BFCSA Blog

Why gearing gets a hearing from Peter Dutton The Australian 12:00am December 2, 2016 Will Glasgow, Christine Lacy   The burden of handling one of federal politics’ most controversial portfolios isn’t holding back Immigration Minister Peter Dutton from building his substantial personal wealth. The Member for Dixon is one of parliament’s less publicised multi-millionaires, having accumulated assets worth at least $10 million — perhaps as much as $20m — mainly through investment in residential real estate. While protesters this week were hijacking the parliament over the Turnbull government’s refugee policies, Dutton was ­disclosing that he had been on a real estate spending spree since May. He’s snapped up two new properties for his portfolio in his beloved Queensland — one in inner city Brisbane’s Spring Hill and another in far north Queensland’s Townsville. No wonder Dutton was one of the most strident critics of Labor shadow treasurer Chris Bowen’s proposal to...

Low-doc loans make up one third of ASIC submissions to Senate AUSTRALIAN BROKER NEWS by | 20 Jan 2014 The final submissions to the Senate committee’s review on ASIC’s performance are in, and low doc and no-doc loans are a hot topic.At last count, more than a third of the 400+ submissions received related to low-doc and no-doc loans.The latest submission, by Rocco Cassaniti, hits out at ASIC for failing to act after he alleges incomes were “grossly inflated” in their low-doc loan application in order to secure funding. “Simply these matters are shrouded in legal protection for banks, hurting the livelihood of the unsuspecting citizen in the process,” wrote Cassaniti.“With so much evidence against bank inappropriateness, why do we have an organisation who does not protect the consumer?”A further common theme amongst the submissions was the collapse of Trio/Astarra, which was mentioned in 20 submissions. The failure of Storm Financial received 11...

Here we go with new submissions to do ready for January and not one consumer driven member or those who have even met a consumer victim!  It’s the BANKS R US BRIGADE.  MURRAY’S MARAUDERS.   Bring on the Royal Commission into Banking........ Forget this attempt at a whitewash.   I wonder if any of these people have met or spoken to an aggrieved consumer?   They will see BANK INTERNAL FRAUD but what will they really do?   Bankers inquiring into Banks.   ASIC admit SELF REGULATION means NO-ONE is LOOKING at Banks day to day activities and the manufacture of intentionally deceptive products.   ASIC "assume" Banks are looking at their own INTERNAL FRAUDS that all admit exists.  Its called a Cover-Up.   BFCSA has long called for a powerful banking ROYAL COMMISSION and instead we end up with a Mates Inquiry being hi-jacked by the Bankers.    Australia DownUnder?...

Dear Rupert,  By trying to use your media stronghold in Australia to manipulate how people vote is not very clever.  It is showing your Bully Boy tactics once again and, the United Kingdom has shown they have indeed had enough of your nonsense: cheating, lying to Parliament, thumbing your nose up at anyone that disagrees with you.   Your own arrogance cost a lot of decent UK people their jobs.  Now you want to meddle in the election of Government for Australia?   You are using Freedom of Speech as a weapon created by an obvious dictatorship mentality that you believe is your birthright.  Sorry, Mate but it's not a good look.  In fact the entire episode is an embarrassment to those you support. Had you used your influence to dig into the world wide Banking Cartel that created dirty mortgage loans, developed with matching inappropriate lending practices (more cheating) you...

Dear members When my wife and I started this quest for justice John Howard and Peter Costello had the top jobs.  Since then we have had a merry go round of P.M.'s and Federal Treasurers and this could change again pending the outcome of the September election. Since 2007 one thing has not changed, the leadership of both parties will not acknowledge there is a systemic problem in the Australian financial sector. ASIC denies there is a problem yet both parties leadership know from internal information a problem exists, I even have a copy of a letter where Tony Abbott made representation to the Attorney General on this very matter for a BFCSA member in his electorate. Everyone on this site has been pleading with our politicians and regulators for justice with no response at the top. As citizens of a democratic country we have been denied the basic fundamental right...