BFCSA Blog

Greg Medcraft really doesn't get it?  Or is he a corrupted and captured prisoner of the banking system?  Tens of thousands of Australians have lost their life savings and/or their homes in dodgy financial products and services from sellers acting as AGENTS OF THE BANKERS. The sellers were given an 8 day rinky-dink course and then told "you are now advisers".....find some clients (practice on your parents first) and then the bank will give you whopping commissions for bringing in new fodder for the banker cannons.  Medcraft, D'Aloisio and Lucy oversaw this tragic time in the history of banking.  The watched evil greed driven bankers go after older persons who had worked all their lives for a few pennies in the bank and a home.  The Asset Rich Income Poor ("ARIP's")were named by bankers in 2004 as the obvious "target."  "Target Older Persons" the internal emails to brokers and planners suggested....

How does this work? Medcraft is paid in excess of $800K per year for running a ridiculously stupid and self indulged regulator called the Australian Securities and Investment Commission.  ASIC is so appalling in its role as Consumer Protector that billions of hard earned dollars have been lost in scams and now bank scams for years.  ASIC "controls and licences" financial planners and must oversee that financial products being sold to an unsuspecting public are based upon FAIRNESS and is keen to point out CONFIDENCE and TRUST are vital in the murky world of Banking and Finance.  Our Consumer Group mushroomed from the ashes, years ago, of POOR FINANCIAL ADVICE and lacklustre performance of ASIC.  This resulted in the need for a consumer group to collectively do ASIC's job for them by exposing bad practices int eh finance industry.  

First RECA Inc and then BFCSA Inc....the members have brought to light case after case.....and then lobbied and achieved 15 Inquiries including the recent Senate Inquiry into the Performance of ASIC and BFCSA Members and older RECA Members sent a large slice of the 470 submissions ( a record number) to the Senate to complain about the regulator's indifference to consumer protection and most importantly lobbied loudly for recommendation for ROYAL COMMISSION into the entire debacle.  

Medcraft's performance/manner on the stand was uncaring, arrogant, misleading Parliamentarians and generally not telling the "whole truth."  

NOW Muddled Medcraft HAS COME OUT BLAMING ALL THOSE WHO TRUSTED HIS SYSTEM!!!!!!!!!  He also gob smacks the consumers he betrayed by suggesting the system of banking and finance is safe and the products are of a good standard, but if they collapse and cause loss of savings, loss of homes - a FINANCIAL WIPEOUT its the consumers fault for choosing to buy the TOXIC PRODUCTS from his own licencees and manufactured by Bankers!!!!  He says he has 30 staff.  His Annual Reports show he has 313 investigators so what were those bods doing in their ample spare time?

 This email address is being protected from spambots. You need JavaScript enabled to view it.  Tell me your story......................

Medcraft has the idea what TRUTH means it can be bent if necessary - exactly what the Chief Bankers practice daily.  Yet Gregory Medcraft is also head of IOSCO:  "International Order of I don't know what I am doing".....sorry.............International Order of Security Chiefs Org.   www.iosco.org

READ ON - there is more - much more