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BFCSA
MORTGAGE
DISTRESS SOS

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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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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.

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Subscribe to this list via RSS Blog posts tagged in ASIC FAILURE
"Shortcomings?"  More like criminala mctivity to me.  If it quacks like a duck then its a Mackers Special McMess...............Time for Royal Commission into Banks and ASIC.........................time for industry whistle blowers to come forward - we respect confidentiality!  Call me.   http://www.afr.com/p/national/inside_story_the_mess_macquarie_oOjQYHe2QuY5ApRUJNX7mL Inside story | The mess Macquarie made PUBLISHED: 16 Feb 2013 John Kehoe and Sarah Thompson   It seemed harmless enough at the time. Stockbrokers at Macquarie Group’s personal investment advisory business had been sloppy with their paperwork so the records of their dealings with private clients were far from best practice.  So harmless that Macquarie – including its head of banking and financial services, Peter Maher – didn’t see the need to draw the shortcomings to the attention of the Australian Securities and Investments Commission after they were first detected in 2008. Management believed the issues could be quietly dealt with behind closed doors and without the prying attention...
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  • Duped
    Duped says #
    Sneaky buggers aren't they, find an accounting company who will report what they want them to report.
  • Denise
    Denise says #
    Wait for the Government to say: "oops we did not see this Macker Mess coming!!!"
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  I was 54, looking through the real estate for sale on the internet when I came across the most beautiful home, right on my favourite stretch of river. Of course it was expensive but I had a good income and thought I would at least give it a go. My way of thinking was that "If the bank doesn't think I can afford it then they won't give me the money." WHAT WAS I THINKING??!! I made an application through a broker who was upbeat about loans and approval was easy.  I left the broker's office thinking it was all an interesting exercise but I would never gain approval.  How wrong was I! They had to break the loan into four smaller loans, mortgaging the home and two rural properties I owned and I had to borrow another $130,000 privately (through someone the broker recommended) to use as a deposit...
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  • NABbed Nanna
    NABbed Nanna says #
    Another story of deceit and trickery. You sort of cannot believe that these so called trusted banks would treat you like this. We
  • Aries
    Aries says #
    Same old story from everyone, loan documents tampered with deliberately. Everyone write to the Finance Minister Mathias Cormann a
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At loooooong last the bleeding obvious..........................................a glimmer of truth but no forgiveness from victims of ASIC's conflicted fuzzy thinking. ASIC admits conflict of interest shortcomings   inShare2           Written by James MitchellMonday, 12 May 2014   While he admits this is “not a nuanced version” of ASIC’s duties, Mr Kell said it does “capture our approach.” ASIC deputy chair Peter Kell has spoken candidly about the corporate regulator’s focus on disclosure, inability to weed out conflicts of interest and the impact on advisers. Speaking at the Centre for International Finance and Regulation conference in Sydney last week, Mr Kell said ASIC’s approach over the past 15 years has been “anything goes as long as you disclose”. “The role of disclosure is an underlying principle in structuring your regulatory requirements and regimes,” Mr Kell said. “That was central to the Wallis Inquiry regulatory philosophy and is central to...
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  • doyla66
    doyla66 says #
    As per usual, an abrogation of their duties. So the question becomes: what do they do then?
  • doyla66
    doyla66 says #
    “We have had a situation where too often disclosure has been the answer but we have forgotten the question.” Classic! It's a giant
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Anybody up for a spot of fraud? How about some forgery for good measure? Doctoring the odd file perhaps?  14 April 2014 SMH  http://m.smh.com.au/business/a-ban-is-no-deterrent-for-bad-behaviour-20140411-36ih9.html   That's the ticket. Be a hero among your peers. Beam with delight as you win cash bonuses and the prized Sales Legend of the Month Award for flogging the most high-fee product to unwitting retirees. Don't worry, you won't be prosecuted. There is one rule, though, you have to work for a big bank. No point being a 16-year-old schoolgirl trying to pull off an April Fools' prank. You should be warned there is a chance that you may get a ban. A lot has to go wrong though. First, there would need to be a stubborn bunch of whistleblowers prepared to sacrifice their careers, do the wrong thing and dob you in. Even then the odds are stacked in your favour. When the whistleblowers go...
