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BFCSA
MORTGAGE
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What BFCSA Does...

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
ASIC rejects whistleblower Denise Brailey’s bid for job as Investigator Anthony Klan The Australian, 15 September 2008, pp. 27-28 DENISE Brailey’s resume is littered with examples of victories she has claimed in her long-running battle against financial fraud and corporate catastrophe. Ms Brailey, of Perth, has been the catalyst behind several government inquiries, was the whistleblower behind the West Australian solicitors’ mortgage brokers scandal and warned of the collapses of Westpoint, Fincorp and others years before they toppled. She has repeatedly drawn the attention of corporate regulator the Australian Securities and Investments Commission to holes in consumer protection laws and approaching financial catastrophes. But she was bitterly disappointed this month to learn her application for a job as an ASIC investigator, with a modest salary of $70,000 a year, had been rejected. Her application had not even progressed far enough for ASIC’s recruiters to call her referees. “I’ve opened ASIC’s eyes...
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Ms Catherine Livingstone Chairman Commonwealth Bank of Australia Ground Floor, Tower 1. 201 Sussex Street Sydney NSW 2000  2nd January 2018,   Dear Madam Chair,  CBA CONSUMER COMPLAINT HANDLING NOT IN-KEEPING WITH BEST PRACTICE Our consumer group has been supporting victims of bank driven mortgage fraud for over a decade. Our members come from every state in Australia.  The complaints we receive as a support group are mostly with the Major Banks and predominantly relate to Mortgage Fraud and unaffordable interest only lending.   My experience in such matters regarding fair and responsible settlements with banking complaints date back to 1996.  As the head of BFCSA (Inc) I have been compelled to write to you as Chairman, and the members of the CBA Board, to specifically alert each one of you to the difficulties our members face when dealing with CBA complaint handling services.   The main issues are those of: - Fairness...
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          Australia’s ‘Banking Cartel Scandal’ The Rise of White-Collar Crime       Senate Economics Standing Committee 2016 Inquiry into ‘Penalties for White-Collar Crime’     Denise Brailey President Banking and Finance Consumers Support Association (Inc.) www.bfcsa.com.au   29th March 2016       Table of Contents Section 1: Executive Summary. 3 Section 2: Key Issues Listed. 5 Section 3: Crime and Punishment vs Wrongdoing: Erroneous Classification. 6 Section 4: Terms of Reference: Inquiry into White Collar Crime. 11-19 Section 5: Penalties for White Collar Crime. 20 Section 6: Ponzi Financing. 22 Section 7: Control Frauds. 25 Section 8: Banking Cartel27 Section 9: Consumer Activism and Borrowers. 30 Section 10: Property Bubbles and Market Chaos. 33 Section 11: Regulations, Deregulation and Decriminalisation  (CDOs & MBSs p43)39 Section 12: ASIC’s Core Regulatory Responsibilities. 50 Section 13: FOS Consumer Dissatisfaction. 52 Section 14: Damaging Effects on People, Sellers and...
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Banking royal commission: big-four planners ‘could be charged’ for failing clients The Australian 12:00am May 1, 2018 Anthony Klan   Many of the 14,000 or so financial planners working for arms of the big four banks could face prosecution for failing to act in the best interests of their clients by advising them into shoddy superannuation funds owned by their employers, according to an industry expert. Financial planners were bound by laws requiring they act in the best interests of their clients “no matter who they work for”, said Peter Johnston, executive ­director of the Association of Independently Owned Financial Professionals. “All financial advisers have been under a best-interests duty since July 1, 2013, when the FOFA legislation commenced, regardless of who they work for,” he told The Australian yesterday, referring to the Future of Financial ­Advice reforms. “Every person in society can have their day in court; depending on the...
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Vital Signs: Interest only loans are an economic debacle that could bust the property market The ConversationApril 27, 2018 6.17am AEST Richard Holden   Vital Signs is a regular economic wrap from UNSW economics professor and Harvard PhD Richard Holden (@profholden). Vital Signs aims to contextualise weekly economic events and cut through the noise of the data affecting global economies. This week: This risks of interest only loans that the RBA is ignoring and more revenue for the government ahead of the budget. Australian taxpayers won’t face a rise in taxes now that Treasurer Scott Morrison announced the government will not increase the Medicare Levy by 0.5% as planned. This was to originally fully fund the National Disability Insurance Scheme (NDIS). This is on the back of strong company tax receipts stemming from companies using up carry-forward losses accumulated in the wake of the financial crisis. Australian Bureau of Statistics data...
