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BFCSA
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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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BFCSA Blog

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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No holds barred here........   The Clayton’s Banking Royal Commission Evan Jones 9 December 2017 https://independentaustralia.net/politics/politics-display/the-claytons-banking-royal-commission,11011 When it comes to Turnbull's reluctant Banking Royal Commission, the fix is in, writes banking corruption investigator Dr Evan Jones. You couldn’t make it up. It’s the Royal Commission follies. And this is just early days. Those fronting for the banks, the Liberal Party front bench to the fore, have been denying the necessity for a banking Royal Commission for yonks. Overnight, the Big Four decide to OK a Royal Commission, so we are going to have a Royal Commission. On the banks’ terms. Brilliant! The much desired Royal Commission is decapitated from the start. Check out Turnbull’s draft Terms of Reference. The first paragraph is a giveaway: 'Australian has one of the strongest and most stable banking, superannuation and financial services industries in the world, performing a critical role in underpinning the Australian economy....
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Regulators ask lenders to reveal how lending crackdown has impacted new business Australian Financial Review Dec 10 2017 7:40 PM Duncan Hughes   Lenders are being quizzed by the nation's financial regulators about the impact of recent rule changes on their credit policies, lending volumes, marketing strategies, distribution and communication with mortgage brokers and clients. In addition to seeking internal information about credit changes regulators are also requesting external communications with lenders and mortgage brokers through emails, websites, call centre scripts and press releases. It comes as another big four bank, National Australia Bank, prepares to tighten its credit policies by updating borrowers' living expenses used in assessing customers' serviceability. APRA and ASIC are taking the deep dive into lenders' data following the so-called "macro-prudential" changes intended to slow borrowing, particularly by investors, and ease pressure on property prices. The regulators have sent detailed questions to lenders seeking responses to how...
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Australia’s dodgiest CEOs whine about “trust deficit” CBA IS THE WORST BANK in terms of understanding trust and confidence of consumers.  Just ask any of the CBA Mortgage Victims.  They are the largest bank and have from the evidence, the smelliest mortgage fraud loans in Australia.  Narev on the evidence of “dumb responses”, has been the worst CEO ever!!  Ho Ho Ho Ian, Consumers are gearing up for the New Year.  You could run away long before July?  The CBA Board better not recommend the RBS boss as the successor!     By Houses and Holes in Australian Economy at 10:20 am on December 8, 2017 | 2 comments https://www.macrobusiness.com.au/2017/12/australias-dodgiest-ceos-whine-trust-deficit/ Shameless, out-of-touch and delusional: “Many Australians believe neither government nor big business are listening to them,” Origin Energy chief executive Frank Calabria told the annual survey of 52 top chief executives compiled by The Australian Financial Review’s Chanticleer columnists. …Outgoing Commonwealth Bank...
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APRA must reach for the lash By Deep T. in Miscellaneous at 10:42 am on August 3, 2011 | 29 comments https://www.macrobusiness.com.au/2011/08/apra-must-reach-for-the-lash/   This morning the Unconventional Economist posted an excellent article which points out that both credit rating agencies and our ADI regulator, APRA, are concerned about Australian banks’ lending practices for residential mortgages. In short, in the banks’ drive for both mortgage market share and to keep the credit machine churning there is concern that banks are or may be taking on too much risk.   For this commentator, the actions of APRA and even the credit rating agencies are extraordinary. Never, in the history of the Australian financial system since deregulation has the public and private regulators warned the industry as a whole about lending standards on a single asset class ie residential mortgages.But what I find equally extraordinary about these public stick raising exercises, is that nothing...
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IMF found our Banks non compliant with prevention of the use of banks by criminal elements in 2005/6!!!! Attached letter is important re securitisation dated 12 July 2004.........must be to do with that suppressed report Stephen Long has a copy of!    In 2005/2006, the IMF conducted an assessment of Australia under its Financial Sector Assessment Program (FSAP). A key part of the FSAP was an evaluation of APRA’s policies and practices for the prudential supervision of banks against the Basel Core Principles for Effective Banking Supervision. 1 The IMF’s detailed assessment of Australia’s compliance with the Basel Core Principles is being published separately.  A separate paper was prepared by Treasury, in consultation with APRA and other Commonwealth agencies, addressing Australia’s adherence to these preconditions. This paper will be published separately by Treasury.  The material provided to the IMF was preparedas at September 2005. Since then, APRA’s supervisory procedures have evolved in...
