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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
Commonwealth Bank admits it lost customer data The Australian 6:46am May 3, 2018 Amber Plum   In one of the nation’s biggest financial services data security blunders, Commonwealth Bank has lost historical account records for close to 20 million customers after failing to track the hardware on which they were stored, but insists the customers’ data remains uncompromised. The incident came to light at the bank in 2016, when it discovered two magnetic tapes used to record the data may not have been securely disposed of. The tapes stored personal data such as names and addresses, but not pins, passwords “or other data that could enable account fraud,” Commonwealth Bank Retail Banking Services acting group executive Angus Sullivan said yesterday. However, CBA decided not to alert the public of the incident until media reports yesterday publicised the problem. The bank said it had commissioned a “forensic” investigation by KPMG on discovering...
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Australian anti-corruption regime failing as Shorten promises better Sydney Morning Herald 3 May 2018 12:05am Nick McKenzie & Richard Baker   EXCLUSIVE  Damning new evidence of corruption has emerged in Australia’s worst single bribery case as Labor vows to introduce the toughest anti-graft regime ever faced by corporate Australia. As new evidence has emerged of bribery and corruption in one of Australia's largest construction firms, Leighton Holdings, Labor is set to announce that it will debar corrupt companies from bidding for government work. It will also ban the "facilitation payment" defence which allows Australian firms to pay small, tax deductable bribes in return for routine benefits. The move comes as leaked offshore banking records obtained by Fairfax Media now provide the most definitive evidence since the Leighton Holdings bribery scandal broke in 2012 that the Australian construction giant and some of its former executives engaged in serious corruption. The Leighton scandal...
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Banking commission needs more time to get to the rotten core Sydney Morning Herald 2 May 2018 1:05pm Allan Fels Allan Fels was chairman of the Australian Competition and Consumer Commission from its inception in 1995 until June 2003.   Tuesday’s scathing report on the Commonwealth Bank, coming hard on the heels of the banking royal commission’s shocking revelations over the past few weeks, underscores the problem facing Commissioner Kenneth Hayne right from the outset. How on earth can a one-year investigation, led by just one commissioner, deal with all that’s rotten in Australia’s financial services industry? The child sexual abuse royal commission, with six commissioners, took five years; the trade unions royal commission had almost two years. In both cases, the government extended the final report deadline. A similar extension for the banking royal commission is vital – with one major proviso outlined below. This seems preferable to handing over...
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Bureaucratic banks need big changes, not soft words The Australian 12:00am May 2, 2018 Adam Creighton   Well who would have thought? A massive, taxpayer-guaranteed, ex-government utility with at least 500 executives is complacent, overly complex and bureaucratic, and top managers pay themselves huge “bonuses” with little downside risk. These are the shock findings of the 110-page prudential inquiry into the culture and governance of Commonwealth Bank, released yesterday, with the inquiry prompted in September by allegations the bank turned a blind eye to systematic money-laundering through its “smart” ATMs. It gets worse. “CBA has not set aside the requisite space, time and permission for quality reflection, introspection and learning,” the report said, suggesting “there is little evidence to suggest that reflection is a skill that is widely valued in practice. In fact, there appears to be a genuine lack of appreciation for its importance”. Tell me it isn’t true. As...
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SPLAT! CBA squashes ScoMo bug Macro Business9:15 am on May 2, 2018 ‘Houses and Holes’ (David Llewellyn-Smith)   Via the AFR: Commonwealth Bank of Australia’s new chief executive, Matt Comyn, and chairman Catherine Livingstone have pushed back on calls by Treasurer Scott Morrison for more heads to roll at the top of the bank, after the prudential regulator exposed a culture of arrogance and complacency at the nation’s largest lender. After a scathing report found CBA’s board had insufficient rigour and urgency, and the bank had developed a complacent and insular culture, Mr Morrison described the findings as a “a wake-up call for every board member in the country” and said he expected additional departures from CBA. As he pledged to restore CBA’s battered reputation, Mr Comyn said five of his direct reports had already left the bank and while “there are a lot of changes under way,” he refused to...
