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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
Is a sledgehammer about to hit property investors? ABC News7 September 2018 3:10pm Stephen Letts   Investors have backed further out of the property market and there is no surprise there. That's been the trend since regulators started tightening the thumbscrews on the sector. In July investor lending fell another 1.3 per cent, to be down more than 15 per cent for the year. Owner-occupiers have been more resilient, with lending up 1.3 per cent over the month. But these figures are from July, well before the big banks started peddling their out-of-cycle mortgage rate hike. It's taken more than three years for the regulators to turn around the $1.5 trillion juggernaut that is the mortgage portfolio of Australia's big four banks. But the real target has been about a third of that, or $530 billion, that has been lent to investors. The impact has been obvious, a so-far fairly gentle...
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Investor home lending falls to lowest level in nine years in July Australian Financial Review Sep 7 2018 4:11 PM Michael Bleby   Investor home lending fell to its lowest level in nine years in July as banks tightened housing credit for investors, spurred by the banking royal commission and regulator APRA. While July was the month from which APRA ended its cap on investor loan growth,new mortgage commitments for investor borrowers fell 1.3 per cent from June to $10.2 billion, accounting for 32.6 per cent of all new loan commitments - the weakest level since August 2009 - official figures on Friday showed. "The underperformance in investor relative to owner-occupier lending is consistent with what we would expect in response to a tightening in lending standards, the consequence of both the Banking Royal Commission, and macroprudential policies," JP Morgan economist Henry St John said. NAB director of economics David de...
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Burning and churning: Why Suncorp shuttered its advice business Sydney Morning Herald 8 September 2018 12:05am Adele Ferguson & Ruth Williams   It was June 2013 and Australia's financial advice industry was reeling. New laws banning commissions on financial products were about to come into force, and the Commonwealth Bank financial planning scandal had catapulted the sector's dirty laundry onto the front pages. At bank and wealth company Suncorp, its Guardian Financial Planning business - which specialised in flogging life insurance advice to 130,000 clients Australia-wide via an army of 257 advisers - had found itself in the corporate regulator’s sights. Guardian, whose board was chaired by then-senior Suncorp executive Geoff Summerhayes, had made the fatal mistake of hiring dozens of advisers from scandal-ridden outfit AAA Financial Intelligence, just days after the Australian Securities and Investments Commission (ASIC) had pulled that group’s financial services licence over what it described as AAA's...
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Super needs overhaul as retail funds lag industry rivals The Australian 12:00am September 8, 2018 Alan Kohler   The total amount of money in the Australian superannuation pot is now $2.7 trillion, equal to the market value of two American companies, Amazon and Apple, but let’s not quibble. It’s regarded by most as a gobsmacking amount of money, a great national asset, yet after 25 years of compulsory super, amassing the mighty sum of Amazon+Apple, the qualifying age for the Age Pension can’t be raised by three years to 70 without leaving millions high and dry. Hardly a triumph of national policy, you would think. According to the ATO, 14.8 million Australians had super accounts on June 30, 2017. It’s probably now about 15 million. That’s $180,000 a person, which wouldn’t trouble anyone’s pension means test. As a retirement sum, that would earn $9000 a year at a yield of 5...
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Super managers’ credibility goes up in smoke The Australian 12:00am September 8, 2018 Michael Roddan   The wealth management industry has been revealed to be taking advantage of superannuation retirement savings by automatically putting members into high-premium life insurance policies designed to cover smokers. The new evidence of further gouging in the nation’s $2.7 trillion superannuation sector comes ahead of the royal commission’s next fortnight of public hearings, which will focus on the scandal-ridden life insurance sector. It’s the latest reputational blow to the under-pressure life industry, which is having its revenue models torn apart by regulators, politicians and consumer groups after years of reaping billions of dollars in revenue from unsuspecting superannuation savers. The industry has also been on tenterhooks over the potential for Kenneth Hayne’s royal commission to further up-end the sector. ClearView chief risk officer Gregory Martin will take the stand at the hearing on Monday, and is...
