Peter Kell, Deputy Chair of ASIC,  Dear Pete, you cannot continue the 16 year old crappy suggestion you are doing a CRACK DOWN on crooks.  You can no longer look at an advertisement and hand out a parking ticket to a Major Bank.

Oxford Dictionary: CRACKDOWN A series of severe measures to restrict undesirable or illegal people or behaviour:

crackdown on white collar crime.    Pete a CRACKDOWN it does not suggest a parking fine for an ad!!!!  But we should have a CRACKDOWN on dud regulators!!!

A CRACKDOWN IS WHERE YOU LOOK AT CONSUMER LOSSES AND RUINED LIVES, instruct the AFP, ROUND UP THE BANKERS, THROW THEM OVER THE BONNET OF THEIR FANCY CARS, HANDCUFF THEM AND HEAD OVER TO THE CDDP.  

 I explained this to you in our 2004 meeting in the Melbourne ZOO, remember?  Let's get a move on!  Its not about saying "oops adv is a tincy wincy bit misleading.  Its looking the the ruination of people's lives and the damage caused or about to cause.  So why no action against all the misleading material that monstrous Madoff type Bankers sucked consumers into the $100 billion (plus) of losses in the  Australian BANKING CARTEL MORTGAGE SCAM?  You want to be Chair one day Pete?  You need to lift your last 20 years Game.  When you moved to Choice for three years in mid decade - you never spoke on any of these things and yet as ASIC heavyweight moving to Choice you were never ever on the Consumer's side.  NEVER.  I was watching you.  It was Choice's darkest moment.  So you were sent from ASIC to Choice to spy on them?  Certainly the "weird" move netted zero for consumers interests and caused me pain in having to keep going and doing your JOB. 

ASIC takes majors to task on misleading ads

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by Adam Smith | 18 Sep 2014
 
ASIC has slapped two major banks on the wrist over misleading advertising.

The regulator has announced both NAB and Westpac have paid infringement notices over potentially misleading statements in their advertising. ASIC alleged that NABmade misleading representations in a home loan campaign for its UBank arm.

The UBank home loan ads appeared in newspapers, radio and online, as well as in digital screens on escalators. ASIC expressed concern that certain details were not disclosed in a “clear and prominent manner”, including:
  • a minimum loan amount of $350,000
  • a requirement to use an electronic settlement process (known as FASTRefi) for refinanced loans
  • all documents to be provided within five days, and
  • a cap on the number of consumers eligible to receive the offer.
As a result, NAB has paid $40,800 in penalties over the ads.

Meanwhile, ASIC took Westpac to task over product disclosure statements for its Westpac Annuity Deposit product. ASIC said the PDS represented that the interest rate for the product was calculated on the principal amount invested, when in reality the rate only applied to the balance of the principal.

“ASIC's crackdown on misleading advertising has seen action taken against 10 entities this year. ASIC will continue to take action where we believe firms have not provided clear, consistent information in their advertising,” ASIC deputy chairman Peter Kell said.

 

Comment:  The Bankers are at the coalface of DEBENTURE PONZI SCAMS too.  Better have a look there - again!!!!!!!  

Here is a TIP: The Banks' developer clients were building too many units and there was a BIG glut.  Banks had to teach brokers to become BIG TIME developers with aid of lawyer.  

Most brokers never got passed the land bit and were left in bankruptcy after Bank Cartel seduced them with low cost loans that became HIGH COST death traps.  Sound familiar?  Even Al Capone had an attorney!  Bank had no liability they said (lies of course) and Peter you and your mates at ASIC sided with the Banking Cartel from 1998 onwards.

But developers that rose to the occasions were greedy morons running PONZI's but then we had the DISTRESSED PROPERTY SYNDROME. 

Bankers encouraged the use of their prized broker channel to target ARIPs (Pensioners) who had no financial experience, but YOU permitted Bankers and developer Ponzites to label them SOPHISTICATED and then you Peter said: "ASIC has no jurisdiction" remember the meetings?

Pensioners were then shunted into buying the distressed properties and valuations were kept covertly in the bank vaults but were in fact $100,000 over valued only so the CONSTRUCTION INDUSTRY could get paid by the distressed developers, who then had BIG supply of ready made "investor buyers" who would lose the unit and their homes within 4 years but meanwhile NEW CONSTRUCTIONS, NEW DEVELOPMENTS and everyone wins except the VICTIMS:

Retirees who were intentionally enticed to invest in the BANK MADE PONZI to invest in the seed capital for DEVELOPMENT COY, and provide no liability for developers

Pensioners who were enticed to use equity in their debt free home and BUY THE intentionally over-inflated dog box UNITS

Retirees who were intentionally enticed into become buyers and also intentionally enticed into the share market and back to banks for margin loans.  More grief for consumers and no grief for PONZI COMPANIES SET UP TO COLLAPSE at a later date but provide NO LIABILITY for CONSTRUCTION COMPANY

Sellers of these products were untrained in high finance and had no idea the future chaos looming over the heads of them and the customers.  Are we saying 100% of the sellers were crooked and would cheat their own parents and grandparents out of their homes?  Not a chance!!!!  You could get 3% rouges in any industry BUT 100% of the creating wealth industry?  Not on your nelly!  

Good plot though - keep the borrowers, buyers, spruikers and sellers  uneducated and on  "L" Plates as "investors and buyers."  Sellers purchased the faulty, fraudulent products, after listening to the bank sales spiels!!!!

WINNERS:   Banking Cartel says NO LIABILITY,  Managers in development Debenture scams after massive $300k plus salaries and perks and fast cars, say lets collapse the company and start the next one - ain't this fun!!!!

LOSERS:  Mums and Dads - 0lder persons who used to have retirement money (some modest) and all owned their own homes and mostly NO DEBT.

Now the economy has to provide pensioners for RETIREES that would normally never need assistance.  And, the economy has to provide housing - tents or caravans - because housing list is over bloated, to PENSIONERS who four years ago owned their own homes no debt.

AND THE BANK PLAYS ON

and we are kept busy in the back room and worried about more consumers entering the banking and finance minefield.  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

BRING ON THE ROYAL COMMISSION INTO ALL BANKING DEVELOPMENT CONSTRUCTIONS PLAYERS