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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: Aggregators meet to discuss Bank/Planner/Broker issues: Need to provide copies of LAF at point of signing

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The best advice Aggregators could well do with is to convince Lenders to outlaw the use of generic (yet secret) lenders service calculators (one size fits all re tax advantages).  Futuristic Incomes created by lenders are the root problem of sub prime lending.  I hope that crucial issue was on the main agenda in terms of consumer protection issues.  Also the first Aggregator to insist that an 11 page copy of the Loan App Form be given to all consumer applicants at the point of signing to protect the sellers from having documents distorted after the paperwork is sent in to processing.  There should NOT be destruction of that original for seven years.  That should effectively clean up these loan problems as I explained to the Senators in February this year.  

It was FAST Group that channelled all the dubious loans from Money Choice Matt George.  In turn he gathered together 1500 hapless members of The Investors Club (recently named the Property Club) and channelled all those people to the greedy lenders who "approved any bit of paper,"  as long as there was an asset and a pulse.    Matt told me: "I always furnish the bank with a proper pensioner form."   This whilst now NAB exec Stephen Kane was head of FAST group!

Then there was AFG who channelled more people through with loans that ought to have been rejected and boasted the highest number of "deals."  More people for me to assist for free and, FOS and COSL to become wealthier by charging lenders $5000 per person for their nonsense.  Time for change to be forced fed to the industry and why.

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MPA Exclusive: aggregators tell all

by MPA | 15 Aug 2014
MPA managed to get the heads of Australia’s leading aggregators in one room, where they told us their main concerns for the industry.
 
Brokers are at risk of being subsumed into the financial planning industry, warn the leaders of Australia’s main aggregators. The prediction was made at a roundtable, organised by MPA, where aggregators confronted each over both over their approach to aggregation, and themes affecting the entire industry.  The participants were Phil Quin-Conroy of PLAN Australia, Malcolm Watkins of AFG, Brendan Wright of FAST, Tanya Sale of Outsource Financial, Murray Lees of Connective , Tim Brown of Vow Financial and Stephen Moore of Choice.

Financial planners were looking to include brokers as part of their business, it was suggested, in order to service existing clients. As Connective boss Lees explained: “What is really interesting is that of the people who have got industry experience, the planners and the accountants are looking to effectively buy a broker a lot of the time - they are not very often looking to become a broker themselves. I think it is something we should all be careful of in the industry; that we don’t end up becoming a subset of financial planning because that is a possible trend that could occur.”

Another concern raised was that further consolidation in the industry – particularly bank ownership – risked creating conflicts of interest, particularly bank white label distribution. Other issues discussed ranged from training to technology and CRM.

You can read the full Aggregator Roundtable in MPA 14.9, hitting desks next week, and videos will also be available on the MPA website. And if you haven’t taken MPA’s poll on turning away clients, please do so now – it closes on Monday!
 
http://www.mpamagazine.com.au/sections/business-strategy/mpa-exclusive-aggregators-tell-all-190822.aspx
 

 

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Comments

  • PreySOS
    PreySOS Tuesday, 19 August 2014

    Bank refused to provide me the completed LAF

    I even signed zero income as told to in Bank provided Financial Position Statement in my LAF when I apply for refinance from ANZ. They never give me the copy of signed financial position statement despite I repeated over three times request ANZ to do so.

    No doubt that the Bank is hiding their fraud behaviours.

    Reply Cancel
  • PreySOS
    PreySOS Tuesday, 19 August 2014

    I strongly petition government to investigate lenders' fraud

    I strongly petition government to investigate lenders' fraud.

    Disclose the banks' dirty trick under the sun to public with media question why refusing to disclose the completed LAF

    Reply Cancel
  • setup
    setup Tuesday, 19 August 2014

    Yes Jiang, it's all a game of lies, deceit, secrecy and hidden agendas with the ultimate intention to unlawfully steal everything we have worked for all of our lives. This is corruption of the highest level with everyone involved in the scandal recieving a piece of the pie.
    But their secret plot has now been busted open by Denise and BFCSA. Even mainstream media are becoming more receptive and now are willing to expose the real truth. This is something they wouldn't do previously so we are making headway.

    Reply Cancel
  • Duped
    Duped Tuesday, 19 August 2014

    Duped

    Main stream media have finally woken up and now realise that banks and lenders have used forgery and fraud to trick unsuspecting borrowers into their traps. This is all banks and lenders, a huge scam on the population of Australia with the governments and regulators refusing to acknowledge for personal or business reasons but little by little they are being forced to say that there is a problem. FOS and COSL are not immune either with the microscope on them and their decisions on cases.

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