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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
How ASIC closed in on AMP’s ‘orphan’ customers The Australian 12:00am July 16, 2018 Pamela Williams   The key document that sparked AMP to commission Clayton Utz last year to investigate its “fees for no service” scandal was already in the sights of the corporate regulator before the consultancy’s ­report was ever completed and handed to the AMP board. This explosive AMP internal document, which became known at the corporate regulator as the “orphan contracts document”, five years ago canvassed the ­severe risks for AMP if it did not cease charging fees on so-called “orphan policies” where clients had no financial adviser. The Australian Securities & Investments Commission was sharply tightening its focus on AMP last year with demands for historic paperwork after several years of investigating AMP and big banks over fees for no service. The formal demand from ASIC for all records relating to the orphan contracts document was...
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APRA’s shield of secrecy exposed The Australian 12:00am July 16, 2018 Anthony Klan   The regulator for the nation’s entire $2.6 trillion superannuation industry has for many years misled the public by falsely claiming it is unable to comment regarding its policing of the nation’s biggest super funds. Representatives for the Australian Prudential Regulation Authority have, for almost two decades, claimed they were unable to comment on individual super fund managers under the “secrecy” provisions of the 1998 APRA Act. “APRA does not comment on its discussions or actions with respect to individual financial entities, even on background, as it would be a breach of Section 56 of the Australian Prudential Regulation Authority Act 1998,” spokesman Ben McLean said. That statement was in response to one of many recent unsuccessful requests the newspaper has made seeking an interview with APRA chairman Wayne Byres. This newspaper has for the past four months...
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Banks slow to meet loan rules The Australian 12:00am July 16, 2018 Michael Roddan   Australian banks have been dragging their feet in meeting new rules on home lending, despite regulatory appeals to wean the industry off riskier loans. The Australian understands no major bank has yet been given the green light to grow their property investor lending book above 10 per cent, despite the regulator declaring the removal of the cap in April. The Australian Prudential Regulation Authority had imposed the cap on lending in late 2014 as part of a package of measures to cool the $1.7 trillion mortgage market. However, in April APRA said it would allow banks to again bypass the lending limit on property investors if they could prove to the regulator they were targeting lower-risk borrowers. To do this banks were required to put limits on lending to borrowers with high debt-to-income ratios as well...
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National Archives spends up in fight over John Kerr’s letters to Queen The Australian 12:00am July 14, 2018 Primrose Riordan   The National Archives, which has recently lost staff due to budget cuts, has spent nearly $1 million fighting the release of information including John Kerr’s letters to Buckingham Palace and documents on Australian spying in East Timor. The agency released the figures this week in response to a question on notice from Centre Alliance senator Rex Patrick, who is set to push for changes to freedom-of-information laws via a private member’s bill in the next sittings of parliament. The agency said it had spent $926,474.89 from the 2015-16 ­financial year until May 31 this year fighting the release of records and information. Historian Jenny Hocking took the archives to court arguing the government should publicly ­release Kerr’s letters to Buckingham Palace during the constitutional crisis that led to Gough Whitlam’s...
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The Australian 12:00am July 14, 2018 Rick Morton   A long-time Liberal staffer in the Howard government, who ran for preselection for a Victorian state seat, has been ­appointed by Scott Morrison to head the influential Productivity Commission, the second crucial economic selection in as many days. Michael Brennan, who served as chief of staff to South Australian senator Nick Minchin when he was finance minister, was hand-selected by the outgoing head of Treasury John Fraser. Mr Fraser resigned on Thursday and will be replaced by Philip Gaetjens, the former chief of staff to treasurer Peter Costello and more recently the Treasurer. To complete the ascension of Liberal staffers, Mr Brennan’s old role as a deputy secretary in the Treasury fiscal group will be taken by Finance Minister Mathias Cormann’s chief of staff Simon Atkinson. “Let’s get this right, Scott Morrison’s former chief of staff and Mathias Cormann’s former chief of...