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James Shipton outlines ASIC’s new game plan The Australian 12:00am September 8, 2018 Ben Butler   New probes of corporate governance at the big end of town, cryptocurrencies and the risks of climate change are among priorities set out by new Australian Securities & Investments Commission chairman James Shipton in his first corporate plan. Also on Mr Shipton’s hit list are insolvency practitioners, grand­fathered commissions, superannuation and investment products, as well as consumer finance issues including buy-now-pay-later schemes. The new projects add to ones under way covering everything from insurance sales practices. “Corporate Australia needs to build trust among the broader community,” he said in an introduction to ASIC’s new corporate plan, released yesterday. “The financial sector is facing unprecedented scrutiny.” He said the banking royal commission, which resumes hearings on Monday, “highlighted the harms that unlawful and unethical conduct can inflict on consumers and investors”. He said: “As a starting...
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Bankwest buy fast-tracked to avoid collapse The Australian 12:00am September 8, 2018 Andrew White, Adam Creighton   EXCLUSIVE  Australian financial regulators fast-tracked the 2008 takeover of Bankwest by Commonwealth Bank in just “a couple of hours” to head off the almost certain collapse of the regional lender at the height of the global financial crisis. Former Reserve Bank governor Glenn Stevens and Australian Competition & Consumer Commission chairman Graeme Samuel told The Weekend Australian that if the deal in October 2008 had not been approved Bankwest would have ceased to be a competitive force. Mr Samuel said he was given “a couple of hours” to approve a deal that would normally take months of consultation before a verdict was given because of the crisis engulfing financial markets. “The RBA said that there was no choice — it was crisis stage,” Mr Samuel said. “It was a deal that was regulator-required and...
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Revealed: How the RBA kept the banks afloat with a $4 billion daily lifeline Australian Financial Review Sep 7 2018 11:00 PM Karen Maley   It's an eerie parallel. In early 2008, the forbearance of the newly installed government in Canberra was being sorely tested – as it is now – when the country's big four banks hiked their home interest rates in tandem, even though the Reserve Bank of Australia had not raised its official interest rates. The then treasurer Wayne Swan urged customers to vote with their feet, just as Prime Minister Scott Morrison is advising borrowers to shop around. But a decade ago the frictions were forgotten as the GFC hit. Now, for the first time, RBA leaders give a detailed account of how they worked side by side with the banks during those dark times, and how the banking guarantee turned into a "nice little earner" for...
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Goldman Sachs and the plunder of 1MDB Australian Financial Review Sep 6 2018 11:10 PM Aaron Patrick   EXCLUSIVE  Goldman Sachs was paid a quarter of a billion dollars to raise money for Malaysia's notorious 1MDB fund in a deal that would normally generate some $1.3 million in fees and carried little risk because much of the bond was already sold, according to an explosive new book. Billion Dollar Whale, The Man Who Fooled Wall Street, Hollywood, and the World says that some of 1MDB's board seemed sceptical at the $US190 million ($250 million) Goldman Sachs wanted – which the authors call an "outrageous sum" – and even the investment bank's president of Asia, David Ryan, thought the amount was excessive. A portion of the book leaked to The Australian Financial Review asserts Goldman Sachs, which is now the target of the US Justice Department investigation over the 2012 deal, structured...
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Banks push to close credit union, payday lender 'loophole' Sydney Morning Herald 7 September 2018 12:05am Clancy Yeates   Banks are calling for a "loophole" in consumer protections to be closed, saying all lenders should be required to meet new minimum behaviour standards when dealing with customers. Such a change would require all credit businesses, including credit unions, building societies, and payday lenders to meet the same criteria as banks have committed to under the industry's revamped code of conduct. Consumer advocates and small business ombudsman Kate Carnell backed the broad principle of customers having the same rights when dealing with different types of lenders, but did not go as far as endorsing sector-wide adoption of the Australian Banking Association (ABA) code of code of practice. The call for change was made in a recent submission from the ABA to the royal commission, in response to its round of hearings relating...