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ROYAL COMMISSION: MISCONDUCT IN BANKING, SUPERANNUATION and FINANCIAL SERVICES INDUSTRY The Royal Commissioner Kenneth Hayne 16th March 2018,  Denise L Brailey – President of BFCSA (Inc) BFCSA is a significant consumer group in Australia, examining cases in relation to mortgage fraud.   We delve into actual case files of customers who have experienced bank mortgage fraud and unaffordable lending.  Our members come from every state in Australia.  When people join our group, they have no idea what the fraud is. Over 70% of borrowers do not realise they have an Interest Only Loan.  All complaints relate to (“IO”) Loans. Since 2001, regulators have ignored customer concerns regarding bank internal calculators and the fraudulent approval processing of loans.  Our research into actual consumers files has revealed that every Loan Application Form has an income altering “Serviceability Calculator” attached, and many errors relating to personal information.   Borrowers are unaware of the SC document. ...
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  New type of poverty hurting middle class Sydney Morning Herald 26 April 2018 2:29pm Dick Bryan Dick Bryan is an emeritus professor of political economy at the University of Sydney. With Mike Rafferty he is the author of Risking Together: How Finance is Dominating Daily Life in Australia.  The banking and finance royal commission has cast light on a new type of poverty to emerge in our society: middle class poverty. To understand it, we have to go back to an earlier government inquiry: the 1972 Commission of Inquiry into Poverty, conducted by Professor Ronald Henderson. That commission had no real policy impact, but its cultural impact was profound. It gave prominence to the Henderson Poverty Index: a measure of consumption described by Henderson as so austere that it was unchallengeable. Updated versions of this index remain a standard benchmark of poverty. As much as 5 per cent of advice...
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Banks dive as UBS raises home loan concerns Sydney Morning Herald26 April 2018 2:47pm Clancy Yeates   Investors have wiped $9.1 billion off the combined market value of the big four banks, amid fresh concerns about the quality of their lending practices in the wake of the Hayne royal commission. Westpac shares were hardest hit, tumbling 3.6 per cent, after UBS analyst Jonathan Mott recommended clients "sell" the stock, citing documents the bank has been forced to hand over to the royal commission into financial misconduct. Westpac's rivals were also punished, with shares in ANZ and National Australia Bank falling 2.1 per cent, and Commonwealth Bank shares losing 1.7 per cent, as investors fret that sloppy lending could come back to bite the whole industry if the economy suffers a shock. The drop in bank shares came as the Australian Prudential Regulation Authority scrapped a 10 per cent speed limit on...
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ASIC lacks courage on enforcement says former investigator Sydney Morning Herald 27 April 2018 12:00am Mark Solomons   A former senior investigator at Australian Securities and Investments Commission has accused the regulator of lacking the "balls" to prosecute white-collar crime and criticised successive governments for poor appointments in the people chosen to run the organisation. Barrister Niall Coburn, who spent a total of 13 years at ASIC in two stints between 1992 and 2012 and led high-profile criminal investigations, told Fairfax Media he had repeatedly warned his bosses they needed to take a harder line but was ignored. "The basic thing is they haven't got the balls. My bosses never had the balls to bring proceedings and if you were outspoken you were basically shut down and isolated," he said. The criticism comes after ASIC has faced questions, including from Treasurer Scott Morrison, over its approach to enforcement in the wake...
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APRA ends cap on investor loan growth Australian Financial ReviewApr 26 2018 4:38 PM James Thomson, Jonathan Shapiro   The prudential regulator's decision to remove its cap on investor loan growth will not stop the push for banks to tighten lending standards, and could see lenders forced to do even more to ensure they are selling loans responsibly. Australian Prudential Regulation Authority chairman Wayne Byres said the cap, which was introduced in 2014 and required banks to limit growth in lending to housing investors to 10 per cent, had "served its purpose" and big banks had improved lending standards. Any bank that can prove its investor loan book has been growing below the benchmark for at least the past six months, and can show it has met APRA's requirements on serviceability, can have the cap removed. However, the cap will be replaced with a series of more permanent measures to keep...