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Super funds ‘skimming over $700bn in fees’ The Australian 12:00am July 13, 2018 Adam Creighton   For two decades the superannuation industry has extracted more than $700 billion in fees above what typical super funds charge overseas, equivalent to almost 40 per cent of the nation’s annual GDP, ­according to new analysis. Super funds charged fees more than four times higher than similar funds in Canada, Europe and the US, with workers thousands of dollars worse off each year, the study says. “If members’ contributions between 1997 and 2016 had been invested in a passively managed fund with typical expenses and allocations, they would now be valued between $700bn and $800bn larger,” University of NSW economist Nicholas Morris said. The total pool of superannuation assets, $2.6 trillion in March, would now be more than $3.3 trillion. Declaring superannuation a “policy failure”, Professor Morris, a joint founder of the highly regarded Institute...
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Buyer beware: The high cost of Hobart’s property price bubble The New Daily10:00pm, Jul 12, 2018 Isabelle Lane   Mainlanders considering Tasmania as a cheaper alternative to their home cities have been warned to tread carefully, as the state grapples with a lack of affordable housing. Hobart’s rental and home prices have risen rapidly over the past year, with a growing number of Tasmanians unable to find affordable homes in the state’s capital. As Sydney’s property price boom comes to an end, with home values falling 4.5 per cent over the past financial year, Hobart’s housing market — one of the nation’s smallest — has heated up. Home prices in Hobart increased by 12.7 per cent over the 12 months to June, according to CoreLogic, while rents rose 10.7 per cent, the highest annual increase of all capital cities. Buyer beware Hobart’s housing price boom and growing affordability crisis have created...
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Residential property sentiment in free fall warns Morgan Stanley Australian Financial Review Jul 12 2018 3:30 PM Duncan Hughes   Prospects for the nation's residential property market have slumped to record lows with no trough in sight, according to global financial conglomerate Morgan Stanley. The investment bank, which recently claimed prospects for growth are the worst in 30 years, warns credit continues to tighten, sentiment is slipping and additional stock is hitting the market, pushing rental inflation below 1 per cent. It is warning "at this stage" that prices could slump by another 10 per cent as all six key indicators in its housing model - ranging from demand/supply balance to credit supply and house price expectations - turn negative. Regulatory, credit, economic and supply issues are combining to tighten supply and weaken demand after six years of growth and booming prices in major cities, particularly in Sydney where prices have...
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  It “Hit the Mortgage Market Over the Head with a Baseball Bat” Wolf StreetJul 11, 2018 Wolf Richter   8 boots-on-the-ground findings about Sydney’s deflating housing bubble. Australia’s housing market is getting rattled. The mortgage industry is in turmoil. Banks are battered by incessant revelations of misconduct.  Home prices in the Sydney and Melbourne metros, after surging to an astounding degree, are deflating. And the once splendid and vast game of real-estate speculation just isn’t fun anymore. Lindsay David, of LF Economics in Sydney — who has long played a role in exposing misconduct in Australia’s banking system including, in early 2016, by calling for a Royal Commission investigation into the mortgage sector — put some findings of his boots-on-the-ground analysis into a note to clients. Here are some of them: 1. Drop-off in Speculative Demand: “We spent countless hours” in recent months “observing buyer turnouts to scheduled property inspections...
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APRA stress test draws fire on detail The Australian 12:00am July 13, 2018 Michael Roddan   The banking regulator’s stress test of the Australian financial system has come under fire after financial economists criticised the regulator for its lack of detail and its overly optimistic assessment of the health of the $1.7 trillion mortgage market. Unveiling the results of the latest stress test of the industry, Australian Prudential Regulation Authority chairman Wayne Byres said on Wednesday the era of large-scale overhauls of lending standards and restrictions was drawing to a close as the “heavy lifting” had “largely been done”. Mr Byres said APRA’s stress test showed the banking sector would remain above the capital requirement buffer throughout an economic crisis modelled on a plausible scenario where the Chinese economy imploded, causing Australian GDP to fall 4 per cent, the local jobless rate to spike to 11 per cent and house prices...
