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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
Judge releases sixty transcripts including The Rat and the RBA talking BBSW Australian Financial Review Dec 19 2017 11:00 PM James Frost   Westpac trader Colin 'The Rat' Roden called a senior executive at the Reserve Bank of Australia one month after the LIBOR scandal broke to reassure the regulator that Westpac traders were not trying to move the rate even though he knew it could be manipulated.   The transcript is one of almost sixty released by the Federal Court on Tuesday by Justice Jonathan Beach, who decided against releasing the taped phone calls from which they came from. In one transcript Mr Roden calls Matt Boge of the Reserve Bank on June 9 to assure him that he was up to nothing "nefarious" and "no mischief" at all but then describes trading activity conducted by NAB traders in the previous session as "stupid" and "a bit of window dressing". The...
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OECD warns of money laundering through Australian real estate Australian Financial Review Dec 19 2017 11:59 PM Tony Boyd   It is worrying that the latest international review of Australia's detection and investigation of foreign bribery has pinpointed serious weaknesses in federal government efforts to guard against the laundering of corruptly obtained money through the Australian real estate sector. Australia needs to take urgent steps to address this gaping hole in our financial system, according to the OECD Working Group on Bribery in International Business Transactions. The call for action comes two years after the influential Financial Action Task Force concluded that Australia's real estate sector was at significant risk for money laundering. The OECD has followed the lead of the FATF and highlighted the fact that under Australian law, real estate agents, accountants and auditors, members of the legal profession, and other Designated Non-Financial Business Professionals (DNFBPs) are not subject...
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Barnaby Joyce's revenge backfires on Malcolm Turnbull Australian Financial ReviewDec 19 2017 11:00 PM Phillip Coorey   The Turnbull government's recently restored parliamentary majority is again under threat with aggrieved Nationals MP Keith Pitt considering joining the crossbench following a ministerial reshuffle in which he and Infrastructure minister Darren Chester were dumped by Barnaby Joyce. Mr Pitt told colleagues on Tuesday he was considering his options. Publicly, he would only say he would continue to serve his electors in the Bundaberg-based seat of Hinkler, but not in what capacity. The Nationals were on the brink of internal revolt after leader Mr Joyce dumped the pair as part of a Coalition cabinet reshuffle announced by Prime Minister Malcolm Turnbull, his fifth ministerial shake-up in just over two years as Prime Minister. "It's a mess and it's going to turn into an even bigger mess," said a Nationals MP. The official reason Mr...
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Posted by on in ROYAL COMMISSION URGENT
  LET THE BANK GAMES BEGIN!!   How very cunning of the LNP and their Bank Mates. Have a RC now on their own terms and no-one will approve another investigation for years...or so they think...........   Yes thats the idiotic and desperate plan, but I doubt that would work. Subterfuge makes people angrier and Labor will no doubt respond again closer to the next election. Judge Hayne has to put out an interim report by September. That means only 6 weeks for Banks 6 weeks for Insurance and 12 weeks for Super where there are NO COMPLAINTS!!! Its a Quickie all right.   Let the Bank Games Begin. This Turnbull Grand Farce is so transparent and will unravel. An election could come sooner if the citizenship debacle starts again in February! The current Hayne RC is just a smoke screen and shows how desperate the banks are becoming in a...
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The Hayne Royal Commission into the BANKS The Letters Patent have been signed.  We suggest you read through.  It appears the Terms are narrowed down to be looking into and focusing upon "misconduct."  They will be looking for misdemeanors rather than criminal activity.  Yes they include Banks, Financial Services, Superannuation, Insurance and employees ie sellers.  Misconduct, could include the CEO's engineering the serviceability calculator and the tweaking of information electronically via the Tracker to inflate and misrepresent actual incomes.  It could also mean the misrepresentation of assets and liabilities for the purpose of approving loans that ought to have, in good conscience, been otherwise rejected. The Commissioner can refer criminal conduct to the relevant authorities.  He can also look into the effectiveness and ability of regulators to identify misconduct.   Misconduct can fall into a category of "misdemeanor"(say less than $300) or a felony or criminal intent. Cleverly, the Commissioner can ignore...
