GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

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.

Visitors

Articles View Hits
544045

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
Recent blog posts
The damning letter that caught NAB out in fee-for-no-service rort The Australian August 8, 2018 Ben Butler Business Reporter Michael Roddan  Reporter   National Australia Bank misled the corporate regulator about the nature of a fee scandal for which it has paid $35m in compensation, the banking royal commission has heard. Counsel assisting the commission, Michael Hodge QC, extracted the admission from Nicole Smith, the former chairman of NAB’s superannuation trustee company NULIS, near the end of a long day of evidence from company executives yesterday. But the revelation was only made possible because commissioner Kenneth Hayne threw out a bid by the bank’s top-tier legal counsel, Neil Young, QC, to keep secret its correspondence with the Australian Securities & Investments Commission. The royal commission is two days into a fortnight of hearings probing misconduct in the $2.6 trillion superannuation industry, kicking off proceedings with a deep dive into NAB and...
Last modified on
Hits: 215 0 Comments
Rate this blog entry:
0
Continue reading
ASIC chairman James Shipton: My plan to embed ASIC agents in the banks Australian Financial Reiveiw Aug 7 2018 Patrick Durkin     Australian Securities and Investments Commission chairman James Shipton plans to embed teams of up to 20 agents for weeks at a time to sit with bank staff, drop into meetings and trail the CEO, executives and directors to identify misconduct before it arises. Mr Shipton, who experienced the idea first-hand working at Goldman Sachs in Hong Kong, is being backed by $70.1 million in additional funding from Treasurer Scott Morrison, who denied the regulators would be "spying" on the banks, but "getting in there and being part of the community, which they are regulating". Mr Morrison told The Australian Financial Review that he was "open" to extending the radical idea to other companies with plans already afoot to extend the Banking Executive Accountability Regime to energy, utility and telecommunications...
Last modified on
Hits: 192 0 Comments
Rate this blog entry:
0
Continue reading
Time to haul bank CEOs before Kenneth Hayne’s royal commission The Australian August 14, 2018 James Kirby Wealth Editor   Where are the bank CEOs at the royal commission? It’s time to bring them in. Day after day Justice Kenneth Hayne and his team quiz senior bank executives and without fail they raise the defence that key issues are outside their responsibility. So bring in the CEOs and that defence is no longer appropriate. Indeed Andrew Thorburn, the NAB chief executive, must surely be called first. The superannuation segment of the inquiry now in its second week has devoted almost four of its seven days to executives from NAB, most recently when the bank’s head of wealth, Andrew Hagger, spent hours being interrogated over dealings with ASIC. It was Hagger’s second appearance before the commission. With executives entering the ring for a second time the absence of the top brass becomes...
Last modified on
Hits: 189 0 Comments
Rate this blog entry:
Continue reading
CBA’s crimes waved through by APRA The Australian August 15, 2018 Ben Butler, Michael Roddan   Commonwealth Bank’s wealth management arm, Colonial First State, committed more than 15,000 criminal offences by failing to move super customers from a high-fee fund to low-fee accounts, the financial services royal commission has heard. However, the regulator responsible for super funds — APRA — did not prosecute the offences, which would today carry a total maximum fine of about $160 million, and instead approved a plan to gradually move the accounts that saw Colonial flout the criminal law for another 3½ years. This enabled financial planners to continue trousering lucrative trailing commissions, worth millions of dollars a year, that they would otherwise have lost. Giving evidence to the commission yesterday, Colonial executive general manager Linda Elkins admitted the bank broke the law by failing to move the accounts. Colonial also misled customers at least three...
Last modified on
Hits: 234 0 Comments
Rate this blog entry:
0
Continue reading
Banking royal commission exposes secret fees you're paying on super Australian Financial Review Aug 14 2018 Karen Maley   It's hard to think of a subject with less intrinsic sex appeal than the administration fees charged by super funds. Even those admirable souls who possess sufficient self-discipline to monitor their super savings accounts tend to focus their attention on investment performance, rather than attempting the dreary task of trying to work out what fees they're being slugged with. This universal lack of interest probably explains why this murky and neglected realm has provided such rich pickings for the Hayne royal commission. On Monday and Tuesday, Suncorp's super fund fee arrangements came under close scrutiny. The trustee of the Suncorp Master Trust, Suncorp Portfolio Services, collects 15 per cent of super contributions, which it remits to the Tax Office. But the trustee is also entitled to claim certain tax deductions because of...