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Is Australia’s Housing Boom (Finally) Coming to an End? The Wall Street Journal May 1, 2018 3:15 p.m. Peter Grant   Residential sales volume and values have started to fall in many areas of Australia, partly the result of efforts by lenders and government regulators to cool a sizzling pace of transactions. But now a debate is raging among economists and market participants about whether the residential sector is heading for a soft landing. In an April report, data firm CoreLogic noted that housing values held firm in March because the declines in prices in Sydney, Melbourne and Adelaide were offset by price increases in lower-cost regional markets. Overall, the Australian housing market is “showing every sign of recording a soft landing after national dwelling values peaked in September last year,” said Tim Lawless, CoreLogic’s head of research in the report. Other forecasters are less sanguine. “In contrast with others in...
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RBA governor Philip Lowe warns of impact on households of bank scandals Australian Financial Review May 1 2018 7:50 PM Jacob Greber   Reserve Bank of Australia governor Philip Lowe has warned households may find it harder to get home loans and borrowing costs could be higher as a result of the bad behaviour of banks being exposed in the Hayne royal commission. Warning also that interest rates may rise regardless of any official hikes by the Reserve Bank because of the potentially lasting impact of a rise in US money market rates, Dr Lowe cautioned that local banking scandals might impact the mortgage market. "It is possible that lending standards in Australia will be tightened further in the context of the current high level of public scrutiny," he told a Reserve Bank board dinner in Adelaide on Tuesday. Revelations in the banking inquiry could lead to a significant increase in...
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Number of troubled households seeking to refinance loans doubles Australian Financial Review May 2 2018 3:28 PM Duncan Hughes   The number of struggling borrowers seeking mortgage refinance has doubled to more than 30 per cent as lenders increase rates and fees, and toughen scrutiny of borrower income and expenses, according to a new analysis.  Mortgage brokers, who act as intermediaries between lenders and borrowers, claim lenders are "throttling back" amid increased pressure from regulators and fear of exposure by the Hayne royal commission. Lenders, including ME Bank and MyState, are increasing lending rates in response to higher compliance and funding costs with more expected to follow despite the Reserve Bank of Australia holding the cash rates at record lows. Richard Holden, professor of economics at the UNSW Business School, warns loans could become even harder to get as lenders respond to growing funding and regulatory pressures. "I think that's a...
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APRA chairman Wayne Byres urges banks to go beyond the 'BEAR necessities' Australian Financial Review May 2 2018 9:20 AM James Eyers   The day after the prudential regulator lashed the Commonwealth Bank for an overly legalistic approach towards regulation, its chairman Wayne Byres has urged all banks not to approach the government's new accountability regime as a compliance exercise Instead, Mr Byres hopes it is a "trigger to genuinely improve systems of governance, responsibility and accountability". The speech followed the Australian Prudential Regulation Authority report released on Tuesday, which chastised the CBA for overconfidence and complacency. In a speech in Sydney, Mr Byres said the financial sector was not being trusted to "do the right thing" – "and at the moment, that form of trust is taking a severe hit." However, he said Australians still trusted the banks to keep their money safe. With the CBA report revealing the nation's...
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Banking royal commission: big-four planners ‘could be charged’ for failing clients The Australian 12:00am May 1, 2018 Anthony Klan   Many of the 14,000 or so financial planners working for arms of the big four banks could face prosecution for failing to act in the best interests of their clients by advising them into shoddy superannuation funds owned by their employers, according to an industry expert. Financial planners were bound by laws requiring they act in the best interests of their clients “no matter who they work for”, said Peter Johnston, executive ­director of the Association of Independently Owned Financial Professionals. “All financial advisers have been under a best-interests duty since July 1, 2013, when the FOFA legislation commenced, regardless of who they work for,” he told The Australian yesterday, referring to the Future of Financial ­Advice reforms. “Every person in society can have their day in court; depending on the...