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Regulators had no idea of what banks were up to before 2007   Mortgage defaults soar by 329pc By George Lekakis, HeraldSun August 7, 2007 12:00am   https://www.dailytelegraph.com.au/archive/news/mortgage-defaults-soar-by-329pc/news-story/073285304f6abb57e713f01dcc0f5c53    AUSTRALIA'S insurance regulator has drawn attention to a spike in the number of stressed homebuyers, confirming that claims for mortgage defaults soared by 329 per cent in the year to December.   Home lenders lodged claims for $210 million worth of bad loans in the 12 months to December compared with only $49 million in 2005, according to the Australian Prudential Regulation Authority. The official statistics show the rise in claims for lenders' mortgage insurance outstripped growth rates of all other classes of general insurance. News of the claims blowout came as the subprime mortgage crisis in the US continued to spook Australian investors, who yesterday dumped rate-sensitive stocks such as Babcock & Brown and Macquarie Bank. The market-wide rout resulted in another...
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RUDD inherited JOHN HOWARD's Banking Scandals.  APRA knew its prudential standards were GARBAGE   In a 25 November interview with Peter Hartcher of the Sydney Morning Herald, Rudd revealed for the first time the truth that the US government bailed out the Australian financial system in 2008. Rudd effectively begged George W. Bush to bail out US insurance giant AIG, because it was the reinsurer for about a third of Australian insurance policies. “If AIG had fallen over, the systemic shock to corporate Australia would have been devastating”, Rudd said. “I said to George W. Bush, ‘This is an alliance matter. It goes to the fundamentals of what our economy needs to survive. [Emphasis added.] I really need you to prevent AIG from going under.’ I’m sure I wasn’t the only voice on the matter, and God knows how significant the impact would have been for Asia and Europe too. But...
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Banks must have treated APRA with disdain..couldn’t have more clear instructions...... http://www.bfcsa.com.au/index.php/entry/bfcsa-apra-set-the-rules-and-regs-of-banking-then-ignored-the-systemic-activities    Sept 2004 From the same document http://www.apra.gov.au/Policy/Documents/RIS-APS-112-Sep-04.pdf Page 2 Both Low Doc loans and broker-originated loans can lead to problems associated with asymmetric information, where one side of the market (potential borrowers) knows something that the other side (ADIs) does not. Asymmetric information often leads to opportunistic or exploitative behaviour by the informed party and market failure. In order to avoid these problems, APRA expects ADIs themselves to be responsible for deciding the criteria to be used in making the decision to lend in all circumstances, and should not rely on broker valuations or income checking when providing a home loan. Furthermore, any use of a third party in the lending process should not adversely impact upon compliance with the ADI’s lending criteria. APRA is of the view that any use of a third party in the credit...
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Farmers in tears after banks take land Lisa Martin 6 Dec 2017, 4:40 p.m. http://www.queenslandcountrylife.com.au/story/5105433/farmers-in-tears-after-banks-take-land/    At the mercy of the elements Lindsay Dingle thought the life of a farmer was hard enough. Then there was a knock on the door that has brought him 40 months of turmoil. Mr Dingle had a cattle, cropping and fodder property outside of Bundaberg in Queensland for 13 years. In 2011 and 2013 the property was hit with floods, and then a big dry. He owed the bank $600,000 and receivers rocked up without warning. "They come in the door nine o'clock one morning and say you've got two minutes to get your medication and get off," Mr Dingle told AAP on Wednesday. "The people in the system, they almost get off on it... they're just ruthless." Mr Dingle's voice trembles as he describes how he was made to feel like a criminal during...
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NAB to remediate 2,300 home loan customers HomeNews   http://www.brokernews.com.au/news/breaking-news/nab-to-remediate-2300-home-loan-customers-243732.aspx   by AB16 Nov 2017   NAB has commenced a remediation program for some of its customers, after a review identified their home loan may not have been established in accordance with NAB’s policies. It follows the completion of an extensive review by NAB which identified around 2,300 home loans since 2013 that may have been submitted without accurate customer information and/or documentation, or correct information in relation to NAB’s Introducer Program. NAB first became aware of the matter in October 2015, and advised ASIC in December 2015 after an initial high-level review. Since then, NAB has provided regular updates to ASIC on the progress of its investigation. “What occurred was unacceptable. We have investigated this matter thoroughly, and, as we have always said, whenever we find issues we will investigate them, fix them, and hold people to account – and...