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APRA’s Wayne Byres gives lenders a clean chit The Australian 12:00am July 12, 2018 Michael Roddan   The banking regulator has declared “mission accomplished” on shoring up standards in the scandal-ridden home loan sector, and dismissed concerns of a ticking debt bomb of liar loans and fears of rising interest-only mortgage stress. Australian Prudential Regulation Authority chairman Wayne Byres said yesterday that the era of large-scale overhauls of lending standards and lending restrictions were drawing to a close, as the “heavy lifting” had “largely been done”. Mr Byres also gave the $1.7 trillion mortgage system a clean bill of health following his latest “stress test” of the industry. His speech at an economists lunch in Sydney left APRA accused of being “captured” by the industry it regulates at a time when the royal commission is unearthing reams of evidence of misconduct. The remarks that there would be no new major restrictions...
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NAB shrugs off concerns, keen on mortgage broking Australian Financial Review Jul 11 2018 8:30 PM Joyce Moullakis   National Australia Bank is committed to retaining ownership of its mortgage broking units, despite increased controversy and regulatory scrutiny around commission payments, according to sources. The Australian Financial Review understands that while NAB's ownership of broker groups has been a talking point internally in recent months, the bank is – for now – comfortable with holding onto them. The bank's businesses include white labelling arm Advantedge, and aggregators FAST, Choice and PLAN Australia.  A NAB spokesperson declined to comment on the bank's position, pointing only to chief executive Andrew Thorburn's separate announcement in May about the divestment of MLC, including advice, platform, superannuation and asset management businesses. At the same time, NAB said it would retain JBWere and its nabtrade online trading platform. NAB's interim results showed a reliance, like many of...
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Brisbane has 10,000 more apartments in pipeline than it should: RiskWise Australian Financial Review Jul 11 2018 11:45 PM Matthew Cranston   Brisbane's inner-city apartment market has about 10,000 more homes in the pipeline than it should, says property research outfit RiskWise, and the city is expected to face more defaults on settlement. RiskWise chief executive Doron Peleg said developers and lenders were "failing to properly assess the risks" when it came to supply and demand, and the inner-city Brisbane apartment market was a prime example. "What we are seeing now is the realisation of the risk that should have been identified at least a couple of years ago. Defaults have been rising and will continue to do so," he said. RiskWise argues that, as early as June 2016 in the Statistical Area Level 4 of Brisbane inner city, price growth was -1.8 per cent with 17,417 units in the pipeline...
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CBA accepts enforceable undertaking over BBSW conduct Australian Financial Review Jul 11 2018 10:49 AM Jonathan Shapiro   The Commonwealth Bank will pay a total of $25 million in fines, penalties and community benefits after formally accepting an enforceable undertaking with the corporate regulator in relation to its role in setting the bank bill swap rate, a key market benchmark used to price hundreds of billions of loans and securities. The Australian Securities and Investment Commission announced that the bank had accepted the undertaking, as its multi year pursuit of the big four banks' over their role in setting the BBSW draws to a close.  As part of the undertaking, CBA will pay $15 million to be "applied to the benefit of the community" and $5 million towards ASICs investigation and legal costs. The bank will also engage an independent expert to assess changes made to its policies, systems and supervision...
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Property powder keg threatens banks The Australian 11:46am July 11, 2018 Robert Gottliebsen   Bank shares have been rising again as the market believes that their directors are right on the issues of problem loans and that global investment house UBS is wrong in stating that deep issues loom. No one really knows — certainly not me — whether the banks or UBS are right but the issue is now taking on greater significance because liability insurers are becoming reluctant to insure banks and particularly their directors over claims that might arise. In addition, if UBS are right about the level of problem bank loans, it looks like many of those loans could have been extended as a result of irresponsible lending and therefore the banks will be liable for big losses. While this high stakes debate continues, across my desk came a detailed survey undertaken by the Digital Finance Analytics...