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Major banks' $1.3 trillion mortgage books stress tested by Fitch Australian Financial Review Apr 30 2018 7:57 PM Jonathan Shapiro   The $1.3 trillion mortgage books of Australia's big four banks can withstand an Ireland-style correction in property prices but the lenders' ability to deal with second-order impacts remains uncertain, says Fitch. As part of a housing "stress test", the global credit rating agency calculated that the big four would suffer $24 billion in losses if house prices fell 43 per cent and defaults hit 13 per cent. However, recoveries from lenders' mortgage insurers would cut the loss to about $19 billion. As a percentage of risk weighted assets, losses would equate to between 1.8 and 1.3 percentage points before insurance recoveries, and between 1 and 1.3 percentage points after recoveries. These losses would, on average, wipe out about half of the banks' operating profits before insurance, and about 40 per...
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Condemning a generation of renters to years of hardship Sydney Morning Herald 30 April 2018 12:00am Kasy Chambers Kasy Chambers is Anglicare Australia's executive director   Sydney and Melbourne now outstrip London, New York, and Los Angeles for expensive housing. Adelaide, Brisbane and Perth aren’t far behind. All of them rank as among the most expensive cities in the world for housing. Australia’s housing market is a catastrophe so dire that it has become an international joke, even in New York. And when it comes to renters on low incomes, a group that has been ignored by governments for years, the picture is even bleaker. Canberra is worse than Sydney on that measure. Even Hobart’s overheating rental market is starting to catch up to Sydney. Anglicare Australia’s ninth Rental Affordability Snapshot, released on Monday, has even more bad news for renters. We surveyed 67,000 rental listings from across the country. Only...
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ANZ faces class action over Malaysian 1MDB scandal The Australian 12:00am April 30, 2018 Ben Butler   A group of Malaysians led by former legal minister Zaid Ibrahim has hired Sydney law firm Levitt Robinson to pursue a class action in the Australian courts against ANZ over its role in the alleged pillaging of sovereign wealth fund 1MDB. The move comes ahead of a general election in Malaysia on May 9 in which 92-year-old former prime minister Mahathir Mohamad is challenging incumbent Najib Razak, a key figure in the 1MDB scandal. Levitt Robinson senior partner Stewart Levitt said former Federal Court judge Ron Merkel had agreed to assist in drafting a claim, which would be lodged in the Federal Court. The case is to focus on ANZ’s knowledge of about $US1.4 billion allegedly stolen from 1MDB and transferred to Mr Najib’s account at Malaysian bank AmBank, which is one-quarter owned by...
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Penny finally drops on conflicted financial services system The Australian 12:00am April 30, 2018 Chris Mitchell Chris Mitchell began his career in late 1973 in Brisbane on the afternoon daily, The Telegraph. He worked on the Townsville Daily Bulletin, the Daily Telegraph Sydney and the Australian Financial Review before joining The Australian in 1984. He was appointed editor of The Australian in 1992 and editor in chief of Queensland Newspapers in 1995. He returned to Sydney as editor in chief of The Australian in 2002 and held that position until his retirement in December 2015.  How could some of the nation’s highest paid executives in a banking system that is the largest sector of the economy fail to have seen the profound conflicts of interest now being revealed by the financial services royal commission? The big four banks were so well protected during the global financial crisis in 2008-09 that the...
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Big-four bank super funds gouge millions The Australian 12:00am April 30, 2018 Anthony Klan   Superannuation companies owned by the big four banks are boosting their revenues by hundreds of millions of dollars a year by paying customers invested in the lowest-risk “cash” options ­interest returns that are as little as one-quarter of actual market rates. Retirees and other risk-averse investors are hard hit by the systemic gouging because they are most likely to allocate super to cash options, which are considered safest. According to internal industry data by analyst SuperRatings, obtained by The Australian, over the past five years people in the Westpac-owned $144 million BT Business Super fund who selected the “cash” investment ­option received an average return of just 0.5 per cent a year, after paying fees and taxes. This is despite the five-year cash rate and the federal government five-year bond yield — both benchmarks for cash...
