Lee Doyle

 " Hi Denise, ....  "In response to concerns over how our financial institutions operate, we recently launched a piece of research on the issue of bank ownership in Australia. Often consumers who choose to bank with smaller, more independent banks may, in fact, be banking with one of the 'Big Four'. In addressing this problem we've visualised the state of bank ownership across Australia in one graphic.   http://www.creditcardcompare.com.au/who-do-you-really-bank-with-infographic/    THE MULTI-BRANDING STRATEGIES EMPLOYED BY BANKS ARE MISLEADING AND CONFUSING FOR CUSTOMERS.   “In Australia, the big four have basically locked up the mortgage market and as a result consumers are at their mercy when it comes to interest rates" ....... .....“This is not a great situation for consumers or the industry”.   ......." another independent study found that almost 50% of people surveyed did not know that Westpac owns St.George – the level of ignorance was even higher when it...

The new ASIC chairman attributes his outstanding success to a can-do attitude. by Brisbane Times August 10, 2011 ''I understand business, I understand markets - I'm really well equipped for this,'' ''Being a banker gave me enough law,'' ''Securitisation technology has delivered a great deal for Australian consumers,'' ''I want ASIC to be seen not just as a law-enforcement body but as focused on outcomes,'' ''I built a reputation for doing deals that other people thought were too hard,'' ''It's actually about getting things done, a bit of a can-do attitude and innovation,' ''You start making progress where others stop - just because something doesn't exist doesn't mean it can't be done.''   ASIC chairman Greg Medcraft. Photo: Marco Del Grande If Greg Medcraft's track record is anything to go by, the Australian Securities and Investments Commission is in for a shake-up. During his lengthy investment banking career, Medcraft notched up...

Recent comment made by one of our readers...Roy W. "Torch the getaway car, throw the gun in the river, shoot the witnesses, burn the house down, all these classic cases of destroying evidence have made for two hours of great viewing at the cinema. Then there is the real life situation of shred the Loan Application Form, burn the service calculator and flush the Original Customer Contract, this has made for a lifetime of fun for Bank CEO's. The only ones not enjoying this are the customers affected for a life long sentence of poverty all because our system is a failure.   Unlike the movies where the hero always gets his man or your weekly crime drama where the crooks get caught in the hour long episode, this is taking a life time for real victims of Bank Fraud even with a mountain of evidence to thoroughly back the claims to...

Comment from one of our many readers. Domenic - Posted on Thursday, January 16, 2014 Denise I was appalled to find out from my FOS Senior Case Manager that the Banksters have been, by passed legislation only last year he believed, allowed to destroy all original documentation and store everything as electronically scanned versions. I find it incredible firstly that some political moron would even consider this a valid request from the Banking fraternity let alone table it and get enough support that it get passed into LAW. This must have happened during the last days of the trauma filled previous Government and flew by unnoticed as there were so many things dominating the news at the time such as the debacle of their leadership spill and outward bickering. It probably slipped under the radar as an add on and another favour from Mr Swan to his Bankster buddies as...

Warning to home buyers as banks make obtaining a home loan easier DARYL PASSMORE, MICHELLE HELE THE COURIER-MAIL JANUARY 11, 2014 12:00AM       With interest rates unlikely to move in the next quarter, competition is expected to increase this year.Source: Getty Images LENDERS are making it ­easier for homebuyers to get mortgages and promising fierce competition as the property market heats up. The majority of home loans lenders are allowing deposits of 5 per cent or less and some mortgage brokers have no ­deposit loans schemes. "It's definitely an extremely hot market,'' Alex Parsons, CEO of leading financial ­comparisons website RateCity, said. "Competition is fierce.'' EDITORIAL: THERE'S NO BETTER TIME TO BUY BUT BEWARE THE BUBBLE Mr Parsons said lenders were loosening their purse-strings close to pre-Global ­Financial Crisis levels, which peaked at 86 per cent in 2008 but fell back to 49 per cent in 2010. Banking watchdog, the...

Dear Members The Abbott government has clearly shown where their preferences lie when choosing to mount investigations into banking and economic recommendations for the forthcoming budget. Instead of taking a broad spectrum approach with the appropriate experts they choose to take the very narrow conservative approach using industry players. The banking inquiry with David Murray as its head and the make up with  financial industry stalwarts will only result in a one sided view heavily tilted in the banking industry's favour. The Commission of Audit is set up to make hard decisions and recommendations for the upcoming May budget and is  chaired by Tony Shepherd former president of The Business Council of Australia and the head of the commissions secretariat is the BCA's chief economist Peter Crone. Former Howard Minister Amanda Vanstone and three public servants , Peter Boxal an ardent free marketeer who worked as Peter Costello's Chief of Staff,...