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APRA's Wayne Byres says there is no evidence of a mortgage credit crunch Australian Financial Review Jul 11 2018 1:00 PM Jonathan Shapiro   A multi-year crackdown on home loan lending standards does not appear to be hurting credit growth, and by extension the economy, according to the chair of the prudential regulator who revealed the banks could withstand the double impact of a dramatic economic shock and a misconduct scandal. Australian Prudential Regulatory Authority chair Wayne Byres said it's "difficult to tell" whether the regulator's actions to improve lending standards at the banks was impacting the flow of credit, but he said "the changes in lending practices to date do not seem to have had an obvious impact on housing credit flows in aggregate." "Total housing lending grew at around 6 per cent in the year to May 2018, which is only marginally below long-run averages and roughly in line...
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Money cops cry out for back-up in war against laundering The Australian 12:00am July 10, 2018 Primrose Riordan   Australia’s top financial intelligence agency has issued a scathing criticism of the country’s money-laundering laws, and a police watchdog has warned AUSTRAC’s limited resources could leave its staff more vulnerable to corruption. The comments come after AUSTRAC settled with the Commonwealth Bank over anti-money-laundering allegations for $700 million and after experts warned state governments were failing to properly monitor money laundering through Australian casinos and real estate. AUSTRAC conducted a self-assessment of its weaknesses in partnership with policing watchdog, the Australian Commission for Law Enforcement Integrity, and the agency has moved to Home Affairs Minister Peter Dutton’s new department. The watchdog then published a report on the assessment in order to prevent corruption, which was released on Monday. The ACLEI report’s authors said “highly organised” terrorists and criminals were using technology, social...
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ASIC asks for Westpac BBSW rate-rig emails The Australian 12:00am July 10, 2018 Michael Roddan   The corporate watchdog has attempted to force Westpac to hand over any private messages sent between the bank’s most senior executives and its star traders, including Col Roden and Sophie Johnston, in the ­period after the Federal Court found the lender engaged in unconscionable conduct by trying to rig the benchmark BBSW rate. An application to the court made by the Australian Securities & Investments Commission has asked judge Jonathan Beach to reveal further information out of the nation’s second-largest bank before the court rules on any penalties to slap Westpac with. Westpac declined to comment as the matter was before the courts. The so-called fishing expedition by the corporate watchdog includes requests for documents outlining any disciplinary action or remuneration changes inflicted on nine separate Westpac employees in the wake of the Federal Court’s...
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AMP puts 300 financial advisers on notice, amid ASIC probe Australian Financial Review Jul 9 2018 11:00 PM Alice Uribe   AMP has put more than 300 advisers on notice that it may discontinue their licence to provide financial advice as the under-pressure wealth manager tries to reduce risks, amid a corporate watchdog probe and possible legal action. The Australian Financial Review understands from multiple sources within AMP that the company's partnership managers have been telling some self-employed planners that they have as little as three months to find a new operating licence. Without an operating licence, known as an Australian Financial Services Licence, planners are not legally able to provide financial advice to their clients. AMP is under pressure after being singled out at the Hayne royal commission for charging clients fees for advice that was not given. Other financial planning businesses came under heavy criticism for providing unsuitable advice...
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CBA, ANZ agree to enforceable undertaking over branch superannuation sales Australian Financial Review Jul 6 2018 8:38 PM Alice Uribe   ANZ and the Commonwealth Bank have agreed to stop selling some of their superannuation products in tandem with branch "financial health checks" after the corporate watchdog found staff were giving unauthorised personal financial advice. As part of an enforceable undertaking announced on Friday, ANZ and CBA will also each pay $1.25 million in community benefits, and could be subject to court enforcement if the EU is breached. "These court-enforceable undertakings prevent CBA from distributing Essential Super in conjunction with a 'Financial Health Check' and ANZ from distributing Smart Choice Super in conjunction with an 'A-Z Review'," said the Australian Securities and Investments Commission in a statement. The corporate watchdog conducted surveillance of CBA and ANZ's bank branch fact-finding processes to see if they were being used to recommend products as...