Last modified on
Hits: 201 0 Comments
Rate this blog entry:
0
Continue reading
Malcolm Turnbull in bid to quash NEG rebellion The Australian 12:00am August 17, 2018 Simon Benson, Joe Kelly   Malcolm Turnbull will try to head off the potential resignation of several ministers over the national ­energy guarantee with a promise to rebel MPs that the three big ­energy companies will be targeted for market manipulation and ­deliberately inflating power prices through secret contracts. However, senior ministers have told The Australian this would not be enough to prevent Coalition MPs crossing the floor if the 26 per cent Paris emissions reduction target was not dumped or “decoupled” from the NEG. The move to cauterise the growing threat of internal revolt came as the Prime Minister’s most senior conservative minister, Peter Dutton, suggested there could be a time when he resigned from cabinet over policy - which would trigger a leadership crisis. As the internal crisis deepens for Mr Turnbull, The Australian has...
Last modified on
Hits: 189 0 Comments
Rate this blog entry:
0
Continue reading
CBA still in denial as fraudsters sentenced to a decade in jail The Age 16 August 2018 11:45pm Cameron Houston & Chris Vedelago   EXCLUSIVE  The Commonwealth Bank has spent seven years denying and covering up the role of its staff in a $76 million loan fraud that has left unwitting customers homeless. The bank still has not compensated up to a dozen victims after its loan managers helped professional poker player Bill Jordanou and accountant Robert Zaia set up loans in customers' names using fake documents. The pair then blew millions of dollars on gambling junkets to Las Vegas and Macau, gaudy jewellery, luxury cars, jet skis and a speed boat called "Bad Boys". More than $58 million in dodgy loans were approved by the CBA between 2004 and 2011, in what was described by County Court Judge Paul Lacava as one of the "largest frauds to appear before a...
Last modified on
Hits: 290 0 Comments
Rate this blog entry:
Continue reading
AMP gouged $26m out of superannuation savers The Australian 12:00am August 17, 2018 Elizabeth Redman, Michael Roddan   AMP has admitted to gouging superannuation savers $26 million in fees they should not have paid over the past four years, in fresh revelations at the financial services royal commission. But the super trustee charged with looking after members’ best interests did not realise there was a problem until about May this year when it was told by another arm of the AMP conglomerate. The royal commission yesterday probed the sky-high fees paid by savers who have their nest eggs managed by AMP’s super funds, and revealed some investors who held their assets in safe cash instruments were charged fees that gobbled up their entire returns — a problem compounded by the fact AMP did not allow its trustee to control costs its members faced. It emerged that some investors in their fund’s...
Last modified on
Hits: 192 0 Comments
Rate this blog entry:
0
Continue reading
NAB’s board met ASIC days before the Hayne horror unfolded The Australian 12:00am August 17, 2018 Pamela Williams   A top level meeting between ­National Australia Bank directors led by chairman Ken Henry and Australian Securities & Investments Commission officers led by new chairman James Shipton was held in Sydney a week before NAB resumed giving explosive evidence before the royal commission into banking and superannuation misconduct. The meeting was held at NAB’s George Street, Sydney, headquarters on July 30. It included NAB chief executive Andrew Thorburn, chief risk officer David Gall and chief legal counsel Sharon Cook. On the ASIC side, Shipton brought his two deputy chairmen — Peter Kell, who has had oversight of ASIC’s investigations into the financial industry’s fees for no service scandals, and Daniel Crennan QC, who joined recently to add enforcement heft — commissioners John Price, Cathie ­Armour, and ASIC executive ­Michael Sadaat. For Thorburn...
Last modified on
Hits: 186 0 Comments
Rate this blog entry:
0
Continue reading
ANZ raked in billions pushing super through branches Australian Financial Review Aug 16 2018 4:40 PM James Frost   ANZ raked in more than $3 billion pushing a superannuation product through its branches under the pretext of general advice before ASIC stepped in, the Hayne royal commission has heard. The bank created the Smart Choice Super and Pension product with the aim of distributing it through branches where tellers could upsell customers to the bank-owned superannuation product. Counsel assisting Mr Michael Hodge QC took ANZ's head of superannuation Mark Pankhurst through the process through which the product was sold and led the bank to enter into an enforceable undertaking with ASIC in June and make a $1.25 million 'community benefit payment'. Mr Hodge took Mr Pankhurst to his witness statement where he said the product had attracted $2 billion in funds under administration since being introduced. Mr Pankhurst said that the...