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Brokers to be included in Royal Commission     Annie Kane 10:09 AM, 18 Dec 2017 Comments 8 https://www.theadviser.com.au/breaking-news/37202-brokers-to-be-included-in-royal-commission#!/ccomment-comment=15291   The government has confirmed that mortgage brokers will be included in the Royal Commission into alleged misconduct in Australia’s banking, superannuation and financial services industry. The Governor-General has now issued the Letters Patent to the Honourable Kenneth Madison Hayne AC QC, formerly a judge of the High Court, establishing the Royal Commission. Notably, the Treasury outlined that the Letters Patent require the Royal Commission to inquire into the conduct of financial services entities, "including banks, insurers, superannuation trustees, holders of Australian financial services licenses and intermediaries, such as mortgage brokers". Following unconfirmed reports that brokers would come under the review - intermediaries between borrowers and lenders have now been added following the government's consultation with the appointed Commissioner on the draft Terms of Reference, which were released earlier this month. The Royal Commission will examine allegations...
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  Head of APRA Wayne Byres, is fully aware that Major Banks have been using Mortgage Brokers as a scapegoat to allow banks to systemically approve unaffordable mortgage loans. Former RBA employee Byers, is determined to let APRA off the hook for failing to regulate banks.  All the regulatory holes in the Twin Peaks model has been taken advantage of by APRA encouraged by its predecessor John Laker, for both heads to ‘save face’!  Byres has even created a utube telling porkies to keep up the illusion the banking system is going well and many people still believe this is happening.  He suggests banks lend money from deposit funds.  Does he know that banks borrow from Wholesalers, using Lines of Credit, or is he ignorant and stupid?  See this 17 second UTUBE:   https://www.youtube.com/watch?v=kkw7s6gl-Vw       ...
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Banks and regulators must think people are stupid.....cash gobbling ATM’s are chickenfeed issues compared to the real AML issues – money laundering via real estate and still no AML II in force! NAB says its anti-money laundering compliance issues 'not material' 15 December 2017 Clancy Yeates   http://www.smh.com.au/business/banking-and-finance/nab-20171214-p4yxqe.html National Australia Bank chairman Ken Henry has characterised the bank's disclosure of "issues" in its anti-money laundering compliance as a cautious step, saying it does not expect to face any significant problems with Austrac, the financial intelligence regulator.  Dr Henry, a former treasury secretary, also explained the bank's backflip on the case for a royal commission, saying the fierce scrutiny of banks was undermining confidence in the financial sector. As Commonwealth Bank is embroiled in fresh allegations of serious breaches, NAB's annual report last month included a contingent liability for potential costs from a project that has been in train since July last...
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Where white-collar crime meets a wet lettuce leaf Sydney Morning Herald Dec. 16 2017 - 7:14am Adele Ferguson   "It was not a momentary lapse of judgment. It involved 18 clients and it breached his employer's trust and the clients' trust." These were Magistrate Cathy McLennan's words as she handed down a sentence in the Queensland Magistrates Court this week. She was describing former Commonwealth Bank of Australia senior financial planner Ricky Gillespie, who pleaded guilty to forging clients' signatures, when he was working at the bank. The maximum penalty for forging signatures is three years' jail. On December 14 Gillespie was fined $3000. No conviction was recorded, there was no community service imposed. "It really does require a sentence to be imposed that will provide adequate deterrence to ensure that investors, who these days often are retired people who have no other means of earning a livelihood except for their...
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Brokers unlikely to be examined by Royal Commissioner. But what about Banks and Approval Systems?   Despite recent media speculation that the upcoming Royal Commission will delve into mortgage brokers, the draft terms of reference hint that this is unlikely, said one industry association head. “For me … the ASIC rem review is off the table because it’s already been investigated. You’d be duplicating an inquiry or investigation that the regulator has already undertaken,” he told Australian Broker.   There is no basis for any media claims made that brokers will be included in the Royal Commission, he said.   ASIC’s rem review and the Sedgwick report had already laid much of the groundwork, he told Australian Broker.   “Neither of these found systemic poor outcomes or systemic harm to consumers which we believe will stand us in good stead, regardless of the direction the Royal Commission takes.”   Likewise, the...