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  • doyla66
    doyla66 says #
    Michael West is about the only media indentity who has the guts and will power to tell Australian citisens how bad and corrupt the
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  http://www.smartcompany.com.au/growth/economy/31196-angry-investors-line-up-to-sue-financial-planners-over-lmim-collapse.html# Angry investors line up to sue financial planners over LMIM collapse Thursday, 11 April 2013 A "steady stream" of investors are adding their names to what could become a Slater & Gordon class action against financial planners who recommended they invest in mortgage funds issued by collapsed Gold Coast-based fund manager and developer LM Investment Management (LMIM). Slater & Gordon had already issued legal proceedings against financial advisors on behalf of a number of those investors and says more proceedings will be issued in coming weeks. LMIM was placed into voluntary administration last month with initial reports suggesting there may be irregularities in how some of the funds operated. http://www.asic.gov.au/asic/asic.nsf/byheadline/LM+Investment+Management+Limited?openDocument On 8 August 2013 the Queensland Supreme Court appointed David Whyte of BDO as receiver of the FMIF.  Mr Whyte will effectively have control of the winding up of the FMIF. This appointment followed ASIC's intervention in court proceedings...
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Quite simply they are cheating.  They are targeting older people who own their own home and suggesting in an aggressive media campaign that people will be better off financially if they listen to the Evil Bankers and their agents!!! Australia has only 23 million people and most banks north of the hemispherical divide have never heard of Australia.  So how do they become the most profitable?  Making paper money? Or, perhaps plucking money and figures out of thin air in a wicked attempt to grab people's land titles?  REUTERS are on to this insane situation which we have been warning of for years.  Consumers are at last being listened to.  Their stories are important when one is seeking THE TRUTH about Australian Bankers.   Australian Securities and Investment Commission is there to protect the banks, not the people. Parliament dictated that ASIC is responsible for the Financial Markets, Consumer Confidence and...
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We need Bankers behind Bars.  As expected, the Banksters and ASIC Mates of Tregillis have finally and completely captured the Financial Ombudsman's Service............................COSL was captured by non bank lenders from the very beginning. STAFF at FOS are in danger of concealing major criminal conduct in the Banking Sector:  Staff could be charged as being an accessory after the fact. Everyday, FOS staffers see files littered with the crime of fraud and forgery by Bank Staff and are not reporting instances to Police.  Yes there is a Construction Cartel but there is also a Banker Cartel and has been since de-regulation of banks.  Money breeds corruption.  Big Money creates an even bigger Cartel. FOS is consistently buckling under pressure from Banks and ASIC Mates.  COSL was always under the non lender's thumb but, for two years FOS seemed to lift its game regarding investigations into Bank Fraud and Maladministration in Lending, meaning imprudent banking decisions, exaggerated...
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  • doyla66
    doyla66 says #
    Banksters & FOS & COSL in Damage Control. Banksters pay from $5,000 up to $18,000 for a Determination, now compulsory with acco
  • doyla66
    doyla66 says #
    Mr. Tregillis and Mr ( use my discretion ) Fields should remember the old adage Power corrupts and Absolute power corrupts absolu
  • doyla66
    doyla66 says #
    Denise, Once again you are on the money - the appalling use of self invented discretion is the method FOS uses to circumvent its
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NAB enters undertaking with ASIC 24 Dec, 9:46 AM 2Financial Services     AAP The National Australia Bank Ltd has entered into an enforceable undertaking with the Australian Securities and Investment Commission following an inquiry into an October 2012 share price spike on the Australian stock exchange. The undertaking relates specifically to NAB's responsibility for potential market misconduct undertaken by the trading personnel of a contractor, which led to the spike, ASIC said. "NAB has agreed to adopt specific monitoring and control systems for its direct market access trading and ASIC will supervise the certification of those systems for the next three years," the watchdog said in a statement. It said the NAB would also make a voluntary contribution of $2 million to fund independent financial literacy projects in Australia. ASIC Commissioner Cathie Armour said the undertaking was a timely, effective way to ensure there was genuine change to monitoring and...
