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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: Super Funds: the new shadow banks? Scary territory UK expert warns Australia

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Our super will be managed the same way as the banks have been managing their "affairs."  Self regulation allows CONTROL FRAUDS to develop and can gravely harm our economy.  No-one is policing the corporate police.   Is anyone concerned about super safety?   This email address is being protected from spambots. You need JavaScript enabled to view it.


Are super funds the new shadow banks?

Friday 18 July 2014


Superannuation funds are increasingly behaving like shadow banks and should be regulated as such, an economist and pension expert from the UK has warned.  Dr Bernard Casey of Warwick University said stricter global capital requirements are seeing new organisations such as pension funds providing the capital traditionally provided by banks.

"A bank is well known for taking in money short-term and lending it out on long-term. And you can only survive as a bank if you know how to do this properly," he told Financial Standard.

"But if you think about things that are taking in money short and lending it long - this is what these superannuation funds are doing, because they're putting it into long-term projects, and you can take your money every 30 days at no cost on what valuation?

"Shadow banks are notorious shape shifters. And I'm not quite sure that superannuation funds are not the new shadow banks. If a thing walks like a duck, and quacks like a duck then it probably is a duck, and we ought to keep our eyes on it."

Casey said superannuation funds should exercise "extreme caution" when considering infrastructure investments, as they are "highly illiquid" - which is a danger when superannuants have the right to withdraw their funds every 30 days. Consumer inertia is not enough of a guarantee that they will stay put, he said.  He also questioned the competence of trustees to make appropriate investment decisions.

"Superannuation trustees are not very competent - particularly industry funds. So they're reliant on professional advisers, but professional advisers also have other hats on. They advise you to do something, and then you ask, well how do I do it? And they say, 'Well, it's frightfully convenient because I also happen to run/have close links to an asset management fund as well."

He pointed out that at an infrastructure conference in Sydney this week organised by the Association of Superannuation Funds of Australia (ASFA) there was a large contingent of fund managers.

"If you actually look at the participants you will see that there were very few super funds present. Of those that were recorded as participants, there were very few who actually arrived. You can draw your own conclusions from that."


He said the answer to these dangers may be a new regulator solely dedicated to regulating superannuation. "APRA is all Australia's got, and it isn't much," he said.

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