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Banks resume interest rate rises as ACCC looks away The Australian 12:00am September 7, 2018 Michael Roddan   EXCLUSIVE  The renewed “synchronised swimming” of the major banks lifting interest rates in tandem, out of cycle with the Reserve Bank, has come after the competition watchdog’s investigation into mortgage pricing has ended. Politicians and consumer groups have lashed the major banks’ latest round of mortgage rate increases, sparked by Westpac’s 14-basis-point rise last week and followed in quick succession yesterday by Commonwealth Bank and ANZ with rate moves of 15 and 16 basis points respectively. However, the Australian Competition & Consumer Commission’s scrutiny of the interest rate decisions of the major banks only extends to the period to the end of June, putting the latest round of price rises beyond the scope of the watchdog’s review. The ACCC review, which was established after the then Turnbull government slapped a $6.2 billion tax...
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ANZ pushes through bigger rate rise to offset weakness Australian Financial Review Sep 6 2018 11:12 PM James Frost, Patrick Commins   ANZ boss Shayne Elliott has acknowledged that funding costs alone have not triggered an out-of-cycle rate rise with softer business conditions also playing a role. ANZ was first out of the blocks with a 16 basis point rise at midday on Thursday, followed minutes later by Commonwealth Bank with a 15bps rise of its own. Both were slightly higher than Westpac's 14bps rise from the week prior. Mr Elliott defended his bank's marginally larger rate rise, saying pricing decisions were complex and required balancing the interests of many stakeholders including customers and shareholders. "The market has slowed down as you know, housing is a bit slower and there are a few less mortgages out there," Mr Elliott said. UBS analyst Jon Mott said the 16bps repricing of ANZ's mortgages...
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ASIC accuses NAB of $100m super rip-off The Australian 12:00am September 7, 2018 Ben Butler, Michael Roddan   The corporate watchdog has launched legal action accusing National Australia Bank of breaking the law 77 times and undermining confidence in the superannuation system over a fee-for-no-service scandal that ­allegedly siphoned more than $100 million from half a million unwitting customers. In a Federal Court suit filed yesterday, the Australian Securities & Investments Commission alleges NAB’s superannuation trustees NULIS Nominees and MLC Nominees ripped off one group of 220,000 savers by trousering $33.8m in advice fees to super fund members who did not have an adviser. On top of this, a further $67m was taken from another 300,000 super savers who did have an adviser linked to them in NAB’s systems but where the services they received were no more than those enjoyed by a customer without an adviser. NAB also failed to...
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Tenants unable to pay the rent should get two jobs or move to Adelaide or Perth, Real Estate Institute says ABC News (7.30) 7 September 2018 Michael Vincent   The nation's top real estate agent has some advice for anyone trying to get on top of property prices. "Do the hard yards. Maybe even, God forbid, get two jobs," Real Estate Institute of Australia (REI) president, Malcolm Gunning, told 7.30. "Now, your viewers will hate that, OK, but many, many people do it — a lot of our migrants work two jobs." More Australians than ever before are stumping up rent money. That is especially the case for middle to high-income earners who have been locked out of the housing market in Brisbane, Sydney and Melbourne. It is a squeeze at the top and bottom of the market. Tenants associations and community housing groups say the burden to pay higher rents...
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ANZ and CBA hike variable home loans rates ·         MICHAEL RODDAN ·         SEPTEMBER 6, 2018 ·         ANZ Banking Group and Commonwealth Bank have outdone Westpac with larger rate hikes foisted on home loan borrowers, suggesting National Australia Bank is not far off with rate hikes of its own.      ANZ (ANZ) today said borrowers with variable home loans would face a 16 basis point rate hike from September 27. CBA (CBA), just moments after ANZ’s announcement, said it would be stinging borrowers with a 15 basis point hike by October 4.     The local dollar slid from US72.02 cents to US71.80c after the announcements, indicating that out-of-cycle rate hikes were not yet fully priced in. Bank shares are also responding positively, the four majors recovering towards the unchanged mark against a backdrop of steep broader market falls. Westpac late last month ushered in the first round of rate...
