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BFCSA
MORTGAGE
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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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BFCSA Blog

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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Recent blog posts
Customer comes last as NAB tries to put a cap on compo The Australian 12:00am August 27, 2018 Pamela Williams   Four months ago, as the royal commission into banking misconduct threw a bleak early winter over the financial services industry, the chairman of ASIC, James Shipton, met with the chief executive of National Australia Bank, Andrew Thorburn. On the table at the April 26 meeting was one hefty subject: an investigation by the Australian Securities & Investments Commission into the compliance of banks and financial services companies reporting potential breaches of the law. The new head of ASIC, Shipton was softly spoken, but his message to Thorburn was a sharp and unwelcome contrast to NAB’s public message of “customers first”. Thorburn could not have been surprised as NAB had already received ASIC’s briefing planner for the meeting. It stated: “ASIC will likely seek further engagement with NAB about the extent...
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New NAB scandal revealed in bank's quiet appeal Australian Financial Review Aug 26 2018 11:00 PM Adele Ferguson   On the same day National Australia Bank was being pummelled in the royal commission over its role in the fees-for-no-services scandal, it instructed its lawyers to lodge an appeal on a separate but similar matter. It was a decision that would keep the case away from the royal commission – and the media's – glare. Or so NAB might have thought. The case related to a ruling from the Superannuation Complaints Tribunal (SCT), which doesn't identify the names of super funds or complainants. It meant NAB could quietly lodge an appeal in the Federal Court undetected, unless someone happened to join the dots. But the July 3 SCT determination was too important to ignore. It was a landmark decision that required the trustee of the super fund to not just pay almost...
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Banking royal commission: CBA and NAB ‘committed crimes’ The Australian 8:46pm August 24, 2018 Ben Butler, Michael Roddan   The nation’s largest lender, Commonwealth Bank, committed more than 13,000 crimes and the National Australia Bank also broke criminal laws, counsel assisting the banking royal commission, Michael Hodge QC, said on Friday night. And the regulators responsible for overseeing the nation’s $2.6 trillion super pile, the Australian Prudential Regulation Authority and the Australian Securities & Investments Commission, have also been tarred as failures in a scathing submission to commissioner Kenneth Hayne by Mr Hodge, who suggested a new regulator may be needed to clean up the sector. While the royal commission has been told it is open to find numerous instances of criminal breaches of financial services laws by bank-run retail super funds, the inquiry fell short of recommending significant findings against union-and-employer-backed industry funds, such as AustralianSuper, which were hauled in...
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ANZ’s Shayne Elliott: inquiry revelations good for banks The Australian 12:00am August 24, 2018 Richard Gluyas ANZ chief executive Shayne ­Elliott has no regrets in calling for the establishment of the ­financial services royal commission, despite the hearings fuelling public anger and mistrust of the industry. Responding to questions in a video streamed on Facebook yesterday, Mr Elliott said the ­evidence given at the commission was confronting, both for ANZ and other financial services ­companies. “(But) it’s better that that stuff is out in the open and we can deal with it,” he said. “It’s not a pleasant experience for our people, not just for our witnesses but for our staff every day having to listen to that and being accused of some pretty horrendous things. But sunlight is a good cure. It’s out in the open. We’ve ­accepted accountability and ­responsibility for it and we’ve ­already started remediating things.” The...
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Turnbull’s shame: being slain by such halfwits Australian Financial Review Aug 22 2018 7:10 PM Joe Aston   The Canberra Press Gallery – and indeed an entire micro-economy festering on capital hill, sustained by its heinous, perennial revue – has more red meat on its plate than it knows what to do with. We don't intend to expend much time or space repeating what's already been said (though, what's still left on the table surprises us). Long mocked and caricatured as a figure of Dickensian villainy by the very same cognoscenti that still hadn't accepted John Howard's prime ministership 11 years into its life, Peter Dutton was a great performer for the conservative base and, with Mathias Cormann, the political antenna for Malcolm Turnbull, whose own has its profound limits. Dutton, like Cormann (though the Senate leader's superhuman shepherding of legislation through his chamber sets him apart), commanded moral authority in...
