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: Crikey slam dunks ASIC Profit Centre PROFITS from FRAUD... 2005. These gems now prophetic!

Posted by on in ASIC'S Negligence
  • Font size: Larger Smaller
  • Hits: 2551
  • Print

Peter Costello’s ASIC hypocrisy

|Apr 12, 2005


Queensland’s threat to withdraw its support for the Federal Corporations Law sparked treasurer Peter Costello to warn this would make Australia’s nine sets of laws more costly and complex than the whole of Europe. However, what Costello failed to mention is that since the Feds got control of the Corporations Laws, ASIC has become a profit centre, pulling in more than $400 million a year in revenue while costing less than $180 million a year to run.  Crikey blew the lid on this rort last July as you can see here when we wrote:

Ever heard of a regulatory body which generates hundreds of millions a year in surplus revenue? Look no further than ASIC which gouges Australia’s big and small business alike and has handed over more than $1.5 billion in surplus revenue to the Howard Government’s budgets since 1996?   Crikey seems to receive a never ending stream of penalty notices and fees from ASIC (we got slugged another $500 this week over some form that wasn’t submitted on time) which prompted us to look into this and it appears the government surplus is $1.55 billion over the eight years from 1995-96 to 2002-03 – an average windfall of $193 million a year.  In the handover year of 1995-96, the surplus was only $130 million but you can trust the hypocritical Howard Government to slug their friends in business because this surged to a record $232 million by 2002-03 – an increase of 77% which is well above nominal economic growth of about 50% over the same period................However, if Peter Costello is going to complain that the states haven’t cut promised taxes on the back of GST revenue, surely the states could hit back by accusing Canberra of turning the Corporations Law into a new Federal profit centre, which is completely against the spirit of the 1991 agreement.


read more

Last modified on
Rate this blog entry:


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

Leave your comment

Guest Thursday, 21 January 2021