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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: Macquarie admits to misconduct inside its foreign exchange trading arm

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Macquarie admits to misconduct inside its foreign exchange trading arm

Sydney Morning Herald May 19 2017 - 5:45pm

Georgia Wilkins


Macquarie Bank will donate $2 million to charity and open up its foreign exchange arm to scrutiny after the corporate watchdog uncovered a series of breaches by its traders.

It follows similar misconduct uncovered at the foreign exchange desks of the Commonwealth Bank, National Australia Bank, Westpac and ANZ.

The Australian Securities and Investments Commission (ASIC) on Friday revealed it had reached a deal with Macquarie to enter a so-called enforceable undertaking with the bank over misconduct by traders working on its foreign exchange desk between January 2008 and June 2013.

According to ASIC, traders disclosed confidential details of client orders to third parties and revealed material information about Macquarie's trading activity in relation to large Australian-dollar trades.

Traders were also found to be deliberately "triggering" prices in order to meet client orders. This meant that traders "traded in a manner that may have been intended to cause the trigger price to trade when it might not have traded at that time", ASIC said.

In one chat conversation, detailed by ASIC, a trader told another trader: "Happy to help try trigger this... if that helps." The second trader responded: "OK mate... sure thing hahah."

ASIC said it was concerned that the bank did not have the systems or surveillance mechanisms in place to prevent the misconduct.

'The [foreign exchange] market is one the world's largest financial markets and the proper functioning of this market is of vital importance to the Australian economy," ASIC commissioner Cathie Armour said.

"ASIC will continue to ensure that there can be ongoing confidence in how our financial institutions conduct themselves now and into the future."

Macquarie said it was working to improve the way it monitored its employees.

"Macquarie has commenced a program of work to address these concerns, which will be reviewed and assessed by an ASIC-appointed independent consultant," a spokesperson said.

The donation will be given to the Smith Family's financial services program.

Macquarie is the latest lender to be wrapped up in a string of scandals that have plagued the trading arms of the banks.

ANZ and Westpac donated $6 million to charity after ASIC revealed misconduct by their traders in March. It follows similar deals made between ASIC and CBA and NAB in December that saw $5 million donated to charity.

It also follows allegations of drug use in an ANZ fixed income trading room.

The corporate watchdog is also embroiled in a legal battle with Westpac, ANZ and NAB over allegations they rigged the bank bill swap rate. The Federal Court case is expected to run into 2018. 

ASIC said Macquarie did not have the adequate training, records management, monitoring or supervisory processes in place to prevent and identify the misconduct. As a result, it said, inappropriate behaviour "went undetected" by Macquarie. 

The regulator will appoint an independent consultant to monitor Macquarie's efforts to improve its training and supervision systems. It said the program would incorporate changes "already made by Macquarie as part of ongoing reviews of its businesses".



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