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Former Liberal leader claims bank influence on government is 'blatantly obvious' BFCSA was the first to expose former HC Judge Kenneth Hayne as an inappropriate mate of former PM John Howard and former CEO Goldman Sachs Malcolm Turnbull Esq......the two persons who conspired to encourage all banks to lower their lending standards. How evil is this Royal Commission?  BFCSA is the peak Consumer Group handling the issue of Mortgage Fraud and we were not consulted regarding  the TOR.    A former state Liberal leader has accused the Turnbull government of political motivations by allowing the banks to drag industry superannuation funds into the impending financial services royal commission. As the government moved swiftly to get the royal commission moving on Friday, announcing the appointment of former High Court judge Kenneth Hayne as chief commissioner, former NSW Liberal leader Peter Collins claimed the government's political partisanship and "shabby" commercial motives by banks...
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Well hello Sunshine...it’s ditto in Australia......no point in having regulators if they live in fear of the banks they are supposed to regulate!  And the RBS head honcho is rumoured to return as head the CBA?  That’s as bad as Turnbull lining up his ex CBA mate for Medcraft’s job ..... Watchdog ‘forced’ to keep RBS scandal report secret over fears bank would sue James Huntley, Enterprise Editor 5 December 2017 12.01 am https://www.thetimes.co.uk/article/fca-grb-watchdog-forced-to-keep-rbs-scandal-report-secret-over-fears-bank-would-sue-fndjzk9ct   RBS was found to have “systematically” mistreated businesses by an FCA review commissioned in 2014ANDY RAIN/EPA The Financial Conduct Authority decided not to publish a highly critical investigation into Royal Bank of Scotland’s systematic mishandling of thousands of small and medium-sized companies because it feared being sued for “unfair treatment” by the bank. Despite acknowledging the public interest in issuing its full investigation into the bank’s Global Restructuring Group, the FCA concluded that to do so...
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Institute of Liberal Party policy? What the IPA will get from Abbott https://www.crikey.com.au/2013/09/06/institute-of-liberal-party-policy-what-the-ipa-will-get-from-abbott/ The influence Institute of Public Affairs released a list of policy demands last year. Crikey forensically works through them to see which ones Tony Abbott has adopted. Tony Abbott likes to think of the shadowy Institute of Public Affairs as divine inspiration, rhapsodising in a speech to its mogul-stacked 70th anniversary dinner in Melbourne this year that its diktats are created in God’s image. But just how many of the think tank’s radical ideas will he adopt when, as expected, the Liberals form government on Sunday? In a Sunday Age piece a few weeks back, John Howard belled the cat: the IPA is a Trojan Horse for scorched earth neoliberals trying to “condition the public attitude on these [policy] matters”, in other words, manufacture consent. Luckily, the policy menu has already been written. Last August, in a brazen display of chutzpah, the IPA released...
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Australian Banks started closing branches in 2000 forcing customers to do on-line banking.......now banks have the audacity to blame customers for being forced to use on-line banking?   Ross McEwan was expected to take over as CEO from Ralph Norris......now he’s on the short list to take over from Narev. Well Rosco, when Timbercorp defrauded investors, CBA were inextricably involved with Timbercorp, same with STORM victims....same as 100 other big collapses.  Better change your lousy attitude - same as Australian CBA victims are fed up with Narev, and you will be public enemy # 1. RBS boss tipped for shortlist to run Australia’s largest bank Ross McEwan likely to be among candidates for new chief at Commonwealth Bank of Australia https://www.ft.com/content/6c32ad56-924b-11e7-a9e6-11d2f0ebb7f0   Abandoned by the bank YOU saved: Boss of bailed-out RBS says customers are to blame if they're tricked into sending money to criminals Ross McEwan said it's not banks' responsibilities when...
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Michelle is still in her home after years of fighting.  She first came to BFCSA and joined as a member long before speaking with MPs.  I explained she needed to demand the Loan Application Form and look for the fraud.  I also gave her advice re the use of the guarantee's re her mother. I also invited her to join me as a guest in meeting with Mr Shorten.  As a member Michelle received newsletters of updates including the discovery of the service calculators and the mechanics of the rob of approval system.  These specific details and legal arguments can only come from BFCSA.  2000 - 3000 people have been assisted by BFCSA and there have been many many settlements and good outcomes. We saved three homes last week. We wish Michelle well in her quest.  Shadow Banking is much tougher than arguing with the Major Banks.  We agree, the Banks ought to provide...