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Bank crackdown slowing loan approvals, says Mortgage Choice Sydney Morning Herald 21 August 2018 1:19pm Clancy Yeates   The effects of a clampdown on risky loans are still flowing into the market, which could result in further softening in home loan approvals in months ahead, says Mortgage Choice. Chief executive Susan Mitchell also says it is clear brokers will need to lift their governance standards, as the sector comes under fierce scrutiny from a range of inquiries by regulators, and the Hayne royal commission. As Mortgage Choice delivered a 3.3 per cent rise in cash profit to $23.4 million on Tuesday, as it had flagged last month, Ms Mitchell said there had been a "marked" industry-wide slowdown in home loan approvals in the last quarter of the financial year. Its results showed loan approvals fell 11 per cent in the second half, due to the much weaker June quarter, as the...
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Industry funds demand banks and super split in wake of Hayne The Australian 12:00am August 21, 2018 Michael Roddan   The royal commission should now consider the “complete separation” of banking and superannuation, according to Peter Collins, a former NSW Liberal Party leader and current chairman of Industry Super ­Australia. At the same time, Mr Collins claims the commission has ‘vindicated’ the controversial ‘fox and henhouse’ advertising campaign launched by industry super funds. While the royal commission landed some blows on the industry sector, with Hostplus chief executive David Elia forced to defend a blowout in hospitality costs at the Australian Open tennis tournament and the head of the nation’s biggest fund, AustralianSuper’s Ian Silk, grilled over $2 million spent on news website The New Daily and an anti-bank ad, the inquiry concentrated most of its firepower on the for-profit retail funds. Here it found the corporate watchdog preparing to charge...
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Banking inquiry: ASIC’s Shipton pledges to enforce better standards in sector The Australian 12:00am August 18, 2018 Andrew White   Chairman James Shipton has committed the Australian Securities & Investments Commission to “disrupt these concerning behaviours” that are being aired in the banking royal commission, and says the corporate regulator is changing its decision-making ­process to meet the new challenges. After months of revelations of bad behaviour in the financial ­services industry, Mr Shipton said the banking royal commission was “providing a very useful service” in airing the behaviour of the finance sector as well as the work of regulators enforcing the law. In testimony to the Parliamentary Joint Committee on Corporations and Financial Services, Mr Shipton defended the regulator’s use of enforceable undertakings with organisations to deal with misconduct, but said there was also a need to enforce personal responsibility by executives. The federal government has ­recently given ASIC an...
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Blame game in full swing over grandfathered commissions Australian Financial Review Aug 20 2018 5:42 PM Joanna Mather   ASIC has blamed federal parliament for carving a giant loophole into laws banning commissions for financial advice but the major parties pointed the finger at each other. Appearing before the banking royal commission on Friday, Australian Securities and Investments Commission deputy chairman Peter Kell said it would be "highly desirable to have this dealt with at a policy level". "The parliament has, in effect, put in place a provision that enables the continuing payment of commissions that generate conflicts of interest and unnecessary costs widely across the financial system," he said. "It was ... depicted as a transition issue of a relatively modest or limited nature. "It's actually an extremely expansive provision, both in terms of the circumstances under which grandfathering is allowed to continue, and the time period over which it...
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APRA's incestuous rule comes at too high a price Australian Financial ReviewAug 20 2018 7:00 PM John Dahlsen John Dahlsen is a former chair of the ANZ Bank board's audit and risk committee. This is an edited version of an article to appear in the August edition of the IPA Review.  The Australian Prudential Regulation Authority regulates our banks intensely and has a huge influence on behaviour through guidelines for risk weighting and consequent capital allocation rules, among other things. This substantially influences when, where and how banks lend and provide services, but APRA is among the least accountable federal agencies. There is an incestuous relationship between APRA and the banks. There is no separation of influence and nearly all senior staff are ex-bankers, so you are unlikely to get any independent and innovative thought. Embedding APRA staff in the banks – as the government proposes to do - would only...
