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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: Bankster Morons want more transparency? Then show us your Service Calculators!

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THIS IS SO FUNNY: The Banksters want Government to think they are looking after Consumer Interests!!!!  Oh Pallleeeeeeeeese!

ENOUGH IS ENOUGH.  Back Off.  You have been Anti Consumers for two decades.  You have been riding high on Wealth by Stealth programs and its time you were all prosecuted.  No-one trusts you any more.  Market Confidence is waning.  You only wanted to "look after" consumers with one agenda........one purpose in mind: steal their homes and mire them in debt.  Banksters are incapable of telling the truth....there 's no money in truth.

Wait until your staffers work out you have been setting up credit assessors and BDMs for Jail Time as YOUR Prize Scapegoats.

Bank to government: Deliver on banking competition promises

By Mackenzie McCarty | 12/12/2012 7:00:00 AM |


 
In a letter to the Treasurer and Chairs of APRA, ASIC and the ACCC yesterday, Bankmecu called for the federal government to deliver on its promise to increase competition and choice in banking for Australian consumers.

The letter, endorsed by several CEOs of Australian mutuals, raises the need for greater transparency when it comes to the multi-brand strategies being pursued by the country’s major banks.

Bankmecu’s managing director, Damien Walsh, says there’s growing concern that the major banks are creating a “veneer” of competition through their various sub-brands and says consumers should expect greater disclosure of the facts.

“What many consumers don’t know is that if they have deposits adding up to more than $250,000 spread across a bank and its various sub-brands - for example with Westpac, St George, Bank of Melbourne, BankSA and RAMS – they are only protected up to the $250,000 limit.”

The current Financial Claim Scheme protects deposits of up to $250,000 per customer per Authorised Deposit Taking Institution – wholly owned sub-brands which are not separate banking institutions.

Walsh says the government’s on-going $250,000 deposit guarantee continues to be an invaluable measure which has strengthened consumer confidence in the country’s financial institutions.

“However there is no evidence that the details of how this deposit protection applies across bank sub-brands is being disclosed to consumers by the relevant banks, nor is the information readily available on consumer or regulator’s websites.”

Walsh says a survey conducted by Bankmecu last week showed one in four people thought deposits over $250,000 held in banking sub-brands would be guaranteed.

“Nearly 50% didn’t know.”

The letter to the Treasurer follows a Senate Committee report released last week, which suggested that competition in the banking sector had been unduly eroded in the name of stability following the GFC and called for an independent inquiry into the banking sector.

“We have also asked the Treasurer to require banks to prominently disclose ownership of their wholly owned subsidiary sub-brands in all advertising.”

Walsh says the government has already set a precedent for helping consumers make informed decisions by requiring financial institutions to publish comparison interest rates alongside the offered rate on loans.

“These are two simple steps the government can take to deliver on its promise to ensure that there is greater competition in the Australian banking market by helping consumers to make informed decisions about their banking.”

 

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  • doyla66
    doyla66 Wednesday, 12 December 2012

    Follow the money

    Keep people in the dark, feed them S*** and then blame them for being ignorant, uninformed, unloved and unwashed. WOW! Modern Australian consumer protection at it's best. "Nothing to see here folks, Move along"

    As any investigator knows in corporate crime... "Follow the money and you'll find the perpetrators". If the home owner is in default and they are being foreclosed upon and evicted, it is OBVIOUS they don;t have the money. So who has? Follow the money and you have the criminals :-) Crime Busters 101

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Guest Thursday, 26 November 2020