BFCSA Blog

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...

  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 (printed) Benefit projections Web calculators Fees and costs Olden days ISC circulars 2003ish FSR advice / Calculators withdrawn 2004 IAAust Guidance 2005 Web calculator class order 05/1122 July 2008 ASIC consultation paper 101 April 2009 IAAust GN revised 2009 July 2009 Intra fund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...

Nguyen followed the "system."   When Nguyen was reported CBA went into overdrive.  They could not sack Don or he would have gone to his union. The CBA engineered the serviceability calculator assisted with dodgy loans.  Nguyen's recommendations for investment were another matter.  If the banks thought Nguyen was a crook they would have fired him, unless the bank executives were crooks themselves and the MR BIGS.   ASIC in 2005 exempted all banks and their agents from prosecution by issuing Class Order # 05/1122 for the SECRET fudging income machine to be made available to all brokers with the intent of prosecuting a few brokers if people started to work out their loan applications had been tampered with by CBA and the other three Major Banks.  No-one had copies of the LAF's (every Australian mortgage holder).  All approvals were done by a computer and the fudging income was executed by the serviceability calculator that ASIC granted the banks exemption for the banks to specifically use this evil tool to approve more fraudulent loans than...

A mea culpa from ASIC Updated Thu 10 Apr 2014, 9:35pm AEST It's been a humbling day for ASIC. The corporate regulator has confirmed it was far too slow to take action against the Commonwealth Bank over a scandal in its financial planning arm. It's tardiness prompted a Senate inquiry into the regulator which resumed today in Canberra. http://www.abc.net.au/news/2014-04-10/a-mea-culpa-from-asic/5382428 What a miserable bunch these highly paid public servants turned out to be.   Now the long suffering public can see why so many retirees have lost money in listening to Financial Planners and the FP Industry.  Thanks to the tenacity of the Senators in a bi-partisan approach at serving the people well, we can see why so many pensioners have lost their homes to corrupted Banks and Lenders.  Toxic Managed Investment Scams, toxic Low Doc Mortgage Loans, collapses all over the place, straw companies......the list is endless and the losses more than $200 billion and...