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  • doyla66
    doyla66 says #
    Ah yes all very clever re timing! Have now heard on very good authority one of the PAC is doing something critical over New Year.
  • doyla66
    doyla66 says #
    Nothing is ever bad timing for Nab. Calculated and manipulative. Ask me, I know what Nab are capable of. How about 5 mins before
  • Denise
    Denise says #
    ASIC are experts at bad timing in my experience in dealing with them. Its either good or bad timing for NAB, and this was good ti
  • doyla66
    doyla66 says #
    Presumably the timing of the announcement( Christmas Eve, when the press were closed the next day was merely co-incidental. No dou
  • doyla66
    doyla66 says #
    Come off it Nab, we did not come down in the last shower.!!!! You crooks have been at it since 1970 when we first had contact wit
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ASIC is blowing hot air, yet AGAIN.  20 complaints?  Our members sent ASIC 150 which its officers refuse to investigate.  The evidence presented with the letters shows that fraud is being carried out INTERNAL to the LENDERS.  The LAFs are being altered after the Broker faxes the paperwork to the credit assessors.  ASIC knows this, as I spent 150 mins briefing the Commissioner.  Its not the Brokers.  The evidence shows its THE BANKS.  Otherwise how do we explain 100% LAF Fraud on all loans Low Docs and Full Docs?   ASIC wants Brokers to turn on each other and trick the industry into believing its a few rogue brokers at fault.  That is false.  How do we then explain why 100% of the LAFs we have uncovered have been tampered with, after they were signed and after they were faxed?  That's why we asked all Members to ask for Bank's copy -...
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  • doyla66
    doyla66 says #
    mortgage Frauds have been increased in 2013 i think people by their own also have to gain some knowledge about the mortgage brokin
  • doyla66
    doyla66 says #
    I think the safest thing for ASIC to do, once again, is to shut up about their non-achievement record. Hitting brokers is like sh
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Well look who has just bobbed up!  Peter Bobbin.  Banker Mates come to defend ASIC. A corporate lawyer has played down claims by Levitt Robinson that the corporate regulator is in any way "corrupt".  Yet Submission 276 was taken down last week from Senate website (Levitt Robinson submission).  The lawyer's name is Peter Bobbin and we suggest you read the below article from Investor Daily.   ASIC must have called in their old mate Bobbin (a well known Taxation lawyer and ex Argyle partner).  As you know Peter, and we have met as you may recall, we only deal with facts on this website, not worthless opinions.  You could be one reason why we require a ROYAL COMMISSION into the banks and I hope Senator John Williams and Senator Doug Cameron are taking note.   You may also recall your giving advice to hapless victims of Foresyte: all those Mums and Dads who lost their...
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  • doyla66
    doyla66 says #
    Lawyers of convenient ethics blow this way and that, like pantyhose on the line. Bobbin has a conveniently short memory. Burned in
  • doyla66
    doyla66 says #
    Notice they left the ANZ there even though it made Anz and ASIC out to be worthy of sainthood---what's the go , too much criticism
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AT LAST the Banksters around the world are spooked.  Shredding evidence is a criminal offence and that means they are all in panic mode.  I am sure ASIC and APRA and their pet project COSL will be doing the same thing.   American Banks have already pulled this same stunt.  Nine Attorney Generals in the States were a little miffed at the antics of banks when banksters signed stat decs saying documents were "missing." Nine Attorneys-G took the Bankers to court and won.  A victory for Mums and Dads, who were victims of TOXIC LENDING and fraud.   Judges in nine states were unanimously less than impressed with trillions of missing documents all of a sudden!  Their verdicts? "Gentlemen if you have mislaid the vital evidence belonging to the victim borrowers, then you cannot prove the loans were  prudent!  So loans are now extinguished.......next case please."  Words to effect! So if...
