Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook

facebook3           facebook2 


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.


Articles View Hits

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Financial Planners now see Commonwealth Bank as the Crooks. So do our members

Posted by on in Consumers Fight Back
  • Font size: Larger Smaller
  • Hits: 1871
  • Print

Financial planners put CBA on notice over scandal

Date July 2, 2014 - 3:05PM Adele Ferguson and Ben Butler

The country’s peak body representing financial planners has taken a stand on the Commonwealth Bank, saying it will support a royal commission into the bank unless the bank agrees to form an independent committee to oversee a “full and fair” compensation process to customers affected in the financial planning scandal. In a letter to its members obtained by Fairfax Media, the Financial Planning Association’s chairman Matthew Rowe says: “Like many of you, I am appalled at the damage done to many customers of the Commonwealth Bank financial planning business as well as the actions of some in CBA management.” The letter comes as the financial industry is reeling over the findings of a senate report into the CBA financial planning scandal and ASIC’s performance.

Mr Rowe said there are many CBA planners who have done a great job for their customers and he could “only begin to imagine what it must be like for them at this time". He said FPA members accounted for over half of all financial planners in Australia. In the past five years, its members had received 7 per cent of ASIC sanctions, equivalent to nine FPA members. “A telling statistic is [that] of these 9, we have had 4 members banned whom were engaged by the CBA group. So almost half of our members sanctioned in the last five years have been a part of the CBA.” Mr Rowe said he had called on the bank to set up an independently chaired committee to oversee a compensation process for customers.............

FPA chief executive Mark Rantall laid down the gauntlet to the bank, saying: “Such a move is imperative if the profession stands a chance of restoring trust among consumers. “In the past few weeks we have seen unprecedented events unfold before our eyes. We believe the clients impacted by untrustworthy advice need a voice. The FPA stands with those clients and is calling for a clear plan of action from the CBA to fully compensate all clients and ensure we don’t see a repeat of these appalling events in the future.” The FPA said in a statement that there had been "a great deal of debate about the merits of holding a royal commission into CBA and role of ASIC.....................Read more:


CBA financial planning scandal: Senator David Bushby was missing at crucial hearing


National Political News Date July 2, 2014 Ben Butler, Adele Ferguson

Self-funded retirees left bankrupt after bad advice from Commonwealth Bank financial planner Don Nguyen

7.30 By Sabra Lane  Updated 7 hours 13 minutes ago



Last modified on
Rate this blog entry:


  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Sunday, 25 October 2020