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BFCSA: ASIC caught out AGAIN! Even Jon Denovans (Gadens) can't understand why no action taken.

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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 firm Gadens said he was surprised to see there was no action taken by ASIC by letting them off the hook, "They were so kind to them" he stated. (ASIC has been accused of many things, but I must admit that this is the first time I've heard of them being accused of kindness, maybe they could throw some BFCSA way. NT)

ASIC, Deputy Chairman Peter Kell said the Regulator had taken "appropriate action"

This response has garnered immediate and derogatory response from the broker community in their online comments on the magazine. 

ASIC by these actions and responses have clearly demonstrated their reluctance to change and to conform to the rules by which they should be duty bound. Deputy Chairman Kell has demonstrated his arrogance by turning up his nose at the very rules he has been empowered to enforce. Like the Titanic, ASIC's merry little band will keep playing until they sink beneath the cold unforgiving waves.  Thanks Neil T.

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  • doyla66
    doyla66 Friday, 10 January 2014

    What is wrong with Kell and his team.? ASIC it would appear are on the downhill run and are becoming a laughing stock. You posts are great Neil. I think Mr. Kell has lost the plot and grabbing at straws. Must be all the pressure starting to get at him. That's funny really!!!! We all know to well what stress is all about. How do you think Mr. Kell would go walking in our shoes. He would be a gibbering idiot in no time. Just needs the pressure kept on him to see him fall apart. Thank God for BFCSA and its members. Denise's enthusiasm is catching. We are so lucky!!!

  • doyla66
    doyla66 Friday, 10 January 2014


    I agree.
    Great posts NT
    And YES we are all lucky to have found this group, the fighting group who WILL never let it go till we see him out of a job and WE as a team get justice.
    Each and every one of us
    Yey for DB and yipiiiiii for NT and let's keep the ball rolling.
    We are on an uphill trend

  • doyla66
    doyla66 Friday, 10 January 2014

    I am starting to think ARIP’s were targeted deliberately for what should be there to provide has gone missing and this is just the next chapter of 1987 with the patch to fix and suppress gone horribly wrong for not just us but also for the Government. Instead of being self-funded and living in our homes we have been decimated and now dependent on them in a manner perhaps even the Government did not expect. All that spin re too many of us and how we would end up a burden on the Government might have been a clue and it has been reading through submissions re missing superannuation monies that that sent my thoughts off on that trail for all they who then jumped when the starting pistol was fired right into the gambling cesspool the Government opened up specialised in buying up old reputable established companies and bleeding assets dry. One can bet there is a lot buried a few fathoms down in trusts within trusts within trusts and a lot more in tax havens. Was looking through property sites earlier trying to find out where on earth anybody can now afford to buy now the floodgates have been opened again to keep property rising and provide more gambling money for banks and it got my blood boiling to the point I whipped up a further submission supplement and pressed send 1 minute before midnight just before the glass slipper shattered. Now at this ungodly hour I am wide awake wishing I could send another one!

  • doyla66
    doyla66 Friday, 10 January 2014

    Organza, our dodgy bank trained broker told me if you want to hide money from the government especially the ATO you bury it in multi layered trust accounts called hybrid trusts, ask Denise how many developers and entrepreneurs have their money buried in so called family trusts? Its staggering and government sanctioned, former NSW Labor politician Eddie Obeid is a prime example.On another note regards Senate submissions I raised the point on my supplement I sent the other day that the investigation by the Senators into ASIC should of got lots of mainstream media publicity because there are alot of victims of ASIC's non performance out there who would not be aware of the investigation into ASIC.