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Industry funds will eat banks' lunch, says Mark Carnegie Australian Financial Review Sep 5 2018 11:00 PM Ben Potter   Industry super funds could capture a quarter of business and mortgage lending in Australia as the banks reel from the royal commission's revelations of serious misconduct and a regulatory backlash that's already begun, investor Mark Carnegie said. Mr Carnegie said the royal commission would be a "tide changer" ushering in up to two decades in which the industry super funds would claw back the banks' gains in superannuation and take a huge share of the banks' bread-and-butter lending business for themselves. He said these changes would bring a style of capitalism to Australia that had more in common with Germany's participatory capitalism – in which workers take part in the ownership and supervision of the companies that employ them – than traditional Anglo-Saxon capitalism. Speaking after presenting at the Australian Industry...
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Banks must change their way on pay, says APRA The Australian 12:00am September 5, 2018 Michael Roddan   Australia’s best-paid bankers are still failing to get the message that huge bonuses and remuneration drive bad behaviour, the chairman of the prudential regulator says. At the annual Risk Management Association conference in Sydney yesterday, Australian Prudential Regulation Authority chairman Wayne Byres told a gathering of chief risk officers and other financial managers that they needed to change the way they paid their most senior executives to prevent excessive risk taking and punish badly behaved bankers. The government in its 2017 federal budget forced the nation’s biggest banks — Commonwealth Bank, Westpac, ANZ and National Australia Bank — to put their executives on a potential bad behaviour register that would also require handing over 40 per cent of their bonuses to the regulator to defer financial rewards. But Mr Byres said the banking...
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ANZ will be honest and open in future: David Gonski The Australian 12:00am September 6, 2018 Damon Kitney   EXCLUSIVE  ANZ chairman David Gonski has issued a strident defence of the banking sector and its importance as the “vital arteries of the community”, but promised that if his bank made a mistake in the future, “we will own up to it, we will rectify it and we will learn from it”. In his first public comments since the banking royal commission started earlier this year, Mr Gonski said bankers had the ­ability to become multipliers for changing lives and that he took on the ANZ job “to be part of doing something good”. Mr Gonski also defended the integrity of ANZ chief executive Shayne Elliott as all of the four major bank bosses and their executives have been tarnished by damaging revelations in the hearings. “If we make a mistake we...
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Record penalty for Westpac’s dodgy home loans ‘immaterial’ The Australian 12:00am September 6, 2018 Michael Roddan   A record $35 million penalty agreed to by Westpac over its irresponsible sale of home loans has been labelled “immaterial” to the lender. Westpac is continuing to reap an estimated $25m in revenue each year from the dodgy loans it provided, which is more than the penalty still to be approved by the Federal Court. While the shares of all major banks fell yesterday, Westpac tumbled the hardest, losing more than 1 per cent amid renewed scrutiny of the second-largest lender’s mortgage book. Westpac shares have slid almost 10 per cent since the start of the year. The Australian Securities & Investments Commission’s $35m civil penalty agreement with Westpac derailed a scheduled three-week Federal Court trial that was due to start this week. But Westpac’s admission it failed to properly assess borrower incomes when...
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Westpac ponders sale of planning arm in readiness for commission fallout Australian Financial ReviewSep 5 2018 11:45 PM Joyce Moullakis   EXCLUSIVE  Westpac Banking Corp is weighing a sale of its financial planning arm, as it joins rivals in the scramble to prepare for any fallout from the Hayne royal commission. Sources told The Australian Financial Review that Westpac - the lender most staunchly wedded to its wealth business - had quietly tested appetite in the market to offload its inhouse financial planners. It is understood to have also weighed an asset swap or retaining the division. The assessment is part of the bank preparing for a myriad of possible outcomes and worse case scenarios, that may emerge from the interim or final reports of the royal commission. Among its key areas of focus, the commission has investigated potential conflicts in financial services companies which provide advice and push sales of...
