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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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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 there any end to what the Too Big To Fail Banking sector will do to avoid justice for consumers and throw all liability onto its customers for Liar Loan Mortgages?  Banks will become the new Nigerian Scam.   We will diligently continue to clean up the mess.   This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.businessinsider.com.au/1000-australian-finance-jobs-are-sent-offshore-per-month-2013-6 1000 Australian Finance Jobs Are Sent Offshore Per Month Sarah Kimmorley  Jun 22, 2013   The financial services jobs market continues to struggle as the sector loses almost 1000 jobs a month to more cost effective offshore hubs, such as Asia and New Zealand. Combined, the big four banks have about 20,000 full-time overseas roles supporting areas such as technology, mortgage processing and call centres, according to The Fin. One industry consultant estimates these jobs have risen 10- 20% for ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corp over the past four years. The Financial Review...
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Just when you think the best advice is never to trust banks, they do something that makes you want to TRUST THEM LESS.  Before you sign up for a FIXED RATE 4.99% yahoo ride..............................5 years and you are done!  Just read the FINE PRINT.  Banks love to whack an exit fee (these days can be disguised in another name) so that in order to refinance or pull out prior to 5 years you know exactly what the cost is.  We have seen previous products at $30,000 penalty!  Please check the contract before you sign and then ask us what it means if you suspect a nasty.....   Remember banks are self-regulated and take no notice of Government = NO REGULATION.  Its back to 1950's BUYER BEWARE for consumers of financial products and services. And you enter at your peril in a sea of TOXICITY.  There  is no such thing as Consumer...
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Australian Property Monitors are speaking to the wrong people.  Sources always say positively market is on the upswing when the TRUTH  is the opposite.  The peak of the boom was in 2011 and back she rolled, but notice how none of the real estate bods are recording this phenomenon.   Why figures skewed by adding palatial properties and McMansions into the mix.  Just ask APMQHR bods to tell you the state of suburban market (all cities and towns) and also rural towns in a give reasonable price bracket starting at $400k - to say $1.5million.  Figures will show backward slide.  Bit like Japan in 1998 slipping back to 1992 prices overnight.      This email address is being protected from spambots. You need JavaScript enabled to view it.   http://www.yourinvestmentpropertymag.com.au/news/national-property-prices-keep-on-rising-190066.aspx   National property prices keep on rising By John Hilton | 24 Jul 2014   The Sydney property market is leading a growth spurt in property prices, which have continued in most capital cities over...
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At last ASIC taking action over SMSF tainted advice and conflicts of interests with developers and other nasties in the corporate and financial advice sector.  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.smartcompany.com.au/legal/42896-melbourne-property-developer-charged-with-1-million-fraud.html Melbourne property developer charged with $1 million fraud Monday, 21 July 2014 1:38 Eloise Keating   A Melbourne man has been charged with defrauding 14 investors of more than $1 million over a three-year period.  Barry John Patrick of Sunbury appeared in the Melbourne Magistrates’ Court last week on 15 fraud charges, with the Australian Securities and Investments Commission alleging he persuaded investors to refinance their home and self-managed super funds to fund his non-existent property developments. The charges come just days after ASIC Commission Greg Tanzer warned trustees of self-managed super funds about the legal implications of accepting advice from real estate agents when investing their funds in property.  ASIC said in a statement Patrick has been charged with eight counts of obtaining...
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Craig Isherwood‚ National Secretary PO Box 376‚ COBURG‚ VIC 3058 Phone: 1800 636 432 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: http://www.cecaust.com.au   Tell Financial System Inquiry: NO to ‘bail-in’ of bank deposits! The Citizens Electoral Council calls on all Australians who oppose the “bail-in” seizure of bank deposits to prop up too-big-to-fail banks, and instead support a Glass-Steagall separation of real banking from financial gambling, to make that loud and clear in a submission to Joe Hockey’s Financial System Inquiry. The deadline for the second round of submissions to the FSI closes on 26 August; FSI chairman David Murray’s Interim Report released 16 July called for more submissions on the issue of too-big-to-fail (TBTF) banks, bail-in and alternatives including Glass-Steagall. Murray posed two questions for more discussion: Is it possible to reduce the perceptions of an implicit guarantee for systemic financial institutions [i.e. TBTF banks] by imposing losses on particular classes of creditors during...