  • doyla66
    doyla66 Saturday, 11 January 2014

    I worked in the finance industry pre 1987 for a good few years for a few of the big boys and even after that crash until 1989 until I fled in disgust seeing how they were operating vowing to never again invest in shares or work in the finance industry again. Since 1989 all I did was lead a simple relaxed life focusing on being a mum and investing only in my family and my own home which I believed was the safest investment one could make LOL and broadening my knowledge of things of strong interest that before I did not have time to pursue. Probably why now I am so very outraged since finding out I was a victim in a way far more sinister than just sticky fingered computer input! Governments are so stupid they still have not figured out all they have done in making unwise decisions is let their own income source be bled dry and ruin our country yet the insanity soldiers on despite the Government having the power to put a stop to it and reverse the process. Only thing I notice with any change of Government is an evil Plan A turns into an equally evil Plan B re how to provide more gambling chips for politicians sure change once in power and election promises become a thing of the past don’t they? Seems once elected they are let in on a big big secret or there is some kind of induction ritual involved and hypnosis is all part of it for all start skirting issues and becoming tongue tied - just watch how guarded their eyes are when interviewed!

  • doyla66
    doyla66 Saturday, 11 January 2014

    I think Peter Kell believes his own media releases about ASIC. That's a real worry. What will he do when reality hits him one day?
    It would not surprise me to discover ASIC, through their intelligence networks, do actually locate some of the missing investment funds that are reported, even years later. So what would they do with the money and/or assets? Ignore it? Bring then back to Australia? Do ASIC ever contact the complainants and give them the good news or tip them off on who to sue for their losses? - I doubt it. Prove this wrong, ASIC. More information needed ...

  • doyla66
    doyla66 Saturday, 11 January 2014

    Most likely the real truth is they at the top within ASIC are all being paid hush money and now getting so toey starting to operate in panic mode – shredding documents hiding documents making rule amendments in stealth and starting to make a few slip-ups - i.e. focusing more on escape plans and hiding evidence rather than on what they should be doing! It’s happened before if one casts their mind back to the 1940’s and history does have a habit of repeating itself! I agree with Neil re the Senate hearing should have been given heaps more publicity for one can bet there are untold victims unaware they had the opportunity to lodge one who would have. Had I not lucked onto finding BFCSA I would not have known myself but that's all part of it – keeping people dumbed down and in the dark! What they at ASIC need to understand is that behind every General there is an almighty army now waking up and Denise is just one of many generals out there! Might be better to come clean now! Perhaps we should suggest they watch the movie Ghost for some light entertainment after a busy day scheming with mates to remind them all of what they obviously have well forgotten!

  • doyla66
    doyla66 Saturday, 11 January 2014

    Hush money? - maybe....
    High salaries in govt positions are designed to reduce the temptation to indulge in corruption, moonlighting and other secret and semi legal nest feathering pursuits. I would think a huge risk of conscious or unconscious direct or indirect insider trading would exist at ASIC. Also "passive intimidation" from dominant players (e.g. Banks) through "borrower" vulnerability/subservience, an unspoken threat.
    All in ASIC must be and appear to be above reproach to be effective in their corporate cop role but also be active, working and capable of decisive action. We will never get a majority of completely squeaky clean operations in Australia - that's too extreme for our culture. The best we can expect is a "little bit of what poisons" in the overall straight mix as some form of immunisation against wholesale corruption.
    Organised crime, public or private, plus ignorance are our greatest threats to personal wealth and the common good.

  • doyla66
    doyla66 Saturday, 11 January 2014

    For all their high fallutin' titles, expensive suits and exorbitant salaries, they are still public servants in the eyes of the majority of Australians. Who knows what ASIC execs are in their own private fantasies lol! Even in these last days of delusional politics and economics, proponents and beneficiaries, like Kell, are still clinging like limpets to the old ways. But the tidal wave of change and consumer rights is coming, regardless, even in conservative old patriarchal Australia.
    On the issue of dumbed down and in the dark, there's plenty of evidence on the BFCSA site that this Government, like the ones before, have no excuse for pretending that "Bank bashing culture" is just a passing trend, like fluoro hot pants or leather miniskirts. (Search: Lampe, Evans, Westpac, McLean for some historical reading.) I get the impression that the Coalition are aware, despite their bizarre choices for the pseudo Bank Inquiry - more like palliative care for a dying Bank Culture.,cntnt01,detail,0&cntnt01articleid=84&cntnt01returnid=15 contains a meaty digest of fact and opinion on Banks, Banksters and Australian politics. Good weekend reading :)

  • doyla66
    doyla66 Saturday, 11 January 2014

    They sure have changed from when I worked in a Bank - first ever job - moved from this dept. to that dept. learning the ropes and the last position with that bank who then was the good old Bank of NSW in a branch where the Manager was one of the most honest kindly learned and well respected people I have ever met. Yep - one can bet they are all aware and the lot of them and it is indeed now at the point of pallaitive care patches but don't get me started re the evil in that industry they have also been conned into believing for that is something I could write a book about!