Last modified on
Hits: 209 0 Comments
Rate this blog entry:
0
Continue reading
Importance of the rules-based international system The Philippine StarAugust 16, 2018 - 12:00am Amanda Gorely, Daniel Pruce   Amanda Gorely is the Australian Ambassador to the Philippines. Daniel Pruce is the British Ambassador to the Philippines and to Palau. Like all countries, the Philippines, Australia and the UK benefit from an international system founded on strong and credible rules. Without these rules, we would all be poorer and less secure. Following World War II, the international community created a shared system of laws, rules and norms to govern how we interact with each other. The Charter of the United Nations affirms the sovereign equality of states, commits us to cooperate to solve economic, social, cultural and humanitarian problems, and prohibits the threat or use of force against the territorial integrity or political independence of any state, or in any other manner inconsistent with the purposes of the UN. ASEAN is at...
Last modified on
Hits: 195 0 Comments
Rate this blog entry:
0
Continue reading
Banking royal commission: Hayne releases NAB's shame file Australian Financial Review Aug 15 2018 6:17 PM James Frost   An explosive report from ASIC into NAB's fees-for-no-service scandal reveals a regulator furious at the bank's failure to acknowledge the serious and systemic failings in relation to an overcharging issue at the bank dating back up to 15 years. Titled "Outline of suspected offending by the NAB Group", the report from ASIC lashes the bank's failure to put in place controls that would prevent customers for being charged with fees for services it did not provide and an apparent total disregard for compliance. Dated October 2017, the report reveals ASIC has deployed its compulsory powers to investigate the matter which include the ability to compel bank employees to attend interviews under Section 19 of the ASIC Act. ASIC has confirmed the investigation is ongoing. The list of NAB entities named in the...
Last modified on
Hits: 284 0 Comments
Rate this blog entry:
Continue reading
CBA mulled warning dead customers about fees in product disclosure statement Australian Financial Review Aug 15 2018 4:14 PM James Frost   The Commonwealth Bank's superannuation trustee, Avanteos Investments Limited, considered covering its tracks over the charging of dead people for financial advice by updating its product disclosure statement (PDS), the Hayne royal commission heard. Counsel assisting Michael Hodge, QC, was questioning Colonial First State's executive general manager Linda Elkins about a range of conflicts within the bank's superannuation trustee business, including the charging of dead customers for financial advice. Ms Elkins explained that following revelations that the bank's financial advisers had been charging dead customers for financial advice back in April, a review of the bank's superannuation arm took place which revealed it was charging dead superannuation customers as far back as 2015. Ms Elkins said that in a review conducted this year, it was found that a way to...
Last modified on
Hits: 248 0 Comments
Rate this blog entry:
Continue reading
Bankers' failed charm offensive with corporate regulators Australian Financial Review Aug 15 2018 11:00 PM Karen Maley   Banks, it seems, have a touching faith in the ability of their top executives to resolve conflicts with even the stroppiest of corporate regulators – either by relying on their considerable personal charms, or on the reverence that must surely be felt for those occupying such elevated positions. Earlier this week, the Hayne royal commission heard Andrew Hagger, a senior executive of the National Australia Bank, describe the "proactive courtesy call" he had made to ASIC commissioner, Greg Tanzer, in which he had obliquely indicated that the NAB's plan service fee problem was worse than indicated in the regulator's draft fee-for-no-service report. The phone call was designed to shield the bank from claims that it had not been candid with ASIC when the full extent of the bank's plan service fee issues subsequently...
Last modified on
Hits: 173 0 Comments
Rate this blog entry:
0
Continue reading
ANZ trustees may not meet IOOF, still collecting fees for shelf space Australian Financial Review Aug 15 2018 7:46 PM James Frost   Trustees of ANZ's OnePath superannuation fund have not met the new owners of its superannuation business, sold to IOOF for $1 billion, to satisfy itself they will act in the best interests of its members, and may in fact never do so, the Hayne royal commission has heard. The bank was also revealed to be accepting more than $11 million in shelf space fees, which are banned under the FOFA reforms, from investment managers, which it does not rebate back to clients but instead uses to pay itself for a nebulous range of services with a murky cost structure. The late-afternoon session of the eighth day of hearings into superannuation heard evidence from two ANZ employees under questioning from Michael Hodge, QC, including One Path Custodians chairman Victoria...