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 18 Aug, 2018 08:10 Steve Keen Steve Keen is an Australian economist and author. He’s professor and Head of the School of Economics, History and Politics at Kingston University in London.  For years, Australia has been seen as the goose which laid the golden egg for workers, migrants and investors. Ironically, as America’s casino closes, it will eventually end up as a speculator’s paradise. The performance of the Australian stock market relative to its American equivalent since the Global Financial Crisis (GFC) shows the difference between a country where Quantitative Easing (QE) – the buying of bonds by the central bank to drive bond prices up and interest rates down, and thus encourage firms to invest and financial institutions to buy shares – was practiced and one where it was not. It’s both a warning about what could happen when the Fed starts to unwind QE, and a perverse opportunity to...
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Banking royal commission: APRA a 'hear no evil, see no evil' regulator Australian Financial Review Aug 19 2018 11:00 PM Adele Ferguson   When Reserve Bank Governor Philip Lowe told parliament on Friday "sunlight is acting as a very good disinfectant here", it was a signal from one of the highest powers in the land that the royal commission is serving to strengthen the financial system not tear it down. The banks, lobby groups, various media and politicians from the Prime Minister down to the Treasurer and Financial Services Minister, used every trick in the book to avoid a royal commission. What did the little people know? Only that the foundations of finance – trust, customer service and risk management – were deficient. Now it is on full display for all to see and comment on. "The trust between the community and financial institutions has been strained, there has not been...
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NAB charges up to double normal fees The Australian 12:00am August 20, 2018 Elizabeth Redman   NAB’s wealth business MLC is charging superannuation savers in at least 10 funds as much as double the fees charged by the external managers of the products, The Australian can reveal. Product disclosure statements show members of MLC’s Master key Super & Pension Fundamentals product are also charged an administration fee on top. The revelation comes as NAB’s MLC and other super funds brace for closing statements due this week from the financial services royal commission, after a torrid fortnight of hearings into superannuation fees and practices. At the hearings it was left open for commissioner Kenneth Hayne to find that some super trustees are not prioritising the interests of their members. Corporate regulator the Australian Securities & Investments Commission has accused NAB of more than 100 potentially criminal breaches of the law, the commission...
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Melbourne and Gold Coast house and land projects suffer in Ausin China collapse Australian Financial Review Aug 17 2018 11:45 PM Su-Lin Tan   House and land projects in Melbourne and south-east Queensland are allegedly some of the projects where settlements are lost, following the collapse of residential project marketer and sales agency Ausin's Chinese offices on Thursday. Melbourne house and land projects, Elpis by developer Bridgefield Estate and Williams Landing by Cedar Woods, are in the growing western corridor, while Willow Pimpama Village project lies in the booming south-east Queensland region near the Gold Coast. Construction company Oliver-Wolfe Homes might also be a victim of the fallout in China, Ausin Group director Joseph Zaja confirmed. Mr Zaja is a director of the company. While Mr Zaja said Oliver-Wolfe Homes was still operating, the website of that organisation was defunct and an ASIC notice on August 10 showed the company's NSW...
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Kelly O’Dwyer blasts banks on rorts The Australian 12:00am August 18, 2018 Ben Butler, Michael Roddan   Financial Services Minister Kelly O’Dwyer has blasted the banks over the “disgraceful” rorts and rip-offs of the nation’s super­annuation nest egg, and criticised the sector for opposing proposed laws that would lead to dishonest executives being sent to jail for up to four years. “The behaviour of some of the superannuation sector revealed during the hearings of the royal commission is disgraceful,” Ms O’Dwyer said last night. “Without doubt the most egregious misconduct identified by the commission in the past fortnight has been in the for-profit and bank-owned sector of the superannuation industry, where hundreds of millions of dollars have been wiped from the retirement savings of hardworking Australians who have received seemingly nothing in return.” Ms O’Dwyer’s intervention against the big banks came as it emerged the corporate regulator was poised to refer...