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  • doyla66
    doyla66 says #
    If my Bank cannot produce the ORIGINAL DOCUMENT containing MY SIGNATURE then the loan does not exist. I now have a copy of the LOA
  • doyla66
    doyla66 says #
    Agree, Nanna. How many other times have NAB said we can't find it and then the paperwork turns up after the court case and after r
  • doyla66
    doyla66 says #
    Loved to read this post. I know as do all BFCSA members this shredding game is just that, tactics to take advantage of you, me and
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Where is the Australian Justice System?  ASIC snooze at the Wheel of Fortune.  ASIC snooze and you loose. Wait until the Police find out their parents have been taken for a mortgage ride. Yes indeed there are members of the State Police Forces who have had to seek help from us.   Others have asked what the pitfalls are........Police, Teachers, Nurses have been targeted by Lenders.   Bank of America may face civil charges 2 August 2013 AAP THE SEC is set to lay charges against Bank of America over mortgage-related matters, and against Merrill Lynch over a collateralised debt obligation probe.   The bank said in a regulatory filing on Thursday that the US Department of Justice told the company that it intends to file civil charges related to one or two jumbo-prime securitisations. The Securities and Exchange Commission (SEC) is also considering filing civil charges against Merrill Lynch tied to a collateralised debt obligation investigation....
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  • doyla66
    doyla66 says #
    Look how long it took to bring the Goldman Tourre Paulson case to court in the US! Movies have been made and released, books publ
  • doyla66
    doyla66 says #
    Yes Denise, only yesterday--SEC Wins as Ex-Goldman Executive Tourre Found Liable For Fraud by failing to disclose billionaire John
  • doyla66
    doyla66 says #
    In 2007 email Tourre told his girlfriend at the time that the "whole building is about to collapse anytime now," referring to fina
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Dear members  I am not an overly smart man but I'm not stupid either.ASIC's first submission to the Senate Hearing even I can see as an act of desperation and an exercise in damage control. Firstly ASIC states in their introduction a lot of commissioners, senior executives and senior staff are no longer at ASIC, I am assuming this is their way of saying they can't be referred to or questioned but surely a little thing called a subpoena can be called upon. In this first installment submission  ( There's more to come before the hearing ) ASIC mainly deal with the whistleblowers and Don Nguyen. In this eighteen page submission not once does ASIC mention the name Commonwealth Bank and their involvement in it. Once at the beginning they call it Commonwealth Financial Planning Limited and then hence referred to as CFPL. No doubt Nguyen was the sacrificial lamb.  52...
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  • doyla66
    doyla66 says #
    Well said, Neil. The present form and culture of ASIC has deteriorated to the point of being intolerable and unsustainable. ASI
  • doyla66
    doyla66 says #
    Just an extremely pathetic attempt to try and say they were trying to do everything they could. Stop the crap and admit your syste
  • doyla66
    doyla66 says #
    ASIC 'obfuscator' Kell; "dealing with CFPL could have been quicker/more transparent; we stand by outcomes achieved; People lost mo
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We copied this from COSL Case History File on PREDATORY LENDING.  The case highlights why asking for a mortgage from a NON BANK LENDER is deadly high risk territory........................ This is the problem with COSL:  Facts of the case The complainants responded to an advertisement by the financial services provider, a broker, who professed to specialise in bad credit loans. They were looking to refinance their existing home loan and borrow a little extra to convert their garage into another bedroom. Their existing loan was in arrears and they were about to lose their home. The complainants were both unemployed and on Centrelink payments, with four children and another on the way. The Broker was aware of this.   Nonetheless, the Broker arranged two new loans for them one for $110,000 at 8.95% (plus 3% on default) and the other for $72,317 at 23.60%. The loan was repayable in twelve months...
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  • doyla66
    doyla66 says #
    Lender not a member of COSL or FOS? Wonder if they had a credit provision licence? Or an AFSL? It should be commonsense - if bor
  • doyla66
    doyla66 says #
    Consumers are seen as white shark bait-- and where is the lender, conveniently unseen, never properly pursued as usual......
