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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: Glass Steagall nailed the Banking problem IN 1930: Banks as product manufacturer and distributor creates LIAR LENDING- our great grandfathers knew that one!

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http://www.investordaily.com.au/35647-oligopolistic-big-banks-under-fire

Friday, 06 June 2014

 

A new report has called on the government to curb the “deep vertical integration that has evolved over the last decade in