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Banking royal commission: Call for more scrutiny of CBA's takeover of Bankwest Australian Financial Review Aug 17 2018 4:55 PM Tom McIlroy   NSW Liberal Julian Leeser has called for the Hayne Royal Commission to hold more public hearings to scrutinise Commonwealth Bank's takeover of Bankwest. The Berowra MP told Parliament cross-examination was needed to consider CBA's revaluing of Bankwest's commercial loan book. He called on CBA executives to support calls for additional hearings. "The central allegation of the Bankwest victims is that the Commonwealth Bank... acted in a way that might entitle the victims to the right to equitable relief for unconscionable conduct," he said. "I don't carry a brief for the victims. I'm equally happy for either the victims or the banks to have their cases disproven and for them to be embarrassed in a full public hearing. "For years, the victims and advocates... have been walking these corridors...
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ASIC investigates IOOF Australian Financial Review Aug 17 2018 4:39 PM Patrick Durkin   The corporate regulator has revealed it is investigating IOOF and will embed agents into the wealth giant as it extends a controversial plan to put staff inside the banks and comes under fire for inaction. In a feisty five hour-plus grilling by  Parliament's oversight committee, Labor members complained the Australian Securities and Investments Commission is more "puppy" than "watchdog" and "CEOs don't stay up at night worrying about enforceable undertakings". ASIC chairman James Shipton's honeymoon ended abruptly as the regulator was criticised for dropping an investigation into insider trading at IOOF but ASIC Commissioner Cathy Armour countered by revealing it was "not the only piece of work we are doing" as part of an investigation into IOOF. ASIC, APRA drop ball on super The alarming gap between regulators in supervising super trustees exploded across opposite sides of...
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NAB scandal heading to court The Australian 12:00am August 18, 2018 Michael Roddan, Ben Butler   The corporate watchdog is poised to hand its criminal investigation of National Australia Bank to the Commonwealth Director of Public Prosecutions to pursue action against the bank over its wholesale charging of fees for no service and subsequent alleged cover-up. The Australian Securities & Investments Commission is also well advanced in its talks with the DPP over its investigation of scandal-hit wealth manager AMP, which misled the regulator 20 times over its fees-for-no-service scandal, The Weekend Australian can ­reveal. The revelations came after the big banks endured a brutal fortnight of hearings at the financial services royal commission that uncovered rampant gouging, systemic misconduct and thousands of breaches of the law in Australia’s $2.6 trillion superannuation sector. While executives at some of Australia’s largest banks, including NAB, Commonwealth Bank, ANZ and wealth managers AMP and...
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Banking royal commission: Hayne shows APRA is no tough cop Australian Financial ReviewAug 17 2018 11:02 PM James Thomson   ANALYSIS  It's a fair bet there's no cell in the headquarters of the Australian Prudential Regulation Authority, where superannuation trustees who have lost their members' retirement savings are taken. What would be the point? "We've got you now buster, and we're going to get tough," the APRA heavy would tell the trustee. "We're going to write some pretty nasty letters, get a damn good understanding of this issue, do some close supervision and then tell the public – let alone the fund members – absolutely nothing." The appearance of APRA deputy chairwoman Helen Rowell in the witness box of the royal commission on Friday – the final day of hearings in this round on superannuation – did nothing to make the regulator look like a tough cop on the beat. Instead,...
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Banking royal commission: APRA evidence reveals failure to act The Australian 1:27pm August 17, 2018 Anthony Klan   Kicking off royal commission hearings into superannuation, counsel assisting Michael Hodge asked: “What happens when we leave these trustees alone in the dark with our money?” He might as well have said alone in the dark with the Australian Prudential Regulatory Authority, the banking regulator. APRA deputy chair Helen Rowell — chairman Wayne Byres rarely faces the public in any manner — took the royal commission stand today. Her appearance allowed the public a glimpse of the contortions the regulator habitually pulls to explain why the bodies it is supposed to regulate should not face any penalties, or any real repercussions, when they do break the law. The case of tens of thousands of people being overcharged up to $1 billion in “fees for no service” — that is money was taken by...