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http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/News-from-the-regulator-FOS-speech-2-June-2011.pdf/$file/News-from-the-regulator-FOS-speech-2-June-2011.pdf Has the Chairman's determination to talk to Industry - not to pesky Consumers - affected you and the financial security of your own personal family life? Have your say:  Senate Inquiry into Performance of ASIC   send submissions to This email address is being protected from spambots. You need JavaScript enabled to view it. Email us if you have done so "YES SUBM SENT"  This email address is being protected from spambots. You need JavaScript enabled to view it. So did the Chairman shovel all the complaints off to the EDR's, preferring to have lunch with Industry bods?  He admits he is the Gatekeeper but failed to address the issue of bank fraud.  Is that what happened? The Senators would love to hear from you. Were your loans faulty products?  Why do you think that?  Should ASIC have alerted you with the information they were sitting on? ASIC KNEW of Low Doc and Full Doc Loan Fraud in  2003.  Could that knowledge have helped save your family from financial ruin had you known then? Has this catastrophe affected...
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  • doyla66
    doyla66 says #
    ASIC has known about the crack in the system we fell through. Did they do anything about it? You gotta be kidding! ASIC do anythin
  • doyla66
    doyla66 says #
    I have lost my home because of the gatekeepers fraudulent tactics. Yep you got it, same as everyone. ASIC real interested original
  • doyla66
    doyla66 says #
    ASIC's role to actively oversee EDR's and to exercise it's power to intervene, where appropriate, of course does nothing, but cond
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This is the man you should be voting for in the Senate - via the Nationals.  He has done more work for BFCSA people than any other.  Please send in your individual Parliamentary Submissions into Performance of ASIC Inquiry.  Explain how dismal ASIC has been to each one of you.  Not one person in our group has suggested ASIC has assisted them despite the hundreds of complaint letters against Banks. Straight shooter aiming for justice DateJuly 20, 2013 5 reading now Read later Adele Ferguson Business columnist View more articles from Adele Ferguson Follow Adele on Twitter Email Adele This man of the people is standing up for the Aussie battler, reports Adele Ferguson. John "Wacka" Williams on his NSW property. Photo: Nancy Capel For straight-talking Nationals senator John ''Wacka'' Williams, helping Aussie battlers is part of his DNA. After spending most of his life living and working on farms - as a shearer, a...
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  • doyla66
    doyla66 says #
    please let's hope he stands his ground for the final ruling
  • doyla66
    doyla66 says #
    Good on you Mr Williams, so many of us lose hope and think no one wants to know about our story, I was just about on my knees goin
  • doyla66
    doyla66 says #
    Thankyou Denise for this inspirational post. It is so reasuring to know that John gets hopping mad and sees red at the thought of
  • doyla66
    doyla66 says #
    John Williams is the real deal. I get the impression that he was being held back from doing and saying more by others on the Senat
  • doyla66
    doyla66 says #
    The man has a kind heart and deserves a medal.
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Senator blasts ‘snail’s pace’ ASIC ban Written by Aleks Vickovich  Wednesday, 17 July 2013   Source: http://www.ifa.com.au/news/12113-senator-blasts-snail-s-pace-adviser-ban ASIC’s banning of a former Bell Potter adviser convicted of deceptive conduct in April is proof the corporate regulator is reacting too slowly to cases of wrongdoing, says a coalition Senator. The Australian Securities and Investments Commission (ASIC) issued a statement yesterday indicating it had issued former Bell Potter Securities client adviser Lawson Stuart Donald with a permanent ban from financial services, following his conviction for dishonest conduct in the Sydney District Court on April 26. Speaking to ifa, NSW Nationals Senator John Williams – who was instrumental in forcing a parliamentary inquiry into the Commonwealth Financial Planning affair – said the three-month time frame between Mr Donald’s conviction and ban confirms his concerns about ASIC’s ability to monitor wrongdoing in the financial advice industry. “ASIC has got the power to ban people immediately,...