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Former ANZ planner Chris Harris 'deeply hurt' by banking royal commission Australian Financial Review Apr 29 2018 11:00 PM Joanna Mather   Financial adviser Chris Harris says he is unaware of any client complaints against him and is "deeply hurt" and "totally stressed" by evidence given to the banking royal commission. The commission heard Mr Harris rolled clients' superannuation into higher-fee accounts and charged fees for no service while providing advice on behalf of ANZ-owned Millennium3. Mr Harris is the managing director of Adelaide-based Money Works Financial Planning and is an authorised representative of Dover Financial Advisers. "In regards to ... the manuscript from the royal commission I feel as if I am reading about someone else," he told The Australian Financial Review. "I am at a loss of words and will be seeking advice from my lawyer. "I am obviously being used as a scapegoat with M3 and the two...
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Paradise lost: Bankwest clients want answers from banking royal commission Australian Financial Review Apr 29 2018 11:00 PM James Eyers   It is nine years since Rory O'Brien's luxury development at Whisper Bay, on the tropical Whitsunday coast of Queensland, was placed into receivership by Bankwest, four months after the lender was acquired by Commonwealth Bank in the depths of the global financial crisis. But the passage of time has failed to assuage the deep sense of betrayal and anger O'Brien feels towards CBA. He's hoping the banking royal commission – which said last week its next target will be lending to business – will investigate why Bankwest abruptly called in his loan in April 2009 even though his project was finished and he'd put a solid plan in place to repay the loan and protect the resort's commercial value amid the economic turmoil. O'Brien is not alone in feeling hard...
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Banks to reveal revenue headwinds Australian Financial Review Apr 29 2018 11:00 PM James Eyers   The adoption by the big banks of tighter lending standards after the extraordinary revelations from the banking royal commission – that they aren't thoroughly checking borrower income and expenses – will create new revenue headwinds for the sector by reducing mortgage lending growth, warn analysts, who remain cautious on big stocks, despite sharp falls in their share prices over recent months. A highly anticipated interim bank earnings seasons this week will be kicked off by ANZ Banking Group, which is expected to unveil a slightly higher $3.5 billion cash profit on Tuesday. National Australia Bank will report its half-year numbers on Thursday, and profits are expected be down due to restructuring costs, followed by Macquarie Group on Friday and Westpac Banking Group on Monday, May 7. Commonwealth Bank announced its half-year profit of $4.9 billion...
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Vital Signs: Interest only loans are an economic debacle that could bust the property market The Conversation April 27, 2018 6.17am AEST Richard Holden   Vital Signs is a regular economic wrap from UNSW economics professor and Harvard PhD Richard Holden (@profholden). Vital Signs aims to contextualise weekly economic events and cut through the noise of the data affecting global economies. This week: This risks of interest only loans that the RBA is ignoring and more revenue for the government ahead of the budget. Australian taxpayers won’t face a rise in taxes now that Treasurer Scott Morrison announced the government will not increase the Medicare Levy by 0.5% as planned. This was to originally fully fund the National Disability Insurance Scheme (NDIS). This is on the back of strong company tax receipts stemming from companies using up carry-forward losses accumulated in the wake of the financial crisis. Australian Bureau of Statistics data for 2016/17,...
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ASIC has failed to do its job, says MP Sarah Henderson The Australian 12:00am April 28, 2018 Rachel Baxendale   Liberal MP Sarah Henderson has called for an overhaul of the financial industry watchdog, saying countless experiences with constituents have convinced her ASIC is not the feared regulator that it should be. Ms Henderson’s call came as the Australian Securities & Investments Commission admitted to the banking royal commission that it had failed to ban demonstrably dodgy financial advisers from the scandal-ridden industry, and had regularly taken as long as two years to ban them after complaints were lodged. Ms Henderson, who chairs the House of Representatives standing committee on economics, ­believed that if ASIC had been doing a proper job as regulator, much of the improper and fraudulent conduct being revealed by the royal commission would have been ­detected and punished. “They do owe Australians a proper explanation as to...