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Former APRA senior analyst blows whistle on superannuation regulator The Australian, July 25, 2018 Anthony Klan   The nation’s superannuation regulator has actively worked against market transparency, prevented competition and facilitated widespread gouging in the $2.6 trillion sector, one of the regulator’s former senior ­analysts has told the Productivity Commission. In a submission, Wilson Sy, of Investment Analytics Research, also attacked the Productivity Commission’s recent draft report into super as having failed to address key issues such as the widespread gouging by “retail”, or not-for-profit, funds, saying it was distracted by “periphery issues”. Dr Sy, a principal researcher at the Australian Prudential Regulation Authority from 2004 to 2010, said many trustee directors of retail funds had “broken the fiduciary law” by failing to act in the best interests of members, as required under the law. “Instead of enforcing the fiduciary law, APRA has sought to change the law, thus facilitating looting...
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Banking royal commission legal team earn their nicknames The Australian August 1, 2018 Will Glasgow and Christine Lacy   Time is running out for Kenneth Hayne’s legal assistants to earn their nicknames and inflate their future barrister fees in the banking royal commission. That’s a worrying thought for those financial executives soon to face off with them in the ­commission’s superannuation round, which starts on Monday, and the subsequent insurance showdown in September. Not surprisingly, the financial giants have been discussing the form of the commission’s legal team. As the Hayne Show moves into its final acts they want to know, who has the most to prove? Rowena “Shock And” Orr earned her nickname way back in round one, the commercial lending practice hearing. In doing so, she has probably doubled the daily rate she will soon charge commercial clients when the commission is disbanded. Also soon to benefit from his...
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ASIC bows to banks on code of practice, $3m limit approved Australian Financial Review July 31 2018 James Eyers   The banks have had a significant win after convincing the corporate regulator to approve its revised Banking Code of Practice, which will apply to small businesses who borrow up to $3 million. This is lower than the $5 million level originally recommended by the small business ombudsman and the banks' own independent expert. The new code, which has been a key focus during the Hayne royal commission, "represents a stronger commitment to ethical behaviour, responsible lending, greater financial protection and increased transparency," said Australian Banking Association chief Anna Bligh. ASIC had considered a $5 million level of borrowing as the definition of small business but it appears chairman James Shipton has been convinced the $3 million level desired by the banks will protect enough businesses. ASIC said the $3 million level...
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Compensation bill of $850m looms for gouging The Australian August 8, 2018 Michael Roddan Reporter Ben Butler Business Reporter   The compensation that the banks are preparing to pay for fees they charged customers for services never provided is racing towards $1 billion, as the financial services royal commission yesterday exposed new details of fee gouging. The corporate regulator has revealed the total payout to customers of AMP, Commonwealth Bank, ANZ, National Australia Bank, Westpac and other large financial institutions could quadruple to $850 million from the more than $200m already paid to customers caught up in the “fees for no service” scandal. News of the soaring bill came as the royal commission heard evidence that NAB misled the Australian Securities & Investments Commission over its fee scandal and details of how its bid to play down the problem was taken all the way to chief executive Andrew Thorburn. The commission also...
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Housing credit crunch feared as RBA keeps rates on hold The Australian August 8, 2018 Adam Creighton Economics Editor   Scott Morrison says the economy faces an “own goal” if the financial services royal commission causes a credit crunch, with his warning coming as the Reserve Bank governor highlighted “changed ­dynamics” in the ­increasingly fragile housing market. The Treasurer said he was ­relaxed about house prices, which are falling in Sydney and Melbourne at an annualised pace of about 5 to 10 per cent, but urged vigilance to avoid a sharp drop in home loan growth. “We must be very careful to avoid that. We are being very careful about that in terms of how we handle the regulatory ­response,” he said at a business lunch in Melbourne yesterday. “There are concerns that the wrong response to what we’re seeing in our banking or financial system could further constrain credit, or...
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