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All Banks have to do to boast Prudent Lending Practices that advantage their customers, is to PRESS THE EASY BUTTON?  Will Banks do that and stop their nefarious activities in Toxic Liar Loan Mortgage Lending?  Not likely. They say all too hard as no profit in clean products but obscene profits in toxic mortgage products...engineered by four Major Banks.   Bankers use Fraud, Forgery and Maladministration in Lending in approval processing aided by their favourite weapon:   the dreaded service calculator.  Next banks will move the loan approval process OFFSHORE as if a Nigerian Scam...............wait for it....coming to a bank nearest YOU! ASIC and APRA will bleat: outside our jurisdiction.......................Back to 1950's BUYER BEWARE OF BANKERS and toxic financial products. They simply tell our Australian Prudential Regulator ("APRA") to bugger off.....same as bankers have been doing for two decades.  Then ASIC sends form letters to aggrieved consumers complainants re Banks,  to clear off as...
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Want to stop your banker from retiring with obscene commissions?  Simple DO NOT TAKE ANY ADVICE from Bankers or their Agent sellers of worthless Strategies, such as SMSF advice.  LOSS$ES are widespread in Australia.  Its commission driven, that's why.  Unless you have $600k in super do not even be tempted, according to honest experts.  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.smh.com.au/business/investors-face-big-losses-when-the-honeymoon-is-over-20140718-zud8s.html   Investors face big losses when the honeymoon is over Business  Date  July 18, 2014 Duncan Hughes Some self-managed superannuation fund investors who borrowed heavily to buy real estate have lost up to 75 per cent of their investments in two years, say investment counsellors, despite boom property markets and record low interest rates.  These investors have typically bought their properties off-the-plan and have paid above-market prices thanks to incentives offered by the seller, such as guaranteeing rental income for the first 12 months.  Financial experts who are advising them fear they could be the...
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Remember when APRA chief told the Senate Inquiry into Banking POST GFC August 2012 "no systemic issues in banking!"  So everyone waking up from slumberland are we?  I will notify the long suffering consumers caught in these diabolical frauds in the Banking Sector. Bring on the Royal Commission into Banking as the regulators are dragged screaming and kicking into the sunlight?  Am I being too harsh here?  Ask the overpaid Dr John Laker if he has lost his home? Wakey Wakey............................. http://www.smh.com.au/business/banking-and-finance/banking-regulator-gets-tough-on-home-loans-20140718-zubfv.html Banking regulator gets tough on home loans Banking and Finance Date  July 18, 2014 The financial regulator has taken its concerns about the housing market to the boardrooms of Australia's biggest banks, in recent months asking chairmen to spell out how boards were managing lending standards responsibly.  Wayne Byres, the new chairman of the Australian Prudential Regulation Authority, on Friday gave fresh details on how the regulator has sought...
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To:  Federal Treasurer Hon. Joe Hockey and Minister for Finance Sen. Mathias Cormann,  What are you prepared to fork out for aggrieved Older Australians caught in:- a) Retiree Bad Banking Advice and Strategies from Banker Engineered scams =  LOSSES of retirement funds? b) Pensioners and low income families - victims of Low Doc Mortgage  Lending scandal = LOSS OF HOMES? When is the inevitable ROYAL COMMISSION INTO BANKING products and services and superannuation scams likely to start please? http://policiesandregulatorycompliance.banking-business-review.com/news/bofa-offers-13bn-to-settle-residential-mortgage-disputes-170714-4319720 BofA offers $13bn to settle residential mortgage disputes BBR Staff Writer Published 17 July 2014 Bank of American (BofA) has reportedly offered to pay $13bn to the US reglators to resolve the long running defective residential-mortgage-securities sale investigations.  Sources familiar with the negotiations were quoted by The Wall Street Journal as saying that a meeting between the bank lawyers and the US Department of Justice (DoJ) aimed at settling the matter ended without any progress.  While...
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http://www.smh.com.au/business/banking-and-finance/financial-inquiry-head-david-murray-ponders-advice-super-20140718-zuc69.html Financial inquiry head David Murray ponders advice, super Banking and Finance Date July 18, 2014 Elizabeth Knight  Business columnist David Murray: Still wary about the trend in the government’s finances............. Sitting down to a disciplined breakfast of coffee and sourdough toast the morning after the release of the interim report of Australia's Financial System Inquiry, its head David Murray allows a moment to breathe out and reflect on the issues it raised and its potential to radically change aspects of the banking and superannuation industries.  He shows little sign of a fatigue hangover from the intense schedule of the week. But this cafe pitstop on the ground floor of Sydney's Chifley Tower is as close to downtime as he is going to get. Murray, a former career banker, a passionate student of economic history with vocal opinions on public policy, has never been one to shy away from ruffling feathers....