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AUSTRAC: After freezing account, CBA sent terrorist a cheque Australian Financial Review Dec 15 2017 3:14 PM Aaron Patrick   After freezing the account of a convicted Lebanese terrorist, the Commonwealth Bank of Australia sent the man a cheque when his account was closed a few weeks later. Remarkably, the frozen account was successfully cashed out one month after the bank was spectacularly sued by AUSTRAC for failing to enforce anti-terror financing and anti-money laundering laws, and after two transfers were blocked because of the man's terrorist background. The case is described in updated court documents filed this week by AUSTRAC, the financial intelligence agency, and illustrates how the Commonwealth Bank bureaucracy struggled to stay on top of its obligations to stop the financial system being used by potential terrorists or criminals, even when the problem was damaging the bank's reputation and threatening the CEO's job. The holder of the account...
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Self-managed super funds to bear 3000pc fee rise Australian Financial ReviewDec 15 2017 11:00 PM Joanna Mather   A large increase in registration fees for auditors of self-managed superannuation funds (SMSFs) will be borne by retirement savers, accountants say. Under a proposed fee-for-service model for the Australian Securities and Investments Commission, the one-off cost of registering as an SMSF auditor will rise from $107 to $3429. Accounting groups are warning that the increase will stymie competition and innovation by keeping new entrants out of the market. Institute of Public Accountants senior tax adviser Tony Greco said a fee increase of some 3000 per cent "appeared excessive" given SMSFs already paid a collective total of $142.5 million a year to the Australian Tax Office for supervisory activities. Chartered Accountants Australia and New Zealand is also objecting to the change. "We practically fell off our chairs when we saw the number," superannuation leader...
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A former CBA financial planner who forged client signatures and cost the bank more than $2.2 million has escaped conviction A former senior Commonwealth Bank financial planner who pleaded guilty to forging 33 documents over 30 months while working at the Broadbeach Commonwealth Bank branch on the Gold Coast has escaped conviction and been fined just $3,000. Ricky David Gillespie was sentenced in the Brisbane Magistrates Court over the forgery of client documents yesterday after pleading guilty in October. He worked for CBA’s financial planning subsidiary, Commonwealth Financial Planning Limited (CFPL), and the offences occurred between January 2007 and June 2009. Gillespie forged signatures of a number of the bank’s clients on documents, including applications for financial products and internal documents used as part of the CFPL internal audits, while providing financial advice. Mr Gillespie forged signatures on various administrative and compliance documents. CBA subsequently reviewed his advice to 57 clients,...
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Planners pocket commissions, even as advice falls short The Australian 12:00am December 11, 2017 Ben Butler, Michael Roddan   The Financial Ombudsman Service has ruled in favour of a financial adviser who secretly pocketed a $25,800 property investment commission despite finding he engaged in misleading conduct. In an extraordinary ruling last month, ombudsman Sarah-Jane Christensen said adviser Grahame Davis, who works for dealer group Beacon Financial, was not required to pay a cent to his client, Perth man Craig Dickson. The ruling throws light on the dangers of direct property investment, where unlicensed spruikers are able to charge big commissions because of a carve-out in the Corporations Act. In Mr Dickson’s case, he was covered by the act, and able to go to FOS — which is set to be abolished — because he invested through his self-managed super fund. However, Ms Christensen, a former senior ANZ lawyer, found that Mr...
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Destroying Sam Dastyari’s political career has been needlessly nasty The Australian 12:00am December 15, 2017 Graham Richardson   The unravelling of Sam Dastyari has been an excruciating experience for his many friends. Over two weeks, his life has been picked apart. He has been accused by Peter Dutton of being an agent of influence and by Scott Morrison of being caught cheating on Australia. These are the typically nasty attempts of a government that has had little to cheer about during the past 18 months. The gloves came off and Dastyari was politically assassinated by a gleeful group of government ministers and a couple of left frontbenchers who should have known better. It is worth noting that the leader of the left, Anthony Albanese, stuck with Dastyari to the end. He was concerned about the principle of forcing out of ­office a senator who had not been charged with a crime....