Last modified on
Hits: 143 0 Comments
Rate this blog entry:
0
Continue reading
Regulators face music over retail super funds The Australian 12:00am August 16, 2018 Richard Gluyas   The deputy chairs of the prudential and market conduct regulators can expect a thorough grilling on their agencies’ effectiveness when they appear tomorrow before the financial services royal commission. Helen Rowell, from APRA, and Peter Kell, from ASIC, are in the commission’s crosshairs, with Kell facing a more searching examination than his April appearance in the financial advice round of hearings. One of the topics this time will be the snail-paced transition of retail fund members to lower-fee MySuper products, despite repeated public warnings by the Australian Institute of Superannuation Trustees — and others — going back to 2011. While all funds were allowed a four-year transition period until July last year, it beggars belief that this could be seen in any way as in the best interests of members. In 2014, AIST issued a...
Last modified on
Hits: 131 0 Comments
Rate this blog entry:
0
Continue reading
Banking Code of Practice offers small business a safeguard Sydney Morning Herald 15 August 2018 12:05am Kate Carnell Kate Carnell is Australia’s Small Business and Family Enterprise Ombudsman.   Perseverance is a critical factor in advocacy success. When the Australian Securities and Investments Commission (ASIC) approved the revised version of the Australian Banking Association’s Banking Code of Practice, it was a significant milestone for us. The new Banking Code of Practice puts into practice most of the recommendations in our Small Business Loans Inquiry report, which we have been publicly arguing for on a weekly basis since it was released in February 2017. The new code contains significant positive initiatives and protections for small business, and since it is ASIC-approved, ASIC will ensure it is enforced properly. As recommended in our inquiry, the code has a dedicated new small business chapter, which requires a contract to be concise and written in...
Last modified on
Hits: 163 0 Comments
Rate this blog entry:
0
Continue reading
Melbourne land speculators 'panicking' as settlements loom Australian Financial ReviewAug 15 2018 11:00 PM Larry Schlesinger   EXCLUSIVE  Speculators who hoped to get rich on a boom in Melbourne land prices are "panicking" as settlements loom and they can't find developers to on-sell their sites to, according to Resi Ventures's Khurram Saaed, who has been developing for 15 years. Mr Saaed said he was getting one call a week from panicked speculators, including one buyer who had put down $21 million in deposits on a number of sites and risked losing all their money. "These are people who have been successful in other business, and who have just bought land with no due diligence in the hope of making a lot of money in three to four years' time by flipping the site prior to settlement," he told The Australian Financial Review. Some have indeed done well following a surge in...
Last modified on
Hits: 195 0 Comments
Rate this blog entry:
0
Continue reading
Housing spiral looms as potential buyers stay on the sidelines The Australian 12:00am August 16, 2018 Robert Gottliebsen   Sydney developers are now seeing more of their young, frustrated potential buyers moving to Brisbane. A year ago they were moving to Melbourne. But now Melbourne has caught some of the Sydney disease. In simple terms, they move out of Sydney because they have no hope of buying a home, given the high prices and the current bank lending rules. And when money is available, falling dwelling prices make them frightened. But the methods we are using to lower prices don’t address some of the fundamental causes of high dwelling prices: government rules and charges. Meanwhile, as the housing markets in both Sydney and Melbourne fall, home owners with high borrowing are becoming increasingly agitated, while those who want to get into the market are asking: “How far can the fall go?”...
Last modified on
Hits: 124 0 Comments
Rate this blog entry:
0
Continue reading
It’s all the customers’ fault, says NAB at royal commission The Australian 12:00am August 14, 2018 Michael Roddan, Ben Butler   In 2011, National Australia Bank spent millions telling Australians it was “breaking up” with the other major banks, pledging to do things differently. It must come as some surprise then, just a few years later in 2016, that NAB’s spin doctors were trying to keep the bank as “just one in the pack”, not an “outlier” and in the “middle” of the major banks. This time, though, the corporate affairs executives at NAB were trying to downplay how badly the bank had stung its customers for fees where no service was given. Two years later and the bank is still stalling on the problem, if the protracted testimony of NAB executives Paul Carter, Nicole Smith and Andrew Hagger at the royal commission is anything to go by. Despite having to...