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Regulator ASIC has a 'culture of subservience to the big banks', says former employee PM  By Linda Mottram, Melissa Clarke and Mariella Attard Posted Wed at 10:19am  http://www.abc.net.au/news/2018-04-25/asic-james-wheeldon-corporate-regulator-banking-royal-commission/9693488 PHOTO: Barrister James Wheeldon worked for ASIC as a junior lawyer between 2004-2005, but left "in disgust". (Supplied) RELATED STORY: How ASIC went missing in action with the banks RELATED STORY: The banking royal commission is damaging reputations, but is it enough? RELATED STORY: AMP facing threat of shareholder class actions for misleading ASIC ASIC has a culture of subservience and acquiescence when it comes to the big banks, says a former lawyer for the corporate watchdog. James Wheeldon worked for ASIC as a junior lawyer for just under a year between 2004 and 2005, and said many of the same senior people were still in charge and nothing had changed. "If I wanted to get a job with a bank, I'd go work for a bank instead of doing the banks' work through...
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THE AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION DEPUTY CHAIRMAN Mr Peter KELL Good morning Mr Kell   In light of watching today’s Royal Commission I am obliged to ask you to reinvestigate my case with the Commonwealth Bank I allege: 27 items of fraud in the LAF A totally fabricated disclosure document My signature was cut and pasted twice Collusion between CBA, Gadens lawyers and FOS to obstruct justice in my case Collusion between CBA, Gadens lawyers and LMW Hegney valuers (and other valuers) to deliberately mislead in ‘not finding evidence of farming’, findings in valuations CBAs own Comsee and collection notes show the incredible lengths, over many years to deliberately conceal malfeasance and wrongdoing My case should not be handed to Mr Warren Day or anyone previously involved as their investigations sidestepped and ignored critical information I raised A fresh look through Independant eyes is required I ask you to stand by...
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'They must take responsibility': business legend's bank blast Sydney Morning Herald 26 April 2018 12:00am Clancy Yeates   Banks have failed to take enough responsibility for how their products affect people and must accept a "duty of care" towards customers, says the chairman-elect of CSL and financial system inquiry panel member Brian McNamee. He made his comments as former Reserve Bank governor Bernie Fraser also joined the chorus of public figures criticising banks, saying he had changed his mind in favour of the royal commission into banking after it exposed a "cesspool" of misbehaviour. An experienced and respected business leader Dr McNamee oversaw the rise of biotechnology giant CSL over 23 years until 2013. The company is now one of the country's largest with a value of $73 billion. He was also a member of the 2014 financial system inquiry panel led by David Murray, which highlighted low professional and educational standards...
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ASIC won’t say whether it’s reviewing licences of guilty banks The Australian 12:00am April 26, 2018 Anthony Klan   More than 18 months after the nation’s biggest four banks were caught fleecing more than 250,000 customers by charging them for advice they never ­received — and being forced to hand back more than $200 million — the corporate regulator will not confirm whether it is even reviewing their financial services licences. Under the Corporations Act, enforced by the Australian ­Securities & Investments Commission, financial services licence holders must adhere to strict rules, with small financial companies having had their Australian Financial Services Licences suspended for offences significantly less serious than those ­admitted to so far by the big four banks and AMP. Under powerful laws, documented in hundreds of pages of documents published by ASIC, the regulator can suspend or ­cancel a group’s AFSL if it doesn’t ­adhere to strict rules,...
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Senators want better whistleblower protections after royal commission revelations Australian Financial Review Apr 25 2018 11:00 PM Tom McIlroy   Crossbencher Rex Patrick will push the Turnbull government on tougher whistleblower protections in the wake of revelations from the banking royal commission, but maintains the controversy shouldn't be conflated with company tax cut negotiations. Senator Patrick and Centre Alliance colleague Stirling Griff don't support the Coalition's moves to lower the corporate rate for big business from 30 per cent to 25 per cent by 2026-27, but remain open to further discussions before a possible vote in Parliament next month. Support from the pair – part of the rebranded Nick Xenophon Team party – would see the cuts pass and deliver a major win to Malcolm Turnbull and Finance Minister Mathias Cormann. The Coalition remains optimistic it can pass the changes, after delaying a vote while negotiating with South Australian independent Tim Storer before Easter. Senator Patrick...