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Interest-only loans growing threat to banks The Australian 12:00am December 15, 2017 Michael Roddan   The threat posed by riskier interest-only loans to the stability of the financial system is growing, analysts say, as consumer spending and economic growth is squeezed by low wages and regulatory clampdowns on lending. Rather than an outright bursting of the housing bubble, Morgan Stanley analyst Richard Wiles said interest-only loans were the “weak spot” in the $1.7 trillion housing market. Borrowers with interest-only loans, which don’t require any payment of the loan’s principal for about five years, save less of their income than households with regular mortgages, and they were “more likely to sell their property if rates rise”, he said. The prudential regulator has told banks to restrict interest-only lending to 30 per cent of new business, down from about 45 per cent, as borrowers of these loans are inherently riskier. Banks have responded...
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CBA used by 'money mules', convicted terrorist: AUSTRAC Australian Financial Review Dec 14 2017 6:08 PM James Eyers   Commonwealth Bank of Australia accounts were used by a convicted terrorist who tried on several occasions this year to move funds out of Australia to Beirut, Lebanon, the transaction regulator has alleged in its expanded case against the nation's largest bank. AUSTRAC alleges that the bank was too slow to inform it of the suspicious activity and close down the account, and also claims CBA accounts were used by several "money mules" who attempted to launder money out of Australia for organised crime groups dealing in drugs and firearms. The regulator's amended statement of claim makes a further 100 allegations of contraventions against CBA, as flagged in Thursday's The Australian Financial Review. Each additional breach carries a potential penalty of $21 million. The original statement of claim of 583 pages has blown...
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Westpac to compensate mortgage holders going back 25 years Sydney Morning Herald Dec. 14 2017 - 5:22pm John Collett   Westpac will repay $11 million to 9400 mortgage holders due to a systems error affecting some loans going back 25 years. The bank failed to switch the owner-occupiers, who had interest-only home loans, to principal and interest mortgages at the end of their interest-only period. The error meant customers did not start paying down the principal on their loans at the time agreed with the bank and, as a consequence, paid more in interest and had less time to pay off the principal. It affected some interest-only home loans held by owner-occupiers with Westpac going back to 1993 - though it mostly affects those whose interest-only period expired between 2009 and 2016. St George, Bank of Melbourne, BankSA and RAMS customers are not affected. Westpac has agreed to refund the additional...
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Cattle farmer claims Suncorp banker made off with his overdraft michaelwest.com.auDec 13, 2017 Michael West  Please send a Christmas donation to Michael West to keep his talented investigations going. Claims of forgery, claims of theft, a cover-up, deals done “off-the-books”, police kept in the dark … no it’s not a story about the Sicilian mafia, it’s a story about the Australian banks. As the Royal Commission looms, the banks are endeavouring to bury their disputes. Some disputes however, have gone too far. After three years of despair, three years battling Queensland banking juggernaut Suncorp, its receivers BDO and its lawyers Gadens, Jim Davidson will make an eleventh-hour bid to save his cattle property tomorrow  in the Supreme Court of Queensland. Davidson is but one of thousands of Australians in a dispute with their bank. Yet his case is peculiar in the sense that he claims his Suncorp bank manager simply made...
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Sub-prime loans are irresponsible: PM AUGUST 17 2007 http://www.smh.com.au/national/subprime-loans-are-irresponsible-pm-20070817-ttc.html Prime Minister John Howard has labelled as irresponsible so-called sub-prime mortgages, which have sparked falls on world share markets. But Mr Howard said unlike in the United States, such loans only made up about one per cent of total borrowings in Australia and the issue was not a concern to the great majority of Australian home owners and borrowers. "They're really loans given to people without the lender requiring any proof of the capacity of the borrower to meet the obligations under the loan arrangement," Mr Howard told ABC radio. "They are very irresponsible loans.  "They are quite bizarre arrangements, according to our lending practises.  "It's not surprising they have caused this difficulty." Mr Howard said the fundamentals of the Australian economy remained sound. "But when you have a stock market shake-out such as this we can't avoid some impact," he said. "That impact...