Dear members My guts are still churning after reading this article. The Advertiser article for Jan14 titled Broker is Victim of Media Witch-hunt in the comments section refers to an original article by Jessica Darnbrough dated 20-8-12. The article has stirred up alot of commotion amongst the broker community, the article is in reference to David St Pierre signing up elderly clients. The main cause of concern is how they are being betrayed by the media. A Today Tonight  report dated August10, 2012 by Neil Dorley has created a lot of consternation, it exposes loans given to an elderly pensioner and a dementia patient, both loans were for $440,000 over thirty years. The brokers have replied in their broker comments section by stating A Current Affair and Today Tonight are using sensationalist media tactics at the brokers expense and casting them in a bad light, interestingly enough one broker in their...

Dear members I have just watched a Bloomberg program called 'Risk Takers", this episode is dedicated to Doctor come hedge fund manager Dr Michael Burry who saw the sub prime collapse coming, warned about it and in turn bet against it to profit handsomely from it. Its a twenty five minute show and if you google Michael Burry you will see the Bloomberg link to watch it. Its scary stuff watching powerful people playing and how it all filters down to affect everyday people.   Its twenty five minutes well spent to watch and is another insight into the whole sub prime fiasco which we are all suffering from its effects now and into the future. Thanks Neil T. http://www.bloomberg.com/video/72756316-michael-burry-profiled-bloomberg-risk-takers.html  ...

Dear Members With the Senators hearings into ASIC fast approaching, you would think that they would be on their best behaviour and trying to keep a low profile but NO like a stunned rabbit in front of the headlights they have left themselves open to ridicule and derision on many fronts.   People are drowning in DEBT and ASIC is kind to Lenders....................... According to the Jan 10 publication of " The Advertiser" the online broker magazine ASIC allowed a collections agency in breach of NCCP regulations to continue operating with no fines and a "slap on the wrist." The company, Tru Blue Collections Services Pty Ltd purchased a Loan Book of 3,200 contracts from pay day loan companies, the rights and obligations were assigned to Tru Blue as credit provider, a role the company was not licensed to do. Even our old mate Jon Denovans from that much loved law...

Cody Torrents Tuesday, 07 January 2014 · COMMENTS ....              BFCSA: MORTGAGE FRAUD EPIDEMIC must be exposed to rid our nation of SUB PRIME LENDING and Corrupt Bank Regulators Posted by Neil Toplis on Monday, 06 January 2014 in Corruption Exposed       Neil it is well and truely evident we are certainly not alone any more Well done to you Neil for your persistence and to our illustrious leader Denise Brailey who has become our shining light. Like you Neil about the same sort of timing, some years of fighting the battle alone (so I thought) and then also aligned to our group of about 130 people all affected by one very dodgey broker we stumbled upon Denise by sheer chance. We have achieved greatness over the past 18 months between the alignment of our little group who managed to get the dirty broker deregulated and then with Denise's help I have managed to...

There are now 403 submissions with more still to be uploaded! Why not make yourself a cuppa, and then settle down to read some of these Submissions. To read submissions click this link http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions AND in case you are wondering, YES, there is still time for you to submit your one page letter outlining your own experiences with ASIC (FOS and COSL)  Send in Your Submission via Email:  This email address is being protected from spambots. You need JavaScript enabled to view it....

Dear members I must admit I'm not very familiar  with the latest government sanctioned move to no longer keep copies of wet ink loan contracts but to go the electronic route of record keeping.If any of our more enlightened members know of a link to a goverment website which might explain it , it would be appreciated if possible. I cannot understand on what basis a decision like that would be made. Is it a Treasury recommendation with ASIC's blessing? The thing is I can't remember much publicity about it and surely our senior legal fraternity must of raised concerns about it? Just recently an insurance company we had a policy with was taken over by another, we got a three page detailed letter outlining even the most minute detail about number changes and alot of little insignificant changes BUT the point was we were fully informed and if there was...

Credit Card balance transfers warning.. Here is cc's comment                    Tuesday, 07 January 2014 ·                          "and what about being tricked into thinking you can TRANSFER ALL debt from old credit card to new one at reduced rate for limited time.. This is bollocks.. because instead of having the intention of cutting up the old card I now have two credit cards! My application for balance transfer to new credit card was done on line easily enough and I was expecting to be able to transfer all to the new credit card. Congrats, approval comes back... however only 3/4 of existing credit card debt to be transferred , so now I am stuck with 2 cards.. both have high limits (over $10K) This is not what I was led to believe by all those "money gurus" on Current affair shows etc telling us to transfer all our credit card debt to a lower...

