BFCSA Blog

  http://actuaries.asn.au/Library/1400%20Langton-Wickham.pdf     5th Financial Services Forum  Renovating the Financial System  13 and 14 May 2010 Sydney   Current Issues:Super Benefit Projections,Web-calculators and Fee Disclosure Benefit Projections Working Group  (printed) Benefit projections Web calculators Fees and costs Olden days ISC circulars 2003ish FSR advice / Calculators withdrawn 2004 IAAust Guidance 2005 Web calculator class order 05/1122 July 2008 ASIC consultation paper 101 April 2009 IAAust GN revised 2009 July 2009 Intra fund advice class order (09/210) Oct 2009  ASIC consultation paper 122 / Draft RegulatoryGuide Jan 2010 Australian Govt Actuary consultation April 2010 Cooper –suggested compulsory projections as part of MySuper     Benefit Projections -proposed ASIC rules (CP122)   • Printed Statements (not calculators) • Voluntary not mandatory • Relief from advice requirements Corp Law • Once a year with Benefit statements • Doesn’t apply to DB(?), SMSFs, ERFs • Prescribed assumptions • Some standard disclosure eg: • today’sdollars...

RICKO - Posted on Friday, January 24, 2014 Don't doubt yourselves fellow BFCSA Members you know the truth, I know the truth, Denise Brailey discovered the REAL TRUTH and our Government not just the present one but the one before that and the one even before that knew the REAL TRUTH. The problem being is as organza stated this news is leaching out to the rest of the world now even making a Shanghai newspaper and it wont be too long before the whispers become a shout and our Government is going to great lengths to make it look like they are in control of the situation. Nothing could be further from the truth.  Our Government is even going to the effort of setting up what to all intent and purpose looks like, on the outside, an investigation into our Banking and Finance Industry. Not at all. In fact it is...

If you have complaints against La Trobe, we want to here from you.  COSL are doing nothing regarding the ones that have already banked up.  I seem to recall reporting La Trobe for peculiar transactions in 1999, via letters to the ASIC Chairman, the Tas Law Society and ASIC Commissioner in Tasmania.   Hmmmmmm I more than likely have kept those files.  You probably have shredded yours. BFCSA Members are starting to appreciate the value of data-banking....................................the collective strength in swapping information, documents and also exchanging stories of experience with these lenders. Non Bank lenders are starting to explain they do not adhere to the Australian Bankers Code of Practice............well Mr O'Neill you ought to explain the HIGH RISKs of unregulated lenders and products to customers BEFORE they sign up with a non bank lender.  Same thing Treasurer Joe Hockey warned last year................................ Now that may not be profitable for business, but it...

ASIC banks broker over fake approval letter ED:  So why did ASIC FAIL yet again to lay charges against the Bank Staff who approved the loan?  Those who failed to check the validity of the letter?  Hello?  One phone call could have averted this disgraceful situation!  ASIC bleat that its not corruption....so what is it?  The Bank approved an imprudent loan based upon a fake letter so where is the justice?  The bank engaged in Maladministration in Lending.  One Perth Broker did not cause this Tsunami of Debt.  The CBA have thousands of similar loans. ASIC know that as FACT.  Mr Chu should turn whistleblower on an industry out of control.  This email address is being protected from spambots. You need JavaScript enabled to view it. by Australian Broker | 17 Jul 2013   A Perth-based mortgage broker has been permanently banned from engaging in credit activities after an ASIC investigation found that he had falsified a letter stating finance approval had been provided for a client.Eric...

What a great day for all consumers of mortgages across Australia. No wonder Steven Munchenberg is "confident the banks are not involved in the Inquiry"  The ABA has been obviously given assurances........  it's the bank influenced uplifting Terms of Reference that could be a worry for consumers.  However BFCSA members will send a record number of submissions ever received by Parliament in the past. The performance of the Australian Securities and Investments Commission Terms of Reference The performance of the Australian Securities and Investments Commission (ASIC), with particular reference to: (a) ASIC's enabling legislation, and whether there are any barriers preventing ASIC from fulfilling its legislative responsibilities and obligations; (b) the accountability framework to which ASIC is subject, and whether this needs to be strengthened; (c) the workings of ASIC's collaboration, and working relationships, with other regulators and law enforcement bodies; (d) ASIC's complaints management policies and practices; (e) the protections afforded by ASIC to corporate...

For the Head of the Australian Bankers Association to suggest the Senate Inquiry into Australian Securities and Investment Commission is not about the BANKS is a key indicator that the ABA is corrupted or stupid.  He cannot have an each way bet on this appallingly gross Australian Mortgage Low Doc Scandal. If there were "only" 1,200 victims of the LOW DOC FULL DOC scams in Australia, the 30 Banks and Non Banks would have immediately moved to use their petty cash reserves to discharge everyone of the LIAR LOAN Mortgages and defuse the public scrutiny.  The truth is there are possibly 200,000 of these hideous loans out there and 18% of these toxic loans are FULL DOCS arranged by Bank Managers and internal staffers.  The ABA simply just sits there and GULPS! Of course the Inquiry into ASIC is only the first step in releasing long hidden information as to why...