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  • doyla66
    doyla66 says #
    ASIC wants an extention!! So do the banks, they are always asking for extentions with FOS and each time they are granted. What is
  • doyla66
    doyla66 says #
    It's a miracle they did anything, how the hell did they get off their rear ends. I suppose they must be seen to do something after
  • doyla66
    doyla66 says #
    Senator Williams' reaction is consistent with any ordinary Australian's expectations. The ban should be almost automatic with conv
  • doyla66
    doyla66 says #
    It just proves what Asic is all about. They have the power to force action immediately but choose not to. Asic is supposed to inve
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The Australian Securities and Corruption Commission will soon be in the Hot Seat.  We are lining up a few choice questions.  Time for all to write their submissions to the Senate.  Ask not what your country can do for you, ask what you can now do for your country (JFK 1962) Would you like to see a new Consumer Protection Agency?   Stick to the Terms of Reference:   Time for you to now judge ASIC's performance:- Senate Standing Committees on Economics PO Box 6100Parliament HouseCanberra ACT 2600Australia 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...
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Given the seriousness of the Australian Sub Prime Full Doc and Low Doc Mortgage Crisis we really do require an answer to this from the Federal Government. Why was Greg Medcraft chosen and why was he chosen with a waiver of tender Prime Ministerial approval?  He needs sacking immediately and we know why.  Consumers are in grave danger when they ought to have been protected.  Medcraft placed consumers in harm's way and heading for financial ruin and despair.  There has to be a whole of parliament approach to this nonsense. BFCSA Member asks this: Senator queries PM's giving 'a mate' $700k ASIC job."Its run by someone who has a cloud over them. What on earth is going on here?"  ABC-Radio: Senator Cormann; "the Govt threw their own processes overboard when it came to appointing Mr Medcraft as chair of ASIC. ..It didn't do it's homework & without going through proper process....
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  • doyla66
    doyla66 says #
    Seven years - - an appointment like that can't be sustained - only thing is that Australian Govt would have to pay out his salary
  • doyla66
    doyla66 says #
    And the Government has extended the Medcraft appointment for 7 years. SCANDAL!
  • doyla66
    doyla66 says #
    Gaby, did fellow BFCSA members "break-a-mirror"? Have no doubt --Medcraft's dubious tenure is on "borrowed" time, pardon the pun!
  • doyla66
    doyla66 says #
    ASIC Chairman ~ Greg Medcraft BCom (Melb) was appointed ASIC Chairman on 13 May 2011 for a five-year term. Greg joined as ASIC Co
  • doyla66
    doyla66 says #
    You hear of not being able to trust a politician but this is going too far. How can the Prime Minister give a job to a mate withou
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The Australian Federal Government must approve a Royal Commission into the Banking And Finance Sector: here is why: What we already know and have the proof of:--  The issue is a giant fraud involving between  $57 Billion and $100 Billion. We also KNOW that a massive percentage of fraudulent and imprudent loans are TOXIC FULL DOCS.....no brokers involved! A devious business plan was devised and executed by the Banks 36 lenders including the Majors in the mid nineties here in Australia.       Set patterns emerged and we have emails between the lenders staff and brokers which we have decided to load onto the LINKS in "Breaking News" at the top of the Home Page.  See above. ·         The victims are left with impossible lifetime of debt and they have painstakingly listed the discrepancies/fraud on their Loan Applications.  These were fudged figures devised by a service calculator and not by the Broker/Planners.  BFCSA...
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  • doyla66
    doyla66 says #
    They're in on it, benefiting from the scam. No need for a Royal Commission for that very reason. Can you imagine Kell answering a
  • doyla66
    doyla66 says #
    Can you imagine Kell answering any questions? -"I wasn't aware of that, thanks for telling me". - good one, Maria. Agree - scam
  • doyla66
    doyla66 says #
    ROFLMAO - - - "FOS - aha" Nice one you 2 - nailed it! What was that? NAILED IT!!
  • doyla66
    doyla66 says #
  • doyla66
    doyla66 says #
    Transparency: Corruptions Perception Index: A country [email protected] a "lid on corrupt activities" will rate higher in that index; -
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