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New probe by APRA into banks’ superannuation rorts The Australian 12:00am September 4, 2018 Ben Butler, Michael Roddan   The superannuation regulator has launched a raft of fresh investigations into some of Australia’s biggest financial institutions, ­including the nation’s biggest bank, CBA, after being embarrassed by revelations of wrongdoing exposed during bruising royal commission hearings. Australia’s biggest banks have scrambled to deny they have broken multiple laws requiring that they act in the best interests of super members, while hosing down suggestions they have treated regulators like doormats. Revelations at the hearings last month included that NAB charged dead people fees, that AMP whittled away savings through high fees and that CBA committed at least 13,000 crimes by failing to move fund members from a high-fee fund to a low-fee MySuper fund. In a series of submissions to Kenneth Hayne’s year-long ­inquiry yesterday, NAB, CBA and AMP attempted to argue their...
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APRA savages IOOF chief Kelaher at royal commission The Australian 12:00am September 4, 2018 Michael Roddan, Ben Butler   The prudential regulator has launched a scathing attack on the fitness of IOOF chief executive Chris Kelaher to lead the ­company, throwing fresh doubts over its billion-dollar takeover of ANZ’s wealth management business. In a submission to the financial services royal commission, the Australian Prudential Regulation Authority heaped pressure on Mr Kelaher to stand down, telling the banking royal commission he did not understand superannuation law or the obligations of a trustee and made an important “untrue” statement in a letter to it. APRA said it had launched fresh investigations into IOOF and two other big financial institutions tarred in last month’s round of commission hearings into super, CBA and Suncorp. In a series of submissions to Kenneth Hayne’s year-long ­inquiry yesterday, NAB, CBA and AMP attempted to argue their way out...
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How to fix the banks after the royal commission Australian Financial Review Sep 3 2018 7:02 PM Ben Potter   Break up the banks, tax banks more than other firms, and lay siege to them with low-cost competition from public financial institutions such as the Reserve Bank of Australia and the Future Fund. These are some of the ways to bring the banks to heel after the royal commission's disclosures of conflicts of interest, alleged criminal conduct and customer rip-offs to be discussed at the Melbourne Economic Forum on Tuesday. The Productivity Commission also found banking highly concentrated in favour of big banks. Allan Fels, a former dean of the Australian School of Government and chairman of the Australian Competition and Consumer Commission, will tell the forum that the Australian Competition Law should be rewritten to include a general power of divestiture, administered by the courts, for extreme cases of abuse...
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Paul Keating says all super funds should be non-profit Australian Financial Review Sep 3 2018 11:00 PM Tony Boyd, Joanna Mather   EXCLUSIVE  Former prime minister Paul Keating has called on the Hayne royal commission to recommend that retail super funds be stopped from putting profits ahead of super fund members. "We need to be able to peer through the corporate entity to what is in the best interests of their members," he said. "What the royal commission is revealing, and what I am trying to say, is that trustee structures should not be the overlord of the corporate organisation handing out contracts to related parties." Mr Keating said that corporate trustees owned by banks were "a front" for those institutions and this represented a conflict of interest. In an exclusive interview with The Australian Financial Review, Mr Keating also took a swipe at the performance of the two regulators –...
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Deloitte, EY, KPMG, PwC should be probed for cartel conduct: Labor Australian Financial Review Sep 3 2018 6:11 PM Edmund Tadros, Tom McIlroy   Labor has asked the competition regulator to investigate the big four accounting firms Deloitte, EY, KPMG and PwC over allegations of cartel-like behaviour, warning of conflicts of interest between their audit functions and lucrative consulting businesses. The written request, by shadow treasurer Andrew Leigh and Labor member Julian Hill, asks Australian Competition and Consumer Commission boss Rod Sims to examine the structure of the auditing market given the dominance of the big four firms. The Labor figures write that one area "of immediate concern" is the revelation, which was made during a hearing into the government contracting and procurement, that the big four CEOs have met for private dinners. The request, sent on Monday morning, has no formal power, as only the Treasurer can direct the competition...
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