Dear members For too many years Denise has been lobbying politicians, ASIC and anyone in authority to get across the sheer magnItude of how rampant Loan Application Fraud ( LAF) is in Australia. The upcoming investigation into the banksters with former CEO David Murray as its head is an insult to the thousands of Australians who have been affected by this man and his bankster cronies.The classification of the investigation as being independent means you want experts who are not affiliated in any shape or form to the banksters, it should not mean you need the main players in the whole sordid affair to pass judgement on themselves. Unless this situation is changed starting by the removal of David Murray as its head the whole investigation will be seen as a farce and a waste of public funds. Its apparent from recent blogs that people with mortgages after being made aware...

399 Submissions and counting..... Some very interesting reading here.  I understand that Submissions into the Performance of ASIC are still being accepted by the Committee up to 10 January 2013. http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions email your submission via Email:  This email address is being protected from spambots. You need JavaScript enabled to view it. EDR’s are supposed to have a Panel of Review – but that has disappeared from FOS….why? Did ASIC say they could drop the review process?  If yes,  when?  ASIC are the licensee of the EDRs How did that reduction in investigations assist consumers or the Lowering of investigative standards? It's a bit like the Banksters lowering lending standards. This is not a fair and equitable system when recommendation is being now bypassed and a TAKE IT OR LEAVE IT stance has been taken by the Ombudsman. Banks must be whooping for joy... So everyone needs to write to Parliament about this latest twist in FOS behaviour that ASIC HAS failed to address. ASIC have meetings...

Dear members The new year is upon us and we have to hit the ground running. The Senate hearing into ASIC is a good start but our Treasurer, The Right Honourable Joe Hockey's investigation into the banksters IS NOT... by the very fact its being led by former bankster David Murray. Joe Hockey's early career was as a banking and finance lawyer so he obviously has strong connections to the banks.  The outcome will be obvious but another aspect comes into play, between now and until November, any questions submitted to our sitting government will be fobbed off... saying we are investigating the banks and await the results at the end of the .  This appears to be another stalling tactic by our politicians to confront the banksters head on. Like the blog title states our P.M. The Right Honourable Tony Abbott has both law and economics degree's so he is in a perfect position to...

I don't understand how the bank can send paperwork saying that "this is everything we have on file for your accounts. 1. No traditional LAF just a 1 page credit author form signed the same day as the letter of offer and a mortgage credit facility worksheet filled in by the bank 6 weeks after loan was drawn down. 2. A mortgage contract with another banks name at the top. 3. Repayments of more than our combined income shown on tax returns, but bank crossed out verify income status in their mortgage credit worksheet. 4.I go guarantor on a business loan that the bank have admitted they have lost LAF for, but my income is not checked 5.On a refinance of a business loan I'm guarantor again no income verification and LAF filled in by Bank Manager And I still don't have l a piece of paper that says Mortgage contract...

Why ASIC isn’t checking banks’ financial planners by Michael Pascoe December 23, 2013 (1)    The Australian Institute of Superannuation Trustees might want the relationship of bank-controlled financial planners and their masters investigated, but ASIC isn’t doing it. Try APRA instead. After Michael West broke the story of bank-linked financial planners channelling clients cash holdings into mediocre deposits with their bosses instead of seeking the best available returns, I expected there would soon be a big kick coming of ASIC in the direction of the big banks’ backsides. A revved-up regulator would be keen to show it wasn’t just the little guys it would go after, and that this time, unlike the AMP shadow shopping scandal, the Big End of Town wouldn’t just be whipped with a feather. So I asked and ASIC has replied: .smh.bus/bus/commentandanalysis/columnist;cat1=columnist;cat=bus;ctype=article;pos=3;sz=300x250;tile=4;ord=3.9657301E7?" width='300' height='250' scrolling="no" marginheight="0" marginwidth="0" allowtransparency="true" frameborder="0"> </iframe>  “As wholesale money, superannuation cash receives lower interest...