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Turnbull’s banking royal commission a ‘put up job’ and a ‘joke’, says whistleblower  10:15pm, Nov 30, 2017 Updated: 10:56pm, Nov 30 Luke Henriques Gomes Canberra [email protected] http://thenewdaily.com.au/news/national/2017/11/30/banking-royal-commission-morris/ef Morris believes momentum will build for a more expansive inquiry. Photo: AAP The man who exposed the Commonwealth Bank’s financial planning scandal has described the Turnbull government’s plan for a royal commission as a “put-up job” and a “joke”. As pressure mounted on Thursday morning, Mr Turnbull announced the government would establish a $75 million, 12-month royal commission into the banking industry. But the government’s dramatic backflip was not enough to satisfy Jeff Morris, a former financial planner who received death threats and lost his job after blowing the whistle on corruption at the Commonwealth Bank. Speaking to the The New Daily on Thursday, Mr Morris labelled the plan for a 12-month inquiry “a joke”. “The turgid and dishonest conduct of the banks will...
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Malcolm Turnbull’s banking backflip has left him looking weak and embattled Paule Matthewson 1 December 2017 http://thenewdaily.com.au/news/national/2017/12/01/malcolm-turnbull-banking-inquiry-backflip/ It didn’t have to be this way. It really didn’t. Malcolm Turnbull’s reverse flip with a triple-pike over the banking royal commission could have been a positive for the embattled Prime Minister if he had better managed its announcement. Yes, really. Even Blind Freddy could have seen that such an inquiry was inevitable – if not under the current government, then certainly under a Labor administration, which could be installed as early as the first half of next year if the dual citizenship byelections don’t go Mr Turnbull’s way. Putting aside all the reasons against a banking inquisition – and a lot of them are sound – the reasons for having one were simply more compelling. Firstly, the banking and financial services sector has a poisonous culture that is as entrenched as it is...
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The exact same reasons why there are so many mortgage fraud victims.... The supply and marketing of inappropriate products...Poor compliance in industry...Failure of regulation…   Melbourne buildings chock-o-block with flammable cladding By Unconventional Economist in Australian Property at 9:20 am on December 4, 2017 | 15 comments By Leith van Onselen In the wake of June’s Grenfell tower disaster in London, which claimed the lives of around 80 people, a special Victorian Taskforce interim report has identified 1,400 buildings with flammable cladding, including eight hospitals. From The ABC: The Victorian Cladding Taskforce identified 1,400 buildings “as most likely” having aluminium composite panels (ACP) with a polyethylene (PE) core or expanded polystyrene (EPS)… The taskforce called on the Victorian Building Authority to examine those buildings and give them a danger rating of low to extreme. It also recommended that materials be restricted for future use on buildings above two storeys… Planning Minister Richard Wynne said the report painted a picture...
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  Shorten banks on Turnbull’s super industrial size lack of judgment Michael Galvin 3 December 2017 https://independentaustralia.net/politics/politics-display/shorten-banks-on-turnbulls-super-industrial-size-lack-of-judgment,10991#.WiRsjGoJG8Q.twitter Turnbull's banking royal commission decision is yet another example of his profound lack of judgment, writes Michael Galvin. It is regularly reported that Paul Keating gave Kevin Rudd three bits of advice about Turnbull when he (Turnbull) took over as Opposition Leader. Keating described Turnbull as 1.     brilliant, 2.     utterly fearless, but 3.     totally lacking in judgement. Nearly a decade on and it is safe to say that Keating was wrong about the first two points. Turnbull as PM has been neither particularly brilliant nor particularly fearless. But Keating has been proven spectacularly right about the third point: Turnbull seems mind-bogglingly devoid of any semblance of good judgement. The proposed Royal Commission into banks is truly an awesome example. Two related but specific aspects really stand out. Each of them is bad enough, but as they become intertwined, I cannot...
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Lawyers call for broad scope in banking royal commission And in run the lawyers.........TURNBULL and Bankers’ fake the RC, the lawyers will get nowhere right now.  We know why………………   04 December 2017 By: Tom Lodewyke https://www.lawyersweekly.com.au/wig-chamber/22370-lawyers-call-for-broad-scope-in-banking-royal-commission?utm_source=LawyersWeekly&utm_campaign=04_12_17&utm_medium=email&utm_content=2 Lawyers have applauded the federal government’s decision to investigate the conduct of the banks but warned that the terms of reference must be broad. Prime Minister Malcolm Turnbull announced the royal commission on Thursday after the big four banks called for an investigation to restore public faith in the financial sector. Australian Lawyers Alliance spokesperson Josh Mennen welcomed the royal commission and said it must explore unscrupulous sales practices. “A royal commission is the best way of ensuring that victims of banking sector misconduct receive justice,” Mr Mennen said in a statement. “It is crucial that this inquiry examine the systemic failures of banking practices that led to devastating outcomes for thousands of customers during the Global...
