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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: A BAN is no deterrent for BIG BANK Fraud and Forgery. Michael West SMH

Posted by on in ROYAL COMMISSION URGENT
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Anybody up for a spot of fraud? How about some forgery for good measure? Doctoring the odd file perhaps?  14 April 2014 SMH  http://m.smh.com.au/business/a-ban-is-no-deterrent-for-bad-behaviour-20140411-36ih9.html

 

That's the ticket. Be a hero among your peers. Beam with delight as you win cash bonuses and the prized Sales Legend of the Month Award for flogging the most high-fee product to unwitting retirees. Don't worry, you won't be prosecuted. There is one rule, though, you have to work for a big bank. No point being a 16-year-old schoolgirl trying to pull off an April Fools' prank.

You should be warned there is a chance that you may get a ban. A lot has to go wrong though. First, there would need to be a stubborn bunch of whistleblowers prepared to sacrifice their careers, do the wrong thing and dob you in. Even then the odds are stacked in your favour. When the whistleblowers go to the authorities, you can count on the authorities to vacillate at worst or duck for cover at best.

All right, there was evidence before the Senate inquiry this week that the authorities did do something in the case of Commonwealth Bank. But that took 3½ years.

And that was a ''black swan'' event. It is not merely enough for those goodie-two-shoes types to tattle to the authorities. They have to go to the media, too, to ensure there is enough noise to wake the authorities from their repose.

So the whistleblowers will need to find a journalist somewhere, someone keen to duel with the bank's PR people and lawyers. Then the editors in the media organisation will have to risk losing advertising - a big ask in the current environment - not to mention combat the defamation menace from the cuff-linked pettifoggers.

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  • doyla66
    doyla66 Tuesday, 29 April 2014

    Duped

    Michael West is about the only media indentity who has the guts and will power to tell Australian citisens how bad and corrupt the banking system is in using fraud and forgery to screw the lives of every borrower who takes on a mortgage with them especially when using a low doc mortgage. Well done Michael. All the others will gradually come on board as this crime is opened up to the public.

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Guest Thursday, 14 November 2019