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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: "ASIC’s role to root out the baddies, not act as Minister for Silly Talks."

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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James Shipton the worst ASIC Commissioenr ever: and there have been some priceless failures

Putting psychology experts into boardrooms is also part and parcel of the growing bureaucratisation in Australia. While we follow every move of politicians, we have taken our eye off the bureaucrats who are building empires on the back of increasing regulation. Most of this empire building happens away from parliament.

Unlike the private sector, where failing companies work out how to make money or shut down, regulatory bodies that fail at their job — in their case, to properly regulate — have no clear bottom line. They keep arguing if only they were bigger, they would succeed, drawing on taxpayers rather than their own pockets.

This is ASIC in a nutshell, a body that failed comprehensively to enforce its own rules and is now creating more rules, like putting a shrink in a boardroom to fix a problem that grew under its incompetent enforcement practices.

ASIC is becoming an acronym for A Silly Ideas Commission.

The link is:  and well worth reading the rest!!! A full slam dunk...............

 

https://www.theaustralian.com.au/commentary/save-us-the-shrinks-business-is-well-aware-of-ethics/news-story/5c95fa4014197d35de3c12d58a57687a

 

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Guest Monday, 16 September 2019