BFCSA Blog

Craig Isherwood‚ National Secretary PO Box 376‚ COBURG‚ VIC 3058 Phone: 1800 636 432 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: http://www.cecaust.com.au   Tell Financial System Inquiry: NO to ‘bail-in’ of bank deposits! The Citizens Electoral Council calls on all Australians who oppose the “bail-in” seizure of bank deposits to prop up too-big-to-fail banks, and instead support a Glass-Steagall separation of real banking from financial gambling, to make that loud and clear in a submission to Joe Hockey’s Financial System Inquiry. The deadline for the second round of submissions to the FSI closes on 26 August; FSI chairman David Murray’s Interim Report released 16 July called for more submissions on the issue of too-big-to-fail (TBTF) banks, bail-in and alternatives including Glass-Steagall. Murray posed two questions for more discussion: Is it possible to reduce the perceptions of an implicit guarantee for systemic financial institutions [i.e. TBTF banks] by imposing losses on particular classes of creditors during...

http://www.afr.com/p/business/companies/cba_boss_ian_narev_faces_heat_over_gfe4euVl2VE6AZxQG67eHN CBA boss Ian Narev faces heat over risky investments PUBLISHED: 27 Jun 2014  James Eyers Former Commonwealth Bank of Australia chief executive David Murray admitted last month to leaving a “rattlesnake in the cupboard” for his successor, Ralph Norris: scandals in the bank’s financial planning divisions.  But it has been Ian Narev, who took over from Norris in December 2011, who has faced opprobrium from Parliament, the corporate regulator and the bank’s board. They have asked why Australia’s biggest bank was so slow to react when hundreds of risk-averse clients lost millions after financial planners chasing bonuses invested in risky products, and whether the bank’s culture and systems are sufficient to prevent the debacle from happening again. Narev and his head of wealth, Annabel Spring, have framed their answers through three prisms: establishing remediation processes to compensate aggrieved clients; rolling out new technology systems to monitor advisers; and changing the...

Joe Hockey gives financial system inquiry international flavour Georgia Wilkins March 24, 2014  The Australian    Treasurer Joe Hockey has been accused of drawing too heavily on the advice of investment bankers and hedge fund managers to guide the government's financial system inquiry. The Treasurer appointed four business people to head the inquiry's international advisory panel, including former Goldman Sachs investment banker Sir Michael Hintze and JP Morgan investment banker Jennifer Nason. Sir Michael is the founder of $12 billion London-based hedge fund CQS and is a prominent philanthropist and donor to the Conservative Party in the UK. Also on the advisory panel is former Westpac chief executive and Treasury deputy secretary David Morgan, who is currently head of private equity group JC Flowers in Europe and Asia, and former central banker Andrew Sheng, head of the Hong Kong think tank Fung Global Institute. Mr Hockey said the panel would advise the...

Dear Mr Treasurer, Hon. Joe Hockey We know by experience COSL (Credit Ombudsman's Service to its own Members: Non Bank Lenders), needs to urgently have their EDR licence revoked.  They are incapable of handling consumer complaints and we both know the reason.  FOS will start to deal with a case regarding a Major Bank and then miraculously, the dirty toxic loan time-bomb is hand-balled over to a non bank lender whereby COSL will bury the bodies and even dig the graves. I recall a Hogans Heroes joke where Sgt Schultz announced new underwear, explaining Barracks A would change with Barracks B................And so the Major Banks in Australia are developing the same trail of deceit:  Hand-balling TOXIC LOANS TO EACH OTHER TO AVOID SCRUTINY,  as a ploy to be paid for stealing people's homes via TOXIC LOW DOC PRODUCTS which the Major Banks engineered in the first place. People are being tossed...

What is going on with our leaders?  Either PM Abbott or Treasurer Joe  Hockey have lost the plot or they are both best mates with the Bankers. The appointment of David Murray AO and ($50 million bonus packs from CBA for "job well done") cannot be tolerated by any citizen, even those not affected by the need for an INQUIRY INTO OUR FINANCIAL SYSTEM."  This "Son of Wallis" must be making Mr Wallis choke with embarrassment.  The arrogance of Murray shows through in that he accepted the appointment.  Had he enjoyed a modicum of decency he would have graciously declined, somewhat bemused.  Mr Wallis had a powerful presence of integrity. Mr Murray does not. The very reason we have lobbied for all these inquires (15 to date) is due to the aggrieved being thrown out into the streets because of the likes of David Murray.  Many BFCSA victims are suffering because...

The Federal Treasurer would do well to follow our lead and listen to what BFCSA Members are warning about Australia's sub prime mortgage crisis. Mr Hockey, please send an urgent memo to the corporate regulator, Australian Securities and Investment Commission ("ASIC").   ASIC briefs you as Treasurer once per month.  There are no two ways to go here Mr Treasurer.   Only one way presents itself, in law and also as "the bloody right thing to do mate."   ASIC is telling Parliament "there are no systemic problems in the banking sector."   You and I know differently: ASIC is lying to Parliament.   ASIC is pretending all the toxic loans have been hidden from view and therefore they only have 17 complaints.  But there are $57 billion of these wretched loans. Consumers are banding together.   ASIC is trying to say the Brokers are to blame in all cases.....that in itself is an admission we are right, that there are toxic...