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http://www.smh.com.au/business/banking-and-finance/dont-give-us-more-rules-warns-anzs-mike-smith-20140716-ztpae.html  Don't give us more rules, warns ANZ's Mike Smith  (Mike chairs The Taskforce!!!) Banking and Finance  Date July 16, 2014 Clancy Yeates   ANZ Bank chief Mike Smith has warned against imposing more rules to make the banking system safer, potentially putting one of the country's biggest lenders on a collision course with the government's financial system inquiry.  After inquiry chairman David Murray questioned if banks may need to hold more capital, Mr Smith called for a ''pause'' in new regulation as the industry adapted to the wave of global banking rules known as Basel III.  Mr Smith, who is chairing a business taskforce advising the G20, said the wave of rule changes affecting banks in recent years were already curbing growth in some countries. The taskforce would urge G20 leaders, who meet in Brisbane in November, to ''take stock'' of the changes, he said.   ''We need to really...
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Australian Broadcasting Corporation FOUR CORNERS Investigative TV journalism at its best. Home | Archive | Opinion | Forums | Web Specials | About Us | Subscribe TRANSCRIPT Program Transcript Read the program transcript from Stephen Long's "Debtland", broadcast 31st March 2008. Reporter: Stephen Long Date: 31/03/2008 STEPHEN LONG: In a bathroom in their home in Sydney's north-west, a mother and her two children are cleaning against the clock. DIANNE DAVIES: We've got two days to get out and have this house clean and tidy and get out. And I've got nowhere to go. So we're not sure, not sure what to do. STEPHEN LONG: They're among the tens of thousands of families in Australia being dragged under by unsustainable debt. DIANNE DAVIES: It's really scary, really scary and nervy. And it's just ludicrous, it's, there's nothing there to help, nothing at all. STEPHEN LONG: Before this story is over, they'll find themselves living in a garage; the house they cherished sold out from under...
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http://www.standard.co.uk/news/london/london-bank-executive-who-moved-to-us-shot-his-wife-dead-before-killing-himself-9596515.html Thursday 17 July 2014   JP Morgan bank executive from London shot his wife dead before killing himself in the US   A bank executive from London shot his wife dead before turning the gun on himself.  Julian Knott, 45, an executive director for J P Morgan, shot 47-year-old Alita repeatedly, police said................. The father-of-three was found dead alongside her in their home in Jefferson Township, New Jersey, on Sunday. He had worked in the City for almost 20 years before moving to the US in December 2012.  Mr Knott joined J P Morgan as a network services manager in 2001. He moved to New Jersey when he was promoted to be executive director of the global network operations centre.....................In a statement, police said: “Preliminary investigation has revealed that the two adults died as a result of gunshot wounds and the incident has been determined to be a murder/suicide. Julian...
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How can there be "no tolerance" promised when these toxic loan practices have escalated in past decade.  Ask Dr John Laker : "why is that so John?"  APRA and ASIC "tolerated" major crime in Banking Sector for years. Peter Kell uses the same throw away line: "we will not tolerate."  This email address is being protected from spambots. You need JavaScript enabled to view it. RBA spotlight on predatory lending Tuesday, 10 June 2014   |   James Mitchell 0 Comments     Facebook   0       Twitter   1       Google +   0             Linkedin   1 1inShare Australian lenders have been quick to defend non-conforming loans, as the RBA emphasises the danger of a rise in predatory lending. Last week the Reserve Bank warned lenders against dropping lending standards, stressing there will be no tolerance for predatory lending. RBA’s head of financial stability, Luci Ellis, emphasised the importance of regulation as a line of defence against an extreme easing...
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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10962813/HBOS-bosses-may-be-investigated-by-regulators.html HBOS bosses may be investigated by regulators Regulators' review into collapse of bank will include independent assessment of whether management should face penalties     By James Titcomb 6:56PM BST 11 Jul 2014 Follow   Former bosses at HBOS could be investigated by the City regulators as part of a wider investigation into the collapse of the bank. The Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) on Friday disclosed that a review into the bank, which was rescued by Lloyds during the financial crisis, would be finalised by the end of the year. The FSA opened an investigation into HBOS’s collapse in 2012, but the process has taken far longer than expected to be completed. In the meantime, a separate report from the parliamentary commission on banking standards called for former management to be held to account, and slammed the FSA for failing to impose...