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Financial crises hang over nations spared last one The Wall Street Journal 12:00am April 28, 2018 James Mackintosh   Countries hard-hit by the financial crisis have spent much of the decade since trying to fix their banks. Countries that escaped unscathed have done the exact opposite, going on a borrowing binge that makes them prime candidates to be victims of any credit squeeze resulting from rising US interest rates. Leading the list are Australia, Canada and Sweden. They had all the benefits of the lowest global interest rates in history, without first suffering the economic meltdown and bank failures that led the US and Europe to take emergency ­action. Having come through the Lehman crisis in good shape, lenders in the three countries have not learned the lesson pommelled into bank boards in other developed countries: watch out for frothy housing markets and watch out for trouble in foreign-currency financing. The...
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Penitent O’Dwyer does about-face on delay over bank inquiry The Australian 12:00am April 28, 2018 AAP   Financial Services Minister Kelly O’Dwyer has delivered a mea culpa, flipping her position on the Turnbull government’s reluctance to establish the banking royal commission. Ms O’Dwyer, who delivered a trainwreck interview last weekend defending the delay, now admits the government got the timing wrong. “With the benefit of hindsight, we should have called it earlier. I am sorry we didn’t, and I regret not saying this when asked earlier this week,” she told a self-managed super fund conference in Melbourne yesterday. “The government did get the timing wrong. What we did get right, though, was embarking on an urgent, comprehensive reform program to fix the problems we knew about.” Ms O’Dwyer said the commission had already highlighted “in the most profound way” some of the devastating personal consequences to have resulted from corporate misconduct....
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ASIC's financial advice 'balancing act' under the microscope Australian Financial Review Apr 27 2018 6:59 PM James Frost   ASIC's failure to pursue financial planners through civil, criminal or other methods have been explored in close quarters by the Hayne royal commission with a senior ASIC executive forced to admit its efforts were hampered on multiple fronts. ASIC's senior executive leader for financial advice Ms Louise Macauley drew the short straw to represent and explain the corporate cop's approach on the final day of two weeks of public hearings into financial advice. Under questioning by counsel assisting Ms Rowena Orr QC, Ms Macauley explained why the regulator made so many compromises including pursuing negotiated outcomes such as enforceable undertakings in instances where misconduct and the provision of "jaw-droppingly" inappropriate advice were evident. "We would do this when they approach us and make us an an offer we think would give a...
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Westpac chief Brian Hartzer not giving up on wealth management Australian Financial Review Apr 27 2018 4:35 PM Jonathan Shapiro   Westpac chief executive Brian Hartzer says a retreat from wealth management may not be in the interests of the bank's customers after two brutal weeks of hearings at the Hayne royal commission exposed systemic issues in financial advice industry. "If you really want to do the right thing by customers we have to find a way to crack sustainable financial advice," Mr Hartzer said on the sidelines of the Global Summit of Women in Sydney on Friday. The nation's big banks are facing pressure to dismantle their so-called vertically integrated models which allow them to direct customers to financial products that they have created, sparking concerns of conflicts of interest. But Mr Hartzer said the issues around financial advice were "not as simple as who owns the business". "How do...
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Banking royal commission: Kenneth Hayne signals end of wealth model The Australian 12:00am April 28, 2018 Michael Roddan, Ben Butler   The largest banks and wealth management companies in Australia are at risk of being broken up after suffering a fortnight of explosive and embarrassing revelations at the hands of the royal commission. Criminal behaviour by Australia’s so-called fifth pillar, AMP, has been alleged, while the corporate regulator is also in the gun after admitting it does not do enough to tackle widespread misconduct in the scandal-stricken financial planning sector. Admissions from senior executives taking the stand at Kenneth Hayne’s royal commission have shaken the powerful financial sector and forced Malcolm Turnbull to air his regret at opposing the year-long inquiry into misconduct in the industry. AMP, one of the country’s largest financial conglomerates, and celebrity adviser Sam Henderson are now facing the possibility of criminal charges in the wake of...
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