Question is Andy:  If FOS err and get it wrong, who is there to complain to?  What can be done about this other than tell Parliament?   Courts cannot overturn a decision by the EDRs.      db Australian Securities and Investment Commission (ASIC) defines a complaint as being any ‘expression of dissatisfaction’. If  FOS/COSL act in "bad-faith" against the consumer, BFCSA members (others) should ‘express their dissatisfaction’  by informing Parliament; ASIC Inquiry Submission or their local member, so we can rid ourselves of a ‘dysfunctional’ contrived "EDR scheme of arrangement" biased towards Bank$ters.    These complaints could lead to the FOS/COSL scheme's “letter of approval” revoked by ASIC @ Parliament's direction. EDR’s are supposed to have a Panel of Review – but that has disappeared from FOS….why? Did ASIC say they could drop the review process?  If yes, AND when?  ASIC are the licensee of the EDRs How did that assist consumers? Not a...

Dear members 2014 is upon us and we face a year ahead with many challenges and opportunities.The Senate Committee hearing into ASIC is a  long overdue and much needed wake up call whereby the outcome will hopefully provide a complete overhaul of the Corporate Banking Regulator from the top executive suite and I sincerely hope a former Bankster is never put in power of such a body again.  WE also suggest to the Senators they recommend the disbanding of FOS and COSL who are basically agents of the banksters. The much vaunted Roots and Branches investigation initiated by Hon. Joe Hockey (Australian Federal Treasurer) into the Banksters, I am less than enthusiastic about.  What was a golden opportunity to bring the Banksters back into line has been lost by the appointment of former Bankster CEO David Murray as its head. Why is he a Bankster is the eyes of BFCSA Members?  Members...

Dear members Both political leaders have given their prospective Xmas speeches and rightfully so have heaped praises on the unsung heroes and heroines of this great country, everyone from the police, doctors and nurses, military and all the volunteer workers and countless others who don't get the recognition they deserve. Both parties have made reference to the less fortunate in our society and I agree whole heartedly but what about the less fortunate who have been put in that position through no fault of their own. I'm talking about all the victims of the banksters and their unquenchable thirst for all our assets, these parasites and their lecherous lawyers have sunk to the lowest depths in order to make their profit margins bigger. To use stealth and cunning to lure victims into these falsified contracts is the height of audacity. What or who gave the banksters the green light to pursue flogging these...

Hi everyone,                This week I have received a calling card left on my doorstep for me to ring Major Fraud Squad in relation to my report. After waiting six weeks since reporting to police about the fraud on my loan I now have the opportunity to speak with Detectives from the Major Fraud Squad Commercial and Electronic Crime Branch! This will hopefully happen tomorrow. So all of you who have found fraud on your loan don`t give up and keep fighting! I will let you all know how I go, maybe someone will act on this corruption in our banking system!...

Dear members At present the two party system is working perfectly if you are a politician of either. Every couple of years you change what side of the chamber you sit in and make alot of noise about how bad the other guy is and how good you are. Well, I like the rest of you, have had a gutfull, these self pandering egotistical elected public servants are abusing the system for self gain. The Nationals (with the likes of Senator Williams) are off the land and can relate to what alot of our members are suffering but being the junior partner in the Coalition, are mostly ignored.   My biggest fear is the Senators recommendations into ASIC might not be acted on after seeing what Joe Hockey did for the make up of the committee into the banking investigation. My wife and I started lobbying Canberra politicians and regulators when John Howard and...

Hello to all,              Just had to add a blog about the weirdness that evolves around FOS and their constant need not to know their own job? They have closed my case again 3rd time?!! And said it is a COSL dispute now as the debt was sold ?? How can the debt be sold when it was under investigation number 1? Then number 2 when I enquire, I'm told the debt has never been sold and is just being managed by another company?? How do they not know this? To make it more interesting FOS have stated that there is an issue and the lender has something to answer for?!! Ok so in my favor....then bam... It is passed on before anything is done!! Tsk tsk tsk will be adding onto the Senate inquiry asap if someone doesn't get their act together, I have it all in black...

Dear members Our illustrious big four banksters have been caught out again. The banksters in their scheming wisdom have decided to put super investment funds into the lowest yielding accounts thus ensuring the wise banksters get maximum return on the money for themselves, whilst giving the minimum amount of return to the super investors. Like I said before all super is the next chapter in the banksters master plan to rob every asset possible from all Australians, their combined greed knows no bounds. And to top that off the beloved NAB has the hide to complain that there are to many regulations in the financial services industry, it curbs competitiveness they claim. We have all been witness to what NAB did to Nabbed Nanna, well just read the latest Senate submissions on what they did to some big family food producing properties out Walgett, NSW way and how NAB replied to the family...