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The first rule of inquiries and investigations is you never call for one unless you know what the outcome will be. There's something seriously rotten at the core of Australian banking Ian Porter 2 December 2017 http://www.theage.com.au/comment/theres-something-seriously-rotten-at-the-core-of-australian-banking-20171201-gzwlkt.html The decision to hold a royal commission into the banking system has been described as a backflip by the Malcolm Turnbull, but it could be worse than that. This could also be seen as the Prime Minister and the banks taking control so that nothing unexpected happens. This is how you keep the banks onside, and the campaign donations flowing.   Illustration: Matt Davidson  The fact that the Coalition will be formulating the terms of reference means that the royal commission will turn out just as Mr Turnbull predicted several months ago. It will largely be a waste of time. Does anybody really think that the banks threw themselves on the altar of public opinion...
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Banker Panic ! Why a Royal Commission is so important.   Banks are past their use by date.....technology might end up having the last laugh on them.....the 2 best probable truths I heard today were 1.    Martin North stated he home lending will NOT be investigated by the RC for home lending is policy NOT misbehaviour...and 2.    Dastyari was really given the shove for he was responsible for formulating Labors Royal Commission policy push   Posted on 02/12/2017 by The Glass Pyramid https://theglass-pyramid.com/2017/12/02/banker-panic-ignore-them-have-a-proper-royal-commission-and-fix-the-problem/ What a week it has been. The Prime Minister Malcolm Turnbull and the Treasurer Scott Morrison have been dragged kicking and screaming by the public, the opposition and even members of their own Liberal Party / National Party coalition into having a Royal Commission into their Australian Banking “mates”.There has been an air of pandemonium as the Banking industry and their “special friends” in politics and the media have run multiple...
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Bank workers want a royal commission to clean up 'toxic' culture http://www.smh.com.au/business/banking-and-finance/bank-workers-want-a-royal-commission-to-clean-up-toxic-culture-20171129-gzv6d6   Bank employees have called for a royal commission to restore the public's confidence in the sector. The Finance Sector Union, which represents hundreds of thousands of bank workers, said recent scandals in the banking and finance sector had rocked consumer confidence. "We want that confidence restored," FSU National Secretary Julia Angrisano said.   "Let's have the Royal Commission, let's put in place the measures to restore trust, and let's work together to develop the world's most stable, ethical and prosperous banking sector. "We believe senior banking executives when they say they want a more ethical, fair and transparent sector.  But we are also realists; for decades, our union has seen ordinary bank workers held responsible for actions that can only arise from toxic or mercenary banking cultures – cultures that senior executives must bear responsibility for."   Ms Angrisano said Australians have seen banks providing...
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Government's superannuation bill 'precisely the wrong model', says expert By Stephen Long Updated December 04, 2017 06:43:46   http://www.abc.net.au/news/2017-12-04/government-superannuation-industry-government-bill-criticised/9221778 TURNBULL’s Smoke Screen machine has started already....... Photo: Parliament is set to debate a bill to change superannuation industry governance this week. Related Story: How the proposed super changes will affect you (and the Government) Related Story: Why superannuation fees are sky high Related Story: Government tries again on legislation to overhaul superannuation funds Map: Australia One of Australia's leading authorities on the superannuation system has accused bank-run super funds of "looting" workers' retirement savings for profit, and criticised the Federal Government's "bizarre" targeting of the not-for-profit industry super sector. Key points: Forcing new model on industry funds would undermine members' interests, expert says Legislation would require at least one third of trustees on a super fund be "independent" But expert says this requirement has failed to overcome conflicts of interest at...
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Banking royal commission could be a superannuation sting that backfires By business editor Ian Verrender Updated December 04, 2017 07:06:35 http://www.abc.net.au/news/2017-12-04/verrender-banking-royal-commission-could-be-superannuation-sting/9221798    Video: Malcolm Turnbull announced a Royal Commission into the banking system last week (7.30) Related Story: Industry super fights back against governance reforms Related Story: How the proposed super changes will affect you (and the Government) Related Story: Superannuation funds grow, industry beats retail ... again Map: Australia Capitulation? Not quite. More a tactical retreat. The Prime Minister may have been dragged "kicking and screaming" to a Royal Commission into banking but not before lobbing a hand grenade into proceedings. It now transpires that the Royal Commission for which the electorate has been clamouring is not quite the Royal Commission being offered up by the Government. Having been given the all clear from the banks — in the face of a revolt from within the Coalition — the PM...
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