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http://www.businessspectator.com.au/article/2014/7/14/financial-services/cbas-bankwest-burden-fuels-allegation-fire  CBA's Bankwest burden fuels the allegation fire STEVE KEEN    11 HOURS AGO    10 INDUSTRIES   FINANCIAL SERVICES   The Commonwealth Bank’s response to the Senate investigation of ASIC blames incompetence and individuals for the scandals at Commonwealth Financial Planning Limited. Chief executive Ian Narev: “Poor advice provided by some of our advisers between 2003 to 2012 caused financial loss and distress and I am truly sorry for that.” This is the predictable ‘rotten apple’ defence to allegations of impropriety. And it is simply absurd to describe some of the alleged actions of those advisers noted by the Senate Report -- such as “forgery and dishonest concealment of material facts” (Senate Inquiry Executive Summary, p. xviii) -- as merely “poor advice”. If the bank can describe that as “poor advice”, then a bank robber would be entitled to describe his profession as “making withdrawals”. This is also not the only allegation of...
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WE NEED A ROYAL COMMISSION into ALL Major BANKS run by retired High Court Judge, not a panel set up by CBA!!!!!!  Do we need any further proof of how evil this banking system is?  Judge Callinan, I hope, will have the sense and value his own integrity and say NO to CBA's nefarious attempts at perverting the course of justice!  Judge Callinan is in dire danger of being smeared with same greasy brush as David Murray!  However, this move shows that consumers are on the right track regarding the power being wielded by dishonest Bankers in Australia.  Why would Ian Callinan trust Ian Narev?   Its a SET UP by the CBA.  Of course it is.   This email address is being protected from spambots. You need JavaScript enabled to view it.   http://www.theaustralian.com.au/business/financial-services/ian-callinan-to-head-commonwealth-bank-compensation-review/story-fn91wd6x-1226985548887   RETIRED High Court judge Ian Callinan will chair a review set up by the Commonwealth Bank to deal with the scandal surrounding its financial advisers. AAP  July 11, 2014   The Commonwealth Bank last...
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RBA boss Glenn Stevens warns complacency will deepen downturn THE AUSTRALIAN JULY 12, 2014 12:00AM Print Save for later David Uren Economics Editor Canberra https://plus.google.com/111790188086700309806 Adam Creighton Economics Correspondent Sydney     EXCLUSIVE: RBA governor's reality check   In an interview with The Australian, Glenn Stevens warns investors not to count on a rate rise anytime soon.     AUTOPLAY ON OFF Reserve Bank Governor Glenn Stevens at the RBA offices in Sydney. Source: News Corp Australia <> EXCLUSIVE: RBA governor's reality check RBA boss warns of complacency RBA governor Glenn Stevens has warned that a dangerous complacency about Australia’s economic growth is letting political leaders defer tough decisions on the budget and risking a much more serious downturn when the next one occurs. In an exclusive interview with The Weekend Australian, Mr Stevens said a myth had developed that Australia had a “miracle” economy that was somehow immune from the turbulence affecting the...
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Commonwealth Bank scandal shows why a royal commission into the big four is needed DateJuly 3, 2014 Comments 321 Read later Mike Carlton View more articles from Mike Carlton     inShare submit to reddit Email article Print   Illustration: Glen Le Lievre It took far too long, but finally the Commonwealth Bank has been dragged - screaming and kicking all the way - to admit that it ripped off thousands of customers who had sought financial advice over almost a decade. Not that the bank put it quite like that, of course. Thursday's apology from CBA chief executive Ian Narev was a masterpiece of corporate spin:  "Some people working for our Commonwealth Financial Planning and Financial Wisdom businesses [had]  failed in their primary obligation – to act in the best interests of our customers," he said smoothly. It was rather more than that.  "Some people" had gouged their clients with ruthless deceit,...
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http://aca.ninemsn.com.au/article/8872846/cba-victims-left-in-dark-over-losses How cruel can these banks be?  How does all of this grief over banking loans and advice become an aid to our economy? Mr Narev:  Saying sorry doesn't cut it.  You need to start putting people before grubby profits. The other Banks will have to be dragged into the mix.  We need a Royal Commission into the major banks and we will then see how many other lenders are involved in these nefarious activities. This email address is being protected from spambots. You need JavaScript enabled to view it.  FROM ANOTHER MEMBER VICTIM: Please blog Denise,- Just received my determination from fos- maladministration found- 50/50 proportionate liability because I failed to protect my interests (against a bank and financial industry professional) remedy is BE HOMELESS with three children and well give you some of your money back after a few weeks of being in the street. What is really going on here?? The bank does the wrong thing and then they determine remedy?? Please...
