Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook

facebook3           facebook2 


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.


Articles View Hits

Whistleblowers' Corner!

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

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: ASIC orders extra CBA reviews

Posted by on in Australian Securities & Investment Commission
  • Font size: Larger Smaller
  • Hits: 1579
  • Print
ASIC orders extra CBA reviews
17 December 2015

Two CBA dealer groups have been ordered by ASIC to review the 6 client files of 17 advisers after a report found the groups did not have a "reasonable basis" in an initial review.

Last year, the regulator appointed KordaMentha Forensic to examine the steps taken by Commonwealth Financial Planning (CFPL) and Financial Wisdom (FWL) in 2012 to identify any clients who received poor advice from "high-risk advisers".

KordaMentha's second report, which ASIC released today, states that the groups took reasonable steps to identify which clients of a group of former advisers should have been included in a compensation program.

It also states that CFPL and FWL took reasonable steps to identify other potentially high-risk advisers.

However, KordaMentha found that the groups did not have a reasonable basis for the process they used to determine whether a group of the potentially high-risk advisers should have been included in a compensation program.

"As a result of KordaMentha Forensic's finding, CFPL and FWL are required to review client files of 17 advisers to determine whether the advisers should be included in a compensation program," ASIC said.

"If any of those clients are found to have lost money as a result of bad advice, they will be compensated in a process overseen by KordaMentha Forensic."

CBA group executive of wealth management Annabel Spring said, "We are committed to doing the right thing for our customers. This report provides another layer of assurance and demonstrates how much we have done and continue to do to identify any past issues and put them right.

"We will now work with ASIC and KordaMentha Forensic to complete the further reviews. If any customer received poor advice that resulted in financial loss, we apologise and will compensate them."

KordaMentha Forensic's third report, the 'compliance report', will be released in 2016 on its audit of whether CFPL and FWL have complied with their additional AFSL conditions.

This includes the implementation of an advice review and client compensation activities following KordaMentha Forensic's first two reports.

The first KordaMentha report was released in April 2015 and found "deficiencies" in the bank's original $52 million client compensation project

Last modified on
Rate this blog entry:


  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Saturday, 27 February 2021