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Banking royal commission: Dover next as Hayne saves ‘best’ for last The Australian 12:00am April 26, 2018 Richard Gluyas   If it’s any solace to celebrity financial adviser Sam Henderson, whose cross-examination in the financial services royal commission on Tuesday resembled a high-speed car crash, he won’t be able to look back and think he was unfairly singled out. That’s because Dover Financial Advisers has been lined up as the final case study in the commission’s unrelenting, 10-day assault on the $4.6 billion-a-year advice industry. Suffice to say that the Melbourne-based advisory shop has come to ASIC’s attention and the watchdog has taken a serious interest. As for the royal commission, nothing is left to chance. Over the last week or so, senior counsel assisting Rowena Orr has been baiting Dover by questioning other witnesses about their dealings with the firm. Those dealings involve advisers who left ANZ, Westpac and AMP...
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'Bewildered': Former ACCC boss says don't jump to conclusions on royal commission Sydney Morning Herald 24 April 2018 7:15pm Clancy Yeates   Former competition watchdog Graeme Samuel says he is "bewildered" by "self-anointed experts" telling the royal commission into financial misconduct what it should recommend only a few weeks into its public hearings. Shock revelations at the commission have in the past week sparked calls for policies including forced divestment of financial advice businesses by banks, which has been supported by Mr Samuel's predecessor, Allan Fels. Former Prime Minister Tony Abbott also said on Monday the country's financial regulators should be sacked, after scandals exposed at the commission. But Mr Samuel,  the previous chairman of the Australian Competition and Consumer Commission, said it was unhelpful to jump to conclusions so early in the inquiry, which is being led by former High Court judge Kenneth Hayne. “My view is, let Ken Hayne...
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'Benefit of hindsight': ASIC may have been wrong body to protect consumers Sydney Morning Herald 24 April 2018 9:58pm Peter Martin   EXCLUSIVE  One of the architects of Australia's financial system has expressed doubts about the policing power given to one of the corporate regulators now under fire for failing to prevent fraud and deception by the banks. Professor Ian Harper was a member of the Wallis committee of inquiry into the financial system which in 1997 recommended the creation of a specialist organisation to regulate financial markets and financial institutions known as the Australian Securities and Investments Commission, or ASIC. [Crap. ASIC already existed as the Australian Securities Commission (ASC) since 1991, when it replaced the old National Companies and Securities Commission and the state and territory Corporate Affairs Commissions. –RJB] He later chaired the Harper Competition Review for the Abbott and Turnbull governments, and is a Reserve Bank of...
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PLEASE DO YOUR BEST AS MEMBERS AND INDIVIDUALS TO SEND THIS MESSAGE OUT TO AS MANY outlets and social media as possible   Your Chance to tell THE BIG PICTURE story from every Bank Borrower’s point of view.  For your sake we ask you to get involved.    Introducing: Ms Denise Brailey, President of Banking and Finance Consumers Support Association (Inc) has asked JDR Films to create a Documentary Movie: Banking and Mortgage Fraud In Australia.  Hello to all Consumers of Banking Products,  About this Documentary to be produced by JDR Films.  I have the best confidence in these people to make an excellent film that will deal appropriately with the serious issues surrounding Mortgage Lending.  Go to their website www.jdrfilms.com.au    You can also view one of their excellent short documentaries they have produced, by clicking on this link… https://www.youtube.com/watch?v=Xm00-pTcSkA Jessica Irwin Beyond Able www.youtube.com Jessica Irwin is a local girl to the Ettalong Beach/Umina Beach/Gosford area. Jessica lives with Cerebral Palsy, and...
