast there was an interview about super funds and the guest represented industry super which is cheaper because they don't pay commissions. The big banks have a big slice of super funds and want more and as a result that when ex-CBA bos David Murray does his roots and branch investigation into the banks he is also going to look into the super aspect and SMSF funds, what recommendations will he make to parliament over that? Also the rules regarding brokers and advisers are to be relaxed as well. Tonight on Peter Van Onseline on Sky he pointed out that Tony Abbott has only one woman on the front bench Julia Bishop but whenever the camera...

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Bank phoned me Friday just gone to say they feel after a few weeks of discussions with them that upon investigation they don't feel they acted with maladministration or were guilty of imprudent lending based on the information they received from the Broker at the time.     Pish posh...  They didn't check, or made one phone call to us, or made a request in writing to verify our figures at all. They then said we are not in the habit of contacting clients directly. Then they thought they'd be helpful  and give me COSL's contact details.   Now the Broker can't be found.   We sure as hell never had $257K as savings in the bank and I earnt a lot less than $80k per year at the time.   Not happy and not quitting.   C.E.  ...

When brokers say they will get you a "loan" and they won't charge you anything, then they are obviously working for the banks as they get a commission. I can't see how the banks can say that the brokers were not working for them or on their behalf. Have I missed something?   ED:  Spot on PT,  but the Prime Minister has hasn't yet worked out who pays commission to the brokers.  He is a smart man, so he obviously has not been briefed by Treasurer Joe Hockey, on the Banks ignoring the fact they have a very important responsibility to ensure ID Verification under the Anti Money Laundering and Counter Terrorism Financial Act 2001.  Banks ask Brokers to sign a Statutory Declaration to Verify the Borrower and collect personal financial details and ID documentation.  Banks must comply with those legal requirements.  All Brokers must sign the STAT DEC and then...

Dear members First and foremost the Senate hearings into ASIC have been known about for some time , it just seems incomprehensible why it was left so late to book a venue or confirm dates. I realise the  election and its run up caused many issues so I don't know whether its bad timing, bad planning or a deliberate act to shield ASIC from the"mob" who gather to voice their protests at ASIC  performance. To give people less than a weeks notice of proceedings is very inconsiderate, Denise for example has to up stumps from country W.A. If Greg Medcraft is appearing how much notice did he get considering his busy schedule at IOSCO and ASIC? If there were any motives to dampen BFCSA attendance and numbers its failed because we will be represented and Denise will be our voice loud and proud. Short notice of the hearings might diminish the...

Dear members Its not long now before our day will come and we get to face the men responsible or should it be the irresponsible men who were supposed to be our protector and watchdog by making sure no consumer was taken advantage of. As Medcraft and Kell were first and second in charge they have,to take full responsibility for ASIC's failings over the last few years. Its unfortunate that Denise will have a time limit to get across as much information that's humanly possible in the one hour allocated. I'm sure Greggies minions have been devouring every bit of information concerning BFCSA from individual Senate submissions to blogs that get posted on this site. If and when Greggy takes the stand he will be well rehearsed in what the likely questions will be, his body language will be a give away though. He is one of these people who...

 Citizens Electoral Council leader Craig Isherwood today called on the Abbott government to finally hold the banks accountable for their financial crimes, before it goes off on its crusade against union corruption.  Isherwood said, “In 2009 I called for an Australian Pecora Commission, modelled on the U.S. investigation of Wall Street led fearlessly by Ferdinand Pecora from 1932-34, which exposed the financial crimes that led to the Great Depression, and the corrupt dealings between the Wall Street banks and American politicians that enabled the banks to get away with their crimes.  “So far, outside of some Senate inquiries there has been no serious investigation of financial crimes in Australia. Yet after a few high-profile examples of union corruption, people in the Abbott government are pushing for a Royal Commission into the unions.  “I say investigate both,” he said, “but unless the government goes after the banks with the same zeal it...

Yesterday, Feb 4th, I blogged 'Our Story. Macquarie Bank and Perpetual Ltd'.  You can find that here: http://www.bfcsa.com.au/index.php/entry/our-story-macquarie-bank-and-perpetual-ltd We got a letter today that has prompted me to add the following: First, in summary: We were evicted in March 2011.  Our home was sold in December 2011.  Since then we have had 'no fixed address'. Our loan was $537,000.  The bank took a long time to put our home on the market, all the while running up costs with the security fence, guard dogs and security guards - asset stripping??  (See my post of Feb 4th to understand this.) We had a written appraisal for our home by the same agent who who sold our home for the bank for $1.6M.  With the approval of Perpetual Ltd, HWL Ebsworth Lawyers and Macquarie Bank, he sold our home for $832,000 - half his written appraised value.  Now to the 'recent events'.  The...

Writing our 'Bank Story' isn't easy.   I've written it in point form - but it's still probably too long for people to want to read it all.However, it IS 'our' bank story - and who knows, someone may have the time to read it and be informed about some of the things the banks get up to.  Oh, and just to set the rumor straight ... my husband is NOT a lawyer, and has nothing to do with the profession.  We were just a Mamma and Pappa, with three teenage children living at home, who mistakenly believed banks could be trusted, and who thereby ignorantly entered a minefield.  A.  'OUR BANK STORY'.1.  2002 applied for loan from Interstar Wholesale Finance (became 'Challenger' and November 2006, and now known as 'Advantedge').  We owned our home freehold at the time.2.  Brokers acted strangely - at the time I told my husband they were...

After watching Denise’s segment on today tonight in 2012 I was relieved that maybe just maybe it could be a step in the right direction for me. This July 6 years ago, I approached a mortgage broker (was an ex work colleague) to help me or guide me in the possibility of going for my first house loan. Well can I just say it was a shambles to say the least. I from what I can gather I applied for a preapproval loan based on a generic style form he presented me. I never received a copy so I couldn’t actually give you the details. The loan was to be conducted through ING direct and apparently preapproval was granted based on the income I told him I earned. He also encouraged me to go on a 4 year fixed loan as he used scare tactics that the interest rates would go...

NABbed Nanna - Posted on Sunday, February 2, 2014 Our property was valued by Nab. According to the Country Bank Manager I originally applied to for the loan he stated that the valuation is only rated at 60% of the figures less any outstanding debts, which then gives you the figure you can apply for as a loan. This loan application was declined.  It was in our local area.  The assessor knew the business. Nab managed to lose all trace of the loan application when challenged by FOS. Neither the hard copy nor the electronic copy could be found after some weeks of searching. It was apparently not reported as a declined loan in our Credit Report. Figure that on!!!!! The Nab, Melbourne branch utilised the entire valuation amount and did not take off the outstanding debts including a Nab credit card for $ 25K. This manipulation then supposedly secured the...

Comment by Jay S. - Posted on Saturday, February 1, 2014 Yes, don't ever tell your bank you are in hardship, my undoing also.  I could have borrowed money from anywhere without their help to keep going, instead I did what it said in my Contract. Tell us, they say. Now, no home, horrible and ruthless eviction instead of sensible help and compassion, and they will send me to bankruptcy after underselling my home by a few hundred thousand. And they are justifying the costs of their foreclosure and many valuations and re-valuations to prove it was only worth what their 'arranged purchaser' paid for it! So is it possible to LOVE A BANK? Every BOQ victim knows the answer to that one. Whoever thought up that fraudulent slogan? ...... " Yes my bank manager knew a lot too. He leaned on me to sell other assets, I never thought I would...