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APRA aims for transparency on superannuation funds spending The Australian 12:00am December 14, 2017 Michael Roddan   The prudential regulator will publish data revealing how superannuation funds spend member savings on controversial advertising and investments, and how fee revenue charged to members is translated into profit and dividends paid back to large wealth managers and banks. The Australian Prudential Regulation Authority yesterday unveiled a consultation package for new rules designed to bring more transparency to how funds spend money, and to increase pressure on underperforming trustees that lack proper business strategies. The prudential standards have been in the pipeline since August, but were held over due to the passage of the federal government’s super reforms, which had to be withdrawn from parliament last week after the legislation failed to gain the support of crossbenchers. While there was some crossover between Financial Services Minister Kelly O’Dwyer’s legislation and the new prudential standard,...
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ASIC backs RBA's warning on bitcoin's 'speculative mania' Australian Financial Review Dec 13 2017 8:00 PM James Eyers, Vesna Poljak   The corporate regulator has backed Reserve Bank governor Philip Lowe's warning that the fascination with bitcoin was a "speculative mania". The Australian Securities and Investments Commission urged investors not to get "swept up" by hype as the price of the cryptocurrency surged and cautioned against buying something they didn't understand. Bitcoin was trading at around $US16,500 on Wednesday - up from $US1000 at the start of the year and has doubled over the past month, driven by a speculative frenzy on a global scale. Dr Lowe said it was unlikely bitcoin would ever become a mainstream method for making payments although it would remain attractive to criminals. "When thought of purely as a payment instrument, it seems more likely to be attractive to those who want to make transactions in...
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AUSTRAC to allege additional breaches by CBA Australian Financial Review Dec 13 2017 7:34 PM   James Eyers, James Frost   AUSTRAC will up the ante in its case against the Commonwealth Bank of Australia, with the transactions regulator expecting to file fresh allegations on Thursday that it breached the law 100 additional times while facilitating banking by criminal syndicates involved in money laundering and terrorist financing. Commonwealth Bank filed its defence to AUSTRAC's original allegations on Wednesday, admitting it was late filing 53,506 threshold transaction reports "which all resulted from the same systems related error". It also admitted it "did not adequately adhere to risk assessment requirements for intelligent deposit machines" although it disputes the number of contraventions. CBA admits that it did not undertake a separate money laundering and terrorism financing risk assessment on its intelligent deposit machines prior to their roll-out in May 2012. Assessment of the risks...
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I cannot believe derivatives are still unregulated when they played such a big part in the 1987 stockmarket crash! "Responsibilities for these fall on the Banks' Boards."   The risk that won't go away ...Like alligators in a swamp, derivatives lurk in the global economy. Even the CEOs of companies that use them, don't understand them. By Carol J. Loomis (Fortune magazine) -- This story originally ran on March 7, 1994   ... They are ''off balance-sheet'' instruments whose mere existence, leaving aside their complexities, obscures what's going on at the store.  ....... ....Concocted in unstoppable variation by rocket scientists who rattle on about delta, gamma, rho, theta, and vega, they make total hash out of existing accounting rules and even laws. ........Tellingly, the laws of many countries have considered some derivative contracts to be gambling bets,..... ..........regulators have circled derivatives uneasily, not sure of what to do about them, except to worry. .......In...
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No holds barred here........   The Clayton’s Banking Royal Commission Evan Jones 9 December 2017 https://independentaustralia.net/politics/politics-display/the-claytons-banking-royal-commission,11011 When it comes to Turnbull's reluctant Banking Royal Commission, the fix is in, writes banking corruption investigator Dr Evan Jones. You couldn’t make it up. It’s the Royal Commission follies. And this is just early days. Those fronting for the banks, the Liberal Party front bench to the fore, have been denying the necessity for a banking Royal Commission for yonks. Overnight, the Big Four decide to OK a Royal Commission, so we are going to have a Royal Commission. On the banks’ terms. Brilliant! The much desired Royal Commission is decapitated from the start. Check out Turnbull’s draft Terms of Reference. The first paragraph is a giveaway: 'Australian has one of the strongest and most stable banking, superannuation and financial services industries in the world, performing a critical role in underpinning the Australian economy....
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