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NAB slow to compensate customers hurt by planners The Australian 12:00am April 25, 2018 Ben Butler   The signature project of NAB’s chief customer officer Andrew Hagger has been making little progress in compensating customers hurt by shoddy financial planners, raising questions about oversight of the program by the corporate regulator. News that the “Customer Response Initiative” — set up by Mr Hagger in 2015 in response to pressure from the Australian Securities & Investments Commission over financial planning scandals at the bank — was stalled as late as November emerged yesterday at the banking royal commission. Yesterday, the commission also heard an employee of celebrity financial planner Sam Henderson impersonated Fair Work Commission member Donna McKenna in six phone calls to a super fund, and details of an ANZ financial planner who stole money from his customers. Mr Hagger also gave evidence that NAB financial advisers involved in falsely witnessing...
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AMP under investigation for possible breach of licence The Australian 12:00am April 25, 2018 Anthony Klan   The corporate regulator is investigating whether AMP breached the conditions of its financial services licence, which include providing services fairly, complying with financial services laws and reporting any legal breaches, with penalties including the suspension or cancellation of its licence. Under the Corporations Act, enforced by the Australian ­Securities & Investments Commission, holders of Australian ­financial services licences (AFSL) must adhere to strict rules, including acting “honestly and fairly” and “report to ASIC any breaches” of its licence. AMP chief executive Craig Meller resigned last Friday after AMP group executive for advice Jack Regan told the royal commission into banks the financial services giant had repeatedly misled ASIC after it ripped off more than 15,000 clients over a decade by charging them fees for services that weren’t delivered. AMP’s wealth management arm — which...
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Property prices to dip '8 per cent' as credit falls, warns Morgan Stanley Australian Financial ReviewApr 24 2018 3:21 PM Duncan Hughes   The outlook for residential property continues sliding to new record lows with prices expected to slump by about 8 per cent and lending to fall by more than one-third in 2018, according to investment bank Morgan Stanley. Tough macro-prudential controls, rising funding and compliance costs and tougher creditworthiness checks on property investors will contribute to loan growth falling from 6 per cent to 4 per cent, despite household debt rising, it warns.   "The risk is skewed to the downside given an increasing focus on responsible lending," it warns. The banks' model of six core housing growth criteria, ranging from expectations to credit and availability has fallen by 9 basis points, a new record low and more than 10 basis points higher than the most recent nadir in...
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Interest-only mortgage reset to add extra $7,000 per year, RBA says Australian Financial Review Apr 24 2018 8:21 AM Jacob Greber, Su-Lin Tan   Repayments for a typical Australian facing a reset of their interest-only loan to interest-and-principal will jump by around $7,000 a year - a "non trivial" increase that should, however, be managed by most households, says Reserve Bank of Australia assistant governor Christopher Kent. Presenting analysis of the almost $500 billion in loans that are due to "reset" away from interest-only loans over the next five years, Dr Kent said the impact on household consumption overall is likely to be less than moderate. Dr Kent said the Reserve Bank believes many interest-only borrowers will be willing and able to refinance their loans, while many others have built up a "sufficient pool of savings", or can shift savings from elsewhere to meet the higher repayments. "Indeed, the substantial transition...
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Terry McMaster of Dover Financial Services collapses at banking Royal Commission MINUTES after he was accused of things yet to be answered,  a financial services boss has collapsed on the stand at the banking royal commission. Dover Financial Services sole owner Terry McMaster had been giving evidence to the commission for more than two hours when he began to breathe heavily and lose colour in his face. Commissioner Kenneth Hayne QC immediately demanded he receive help and triple-0 be called before clearing the hearing room. Mr McMaster was tended to inside the hearing room and then was stretchered outside. He was conscious when he was put inside an ambulance outside the Federal Court in Melbourne. The financial services boss was having a heated exchange with lawyers when he began breathing heavily. According to The Australian, one onlooker said Mr McMaster turned “white as a sheet” when counsellors suggested the policy was poor financial...
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LETTER TO TERRY McMASTER from CRAIG CAULFIELD ADVISERS HAVE HAD AS MANY PROBLEMS DEALING WITH ASIC AND FOS AS ALL THE OTHER VICTIMS   Dear Dover Group and Terry McMaster I watched the Royal Commission today. I’m wishing that Terry is recovering well.  Please let Terry know I think he was terribly brave Please let Terry know I think he was terribly brave...
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