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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: Chairman of ASIC Medcraft inability to answer tough questioning from annoyed Senators yesterday

Posted by on in ROYAL COMMISSION URGENT
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ASIC admits scrutinising Senate Inquiry submissions

20 November, 2013  2 comments

http://www.moneymanagement.com.au/news/financial-services/2013/asic-admits-critical-senate-inquiry-submissions

The Australian Securities and Investments Commission (ASIC) has revealed that it has examined all the submissions lodged with a Senate Inquiry into its operations, many of which have been highly critical of the regulator. 

ASIC chairman Greg Medcraft has told a Senate Estimates Committee hearing that the regulator had examined the submissions in a bid to understand any complaints about its performance and to identify “how we can do a better job”. 

The Senate Inquiry into the operations and performance of ASIC has received close to 300 submissions, a number of which have been kept confidential and many of which have been highly critical of ASIC’s performance. 

Medcraft told today’s Senate Estimates Committee that ASIC had provided the Senate Inquiry with three submissions, the most recent of which had included a proposal for a national financial adviser exam aimed at raising general levels of competencies. 

As well, he outlined the number of bannings and enforceable undertakings which had been imposed by the regulator. 

Comment:  Here we have a Chairman who was incapable of asking even the most simplistic of questions.  He can only take questions on notice.  He simply says he does not KNOW.  Yet we taxpayers pay this man $800,000 (plus benefits) a year NOT TO KNOW?

He admits they spend all day reading the submissions and we know the staff all read our website.......like the obits, to see if they are mentioned....................ah well.  He continued on that they use Enforceable Undertakings: that is slapping wayward executives and doyens of the banking and finance sector, with a limp lettuce!  Very effective Greg.  We wish to ask: "did you advise Treasury officials, and when, that there were systemic issues in Low Doc Toxic Lending?  If not, why not?"  

I think you Sir, ought to be sentenced to ten years of attending every single home repossession.....................and to continually raise funds by rattling tins in the doorway of your banker mates for those whose lives you were directly responsible for ruining.  The buck stops at the top.  Just a thought: have you informed IOSCO of your failures?

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  • doyla66
    doyla66 Wednesday, 20 November 2013

    Senators have a job to do: suspend Medcraft now!

    Greg Medcraft is not competent to hold such high office. He is not competent in his job. The questions were what he expected. He still could not answer them. Too busy lording it over IOSCO and having top level talks at Swiss ski resorts, Greg.
    He's already looking for his next job: an overseas position. That's just in case he can't finagle his way around the excessive kindness of the Senators to this lame excuse for a Chief regulator.
    Make Greg Medcraft pay for his excesses, for his overseeing of some of the worst violations of what Australians regard as decent conduct.
    Banks are out of control, Mr Medcraft, and so are non-bank lenders. Last time we looked that was ASICs province who clearly a very superficial understanding of what "supervision" entails.
    Thousands upon thousands of irate and destroyed investors, thousands more borrowers wanting to string up the Bankers.
    And all you can say is "I'll take that question on notice"?? You're unbelievable!
    To the Senators: do not let this overpaid seat warmer get away with this tripe! He is paid to know and he wouldn't have a clue, quite obviously. BFCSA have many elderly clients who know more about the limp lettuce conduct at ASIC than Medcraft does!
    How on earth do you expect would-be white collar criminals to be deterred from exploiting your fellow Australians when you permit this clown to head up the Corporate Cops? He treats it as a joke - and gets paid for it. He is an embarrassment to Australia.
    Add this to the fact that he was involved in investor fraud in the US, all on the public record, and clearly showed other areas of poor judgement, all of which are up for public discussion and you, the Senators in the Economic Committee, have a job to do immediately: suspend Medcraft, pending further investigation. Do not let him or the rest of their management team out fox and flummox you with their words, words, words. We've had enough. No more excuses.
    Do all Australians a big favour and send him on his way. If you find a use for his insider knowledge of fraud or other such specialisations, call him in as a consultant. I doubt you'll need to. You've got plenty of expertise amongst the BFCSA membership and the hundreds of highly qualified submission writers who've been there, studied and investigated the disgraceful performance of ASIC.
    We're waiting ....

  • doyla66
    doyla66 Thursday, 21 November 2013

    We didn't see yesterday's Senate Inquiry....could not open the link. Do you mean to say Medcraft was allowed to take questions on notice again? I don't believe it. I though this time there were not going to be anymore questions on notice. If this is true it will cause one hell of a public uproar.

  • doyla66
    doyla66 Thursday, 21 November 2013

    A national financial advisor exam( great idea Greg well worth 900k you are paid - what about an Asic and bank executives honesty exam), Senators sack this sycophant..

  • doyla66
    doyla66 Thursday, 21 November 2013

    Power Corrupts; Absolute Power - absolutely CORRUPTS!

    Mr Medcraft: Why does ASIC NOT enquire (acquiesce) to the obvious "irregular" concentration of legal services provided thru one(!) particular firm of lawyers to the banking industry? Surely, this does not indicate a healthy functioning market place from which consumers can safely and confidently navigate with good outcomes--- indeed, expect not to be "SET UP" like mug punters, or like "Lemmings" herded off Gadens Cliff Top Offices?

    Mr ASIC, curiously, has this rare 'collision of (lawyer) preference', at least, "RAISED" your's (your legal counsel's) think set of "EYEBROWS", to the extent that--- the apparent coincidence, may well be, upon further enquiry, well NOT such acoincidence after all!.

    Could it be the case, conceivably, that there exists a subterranean "ulterior motive", that may suggest on the surface (or possibly, much deeper into that black space)that there exists, (and known to be the case within ASIC's "banks of knowledge", a more sinister shadow of convergence, that would put to SHAME, even the most revered quantum physicists of our time (Stephen Hawkings and alike), otherwise dumbfounded, requiring fresh elegant "theories" to be explored and developed, in the pursuit to establish on a pure scientific level, any greater insight into this phenomena of yet o be confirmed 'rare occurrences, --which appear from the view put of this galaxy, to possess similar properties, which however operate by a yet established known "Set of Laws" -- forgive my intrusion upon ASIC social agenda, but I just have an enquiring mind, nothing more---and----

    _______NOTHING LESS, shall be expected, on, YOUR NASA SALARY, WITH THE UTMOST RESPECT, DEAR SIR______________.

  • doyla66
    doyla66 Thursday, 21 November 2013

    How pathetic is Mr. Medcraft. I mean to say he is as FOOLISH as Nab's gangsters

  • doyla66
    doyla66 Thursday, 21 November 2013

    The only qualification Greg Medcraft needed to lead ASIC was that he was a mate of former Treasurer Wayne Swan, another case of jobs for the boys.

  • doyla66
    doyla66 Thursday, 16 January 2014

    Mr Medcraft... there is karma and we can only hope it's your time to feel the pain you ignored of so many innocent Australians. Whilst you flew around the world arrogantly travelling on our hard earned dollars, we rotted in the bile you left behind called "ASIC".
    The time has arrived for your resignation.

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