  • doyla66
    doyla66 Saturday, 11 January 2014

    Canaries down the mines unite

    I used to believe that Bank Managers gave a damn about a borrower's capacity to repay, experience in doing a project and even kept an eye on inexperienced borrowers to ensure they stayed on track with cash flow and repayments. Borrowers were an investment for a Bank. My grandfather was a Bank Manager and a dinky die widely respected and loved and learned pillar of society in a regional centre. We allowed US Banks to take over and spread their disease and look what we have now.
    Agree: similarly for GM trees or any other living organism. Don't let relatively ignorant and short sighted politicians make stupid and expensive mistakes with tree planting or banking policy. Both will take many years to fix. Ditto on palliative care and that industry as well - TGA regulatory issues frighteningly similar to ASIC for much the same reasons: market dominance, dumbing down, terror tactics, imbalance, greed and power and a growing band of consumer activists amongst their frightened victims/families now striking back against incursions into their practitioner/consumer rights. We're certainly not alone as the crash test dummies (no offense meant) for blundering government policy failures.

  • doyla66
    doyla66 Saturday, 11 January 2014

    PS for Mr. Abbott

    If you do come good and assemble a green army to re-plant trees so foolishly felled make sure you check with residents of St. Helens in Tasmania before making the mistake of so doing with GM trees - can search through ABC archives to find a story done a few years ago re that disaster and what it led to! No need either to go to the Northern Hemisphere with your ice pick to detect metal capsules buried in ice for I can you point you in the right direction of where to find what you need which happens to be a lot closer to home than you could possibly imagine!

  • doyla66
    doyla66 Saturday, 11 January 2014

    Tragically all mates and all connected for the same reason - greed money power and control if one follows the trail. Major shareholders in private health funds are insurance companies and major shareholders in they are pharmaceutical companies and yep they are who are now well in control of the TGA. As usual everybody is well dumbed down to the point where the only way to get the message out is by turning fact into fiction a la The Constant Gardner by John Le Carre or the animated movie Wal E which contains an important message re where we are heading unless Governments wake up. I believe now Insurance companies will not insure against vaccination damage - right up there with the few natural disasters they do not insure against!

  • doyla66
    doyla66 Sunday, 12 January 2014

    I believe now Insurance companies will not insure against vaccination damage - right up there with the few natural disasters they do not insure against!

    And vaccination is almost compulsory according to both sides of government! So consumers carry the risk. No wonder so many are refusing to vaccinate their precious babies and choosing to homeschool their children instead of feeding them to the "education" system (mass produced good corporate citizens.)

  • doyla66
    doyla66 Sunday, 12 January 2014

    Yep - governments blinded by a lot more evil than just banks and all who blind them are related for these days useless Politicians are under their spell (or should I say in their debt) and they merely salute and say yes sir. One does not need to be a rocket scientist to know why Baby boomers and Health are such a drain on Government coffers and why our country is in such a mess for it is insane Government decisions and useless regulators who have caused A SIC country.

  • doyla66
    doyla66 Wednesday, 19 March 2014

    People are drowning in DEBT and ASIC

    People are drowning in DEBT and ASIC simply because of their personal goals and interests. Whenever we enter into such thing, we should consider everything that might possibly get into our way. It's very important that we are aware of all this in order to minimize damage.

    ED: No-one expected the entire Low Doc System to be a Bank Fraud designed by banks to ensure consumers were left uninformed. That is the issue. [email protected]

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