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Govt forced to table FOFA regulations Thursday, 10 July 2014 | Tim Stewarthttp://www.investordaily.com.au/35868-cormann-forced-to-table-fofa-regulations?utm_source=ID&utm_campaign=ID_Newsflash&utm_medium=email        Today's News Govt forced to table FOFA regulations Disallow FOFA regulations, urges ISA Opposition calls for another advice inquiry YBR acquires mortgage manager Litigation law firms on the prowl Chinese growth to slump: BlackRock     inShare5   Labor has successfully mustered the numbers to force the government into tabling the regulations that amend the FOFA regime. Labor won a Senate motion to order the government on the production of documents regarding the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014, with 33 votes to 29. Voting with Labor and the Greens were Australian Motoring Enthusiast Party Senator Ricky Muir, Democratic Labour Party Senator John Madigan, Palmer United Party Senator Jacqui Lambie and independent Senator Nick Xenephon. The regulations were registered with the Governor-General late last month and have been in force since...
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Dear Denise,   Joe talks of being terrified and my Hubby and i know just how he feels as we are also terrified of becoming homeless. We have just been served with a default notice even though it was not us who ceased the repayments. It was a bank officer who granted a moratorium at our request in 2008 when fraud was suspected and now after all these years we are cruelly slapped with a default.   So if it was they who ceased the repayments how can that be classified as defaulting? It is not a case of defaulting it is a case of having been granted a fraudulent loan. Our loan was approved by dishonest methods and Parliament must listen to the cries of the desperate victims.   At the time of loan approval we were pensioners earning $23,000. 2 bank officers were involved in tampering with our LAF. One of the officers inflated our...
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From a terrified Member of BFCSA.  He asks: please tell all Politicians............................what is going on with these banks Dear Denise I am having a fight with Liberty Financial the NON NO ethics BANK because they roped me in a toxic Low Doc in 2008 at my age (then 63) then after continual pleads to reduce my interest rate down, they reduced to a very high 10.5% but now  I am at the age of 68 and out of work, on a pension the investment property suggested to me, is well short of the payout and they are threatening to take my house away. Are all these Bankers a bunch of crooks that have no real humane values?   I have never ever defaulted any of my loans before but now unemployed on a pension and have these massive toxic loans. I am even considering taking my own life as I am a...
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Comment: Amazing that CBA engineered faulty financial products started with David Murray and Joe Hockey appointed him to Roots and Branch Inquiry backs by Sen. Bushby!!.  Then he passed on to R$alph Norris - another $10 million........................Music stopped and narve left without a chair or a prayer.  CBA loyal customers reduced from retirees to pensioners overnight - same with Macquarie - . http://www.crikey.com.au/2005/09/16/david-murrays-cascade-of-cash/?wpmp_switcher=mobile David Murray’s cascade of cash Glenn Dyer writes:| Sep 16, 2005   The media went through the motions looking at the final payments to David Murray, the long time CEO of the Commonwealth Bank who retires next week.  Murray will leave the CBA with cash, shares, super and other payments, plus owning shares he’s accumulated in recent years. The value of all this (some of which will flow in over the next four years) will be around $58 million................., You have to look through the CBA annual report carefully to find the details of his pay but they are found...
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 Comment: Robert we have all been taken for a ride..............................Yes serious questions need to be asked as to why our banks are running financial planning scams and Elite Bankers being creators and engineers of the faulty products?  Any other Manufacturer would be told to recall the products and refunds applied immediately................................ This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.businessspectator.com.au/article/2014/7/4/financial-services/cba-scandal-wake-call-all-banks A CBA scandal wake-up call to all banks Robert Gottliebsen 4 Jul, 2014 The Commonwealth Bank’s financial planning debacle is far more profound than a simple unrecognised management mistake, albeit a huge one. It raises the question as to whether Australian banks have the culture to successfully pursue financial planning alongside their banking business.  More seriously, the challenges looming for banking underline the dangers of this diversion.  On governance issues it shows that the elaborate government systems that all banks have inserted into their board practices are probably flawed.  Let’s start with the governance question first. My friends who...
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