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Graeme Samuel to regulators: ‘Stick to your brief’ The Australian 12:00am July 7, 2018 Ticky Fullerton   A decade after the financial ­crisis, a royal commission into ­financial misconduct and the public and politicians are demanding retribution. There are shifting sands for any regulator. The big three — ASIC, APRA and the ACCC — are all in various ways under scrutiny. “It may well be that the regulators have to have a hard look at themselves,” explains one of the country’s most experienced former regulators, Graeme Samuel. He points to the Capability ­Review of ASIC chaired by Karen Chester from 2015. “She was focusing a lot on the remit of ASIC — the expectation gaps that were there — and she had some quite interesting comments to make about the governance, many of which were rejected by Greg Medcraft. But I was reading her report just the other day and I...
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Banking royal commission: Hayne issues second please explain to CBA over document blunder The Australian 10:16am July 6, 2018 Michael Roddan   Commonwealth Bank has been further put under pressure to come clean over a document blunder at the royal commission which revealed further misconduct of a bad banker, the royal commission has heard. Royal Commissioner Kenneth Hayne today launched a second order to the lawyers working for the nation’s largest bank to explain the document snafu, after their first explanation to the inquiry raised further questions. Last week CBA barrister Charles Scerri cast confusion over the royal commission after claiming to have discovered new documents overnight that revealed further misconduct of a bad banker, and then clarifying that the bank’s legal team had been in possession of them for more than a month. Mr Scerri had told the royal commission CBA lawyers “located” the documents when it was searching for...
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Banking royal commission: Banks held to account on risks The Australian 12:00am July 7, 2018 Michael Roddan   The royal commission has asked banks and financial services companies to defend sky-high bonuses and incentive policies that reward sales volumes that may “create an unacceptable risk” and prioritise sales over responsible lending obligations and requirements to act fairly with customers. Sales targets, asset growth KPIs, large financial rewards and other non-monetary bonuses such as cruises are all in the firing line after the royal commission heard that Commonwealth Bank subsidiary Bankwest, ANZ, Bendigo Bank’s Rural Bank, National Australia Bank and agribusiness lender Rabobank may have engaged in misconduct when selling finance to farming customers, based on evidence heard in the inquiry over the last two weeks. It follows a series of findings in the royal commission’s hearings on responsible mortgage lending, financial advice and wealth management, which showed staff at some of...
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ANZ, Bendigo, CBA, Rabobank cop misconduct allegations Australian Financial Review Jul 6 2018 5:50 PM James Frost   Fresh allegations of misconduct have been levelled at ANZ, Bendigo Bank, Commonwealth Bank and Rabobank for their dealings with farmers, on the final day of public hearings for the Hayne royal commission in Darwin. During her closing submissions, senior counsel assisting, Rowena Orr, QC, told Commissioner Hayne it was open for him to find numerous instances of misconduct against the four banks. She also took NAB to task for its punitive practice of charging penalty interest to customers who plainly couldn't afford it. Ms Orr asked all the banks that were involved in the fourth bracket of hearings to respond to a range of questions about remuneration schemes and how they contributed to circumstances where farmers were lent additional funds as the bankers sought to meet sales targets and trigger bonuses. ANZ's disastrous...
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How Macquarie avoided a roasting at the banking royal commission Australian Financial ReviewJul 6 2018 6:56 PM James Frost   The culture at Macquarie's stockbroking and financial advice arm was so fast and loose that Deloitte was compelled to sum it up in just three words. Freedom without boundaries. The laissez faire approach to compliance had led to Macquarie Equities being slapped with an enforceable undertaking in January 2013, when the corporate watchdog outlined eight possible breaches of the Corporations Act, one possible breach of its financial services licence and would lead Macquarie to repay customers $24.7 million. In the period proceeding and immediately after the financial crisis, Macquarie Equities, the licence holder behind Macquarie Private Wealth, was likened to the Wild West. Breaches were glossed over for high earners and risk staff were openly bullied. Compliance was a bad joke. So how did this one-time bucket shop escape a grilling...
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