Last modified on
Hits: 146 0 Comments
Rate this blog entry:
0
Continue reading
Suncorp used 'tax surplus' for admin rather than return money to members Sydney Morning Herald 14 August 2018 5:53am Clancy Yeates   Suncorp's superannuation trustee used tax refunds within funds to purchase administrative services from other parts of the financial conglomerate, instead of returning the money to members as many funds do, the royal commission heard. As part of its scrutiny of superannuation trustees, the Hayne royal commission on Monday afternoon turned its attention to how Suncorp used what it called a "tax surplus." This referred to member funds that were collected for taxation purposes, but the fund ended up with a surplus because of deductions. Senior counsel assisting the commission, Michael Hodge QC, questioned Maurizio Pinto, the head of the office of the trustee within Suncorp Portfolio Services Limited (SPSL), about the arrangement, and the monitoring of the services provided. Mr Hodge said "many" other super funds dealt with a...
Last modified on
Hits: 167 0 Comments
Rate this blog entry:
0
Continue reading
NAB's tips on how to snow ASIC - Fees for No Work Done Scam Australian Financial Review Aug 13 2018 7:07 PM Karen Maley   Andrew Hagger, the chief customer officer for retail customers of National Australia Bank is an affable fellow with a formidable talent for circumlocution. It was a knack that Melbourne-based bank used to great advantage back in October 2016. Back then, the corporate watchdog, the Australian Securities and Investments Commission, had sent out a draft report on advice service fees. The problem for NAB was that ASIC planned to include the bank's plan service fees – where customers in superannuation funds run by the bank had been charged fees on general education advice about superannuation and their investment options, even though they had no financial advisers linked to their account. The draft copy of the report that ASIC prepared indicated that NAB was likely to face a...
Last modified on
Hits: 122 0 Comments
Rate this blog entry:
0
Continue reading
PM fends off Lucy’s links to $444m reef grant recipients The Australian 12:00am August 10, 2018 Andrew Clennell, Geoff Chambers   Malcolm Turnbull’s office has confirmed that two of the directors of the Great Barrier Reef Foundation — the recipient of a $444 million grant from his government awarded without tender — may have been hosted at the Prime Minister’s home by wife Lucy. The Australian can reveal the head of the Great Barrier Reef Foundation’s philanthropy committee, Stephen Fitzgerald, a one-time head of Mr Turnbull’s former investment bank Goldman Sachs, was on the board of the European Business Advisory Council at the same time as Mrs Turnbull. Mr Fitzgerald is also on the council of advisers for the US Studies Centre in Sydney — where Mrs Turnbull is patron — and was on that council while Mrs Turnbull held the role of deputy chair between 2012 and 2015. The chair...
Last modified on
Hits: 397 0 Comments
Rate this blog entry:
0
Continue reading
NAB CEO Andrew Thorburn: 'We do not believe they are criminal' Australian Financial ReviewAug 9 2018 9:03 PM James Frost   NAB CEO Andrew Thorburn says the bank did not act honourably but was not guilty of criminal acts in its wealth and superannuation arms, after another punishing day at the Hayne royal commission. "We do not believe they are criminal acts," Mr Thorburn said. "ASIC has made some claims against us that they suspect we have had some breaches and those are unresolved. They are suspected and not proven." "The point we are making is that we do not believe they are criminal breaches and we certainly do not believe they are criminal acts." Mr Thorburn acknowledged the bank did not act honourably following a third day of evidence from the chairman of its superannuation trustee Nicole Smith, where it was revealed the bank was being investigated for more than...
Last modified on
Hits: 165 0 Comments
Rate this blog entry:
0
Continue reading
NAB's tips on how to snow ASIC Australian Financial Review Aug 13 2018 7:07 PM Karen Maley   Andrew Hagger, the chief customer officer for retail customers of National Australia Bank is an affable fellow with a formidable talent for circumlocution. It was a knack that Melbourne-based bank used to great advantage back in October 2016. Back then, the corporate watchdog, the Australian Securities and Investments Commission, had sent out a draft report on advice service fees. The problem for NAB was that ASIC planned to include the bank's plan service fees – where customers in superannuation funds run by the bank had been charged fees on general education advice about superannuation and their investment options, even though they had no financial advisers linked to their account. The draft copy of the report that ASIC prepared indicated that NAB was likely to face a compensation bill for fees for no service...
Last modified on
Hits: 224 0 Comments
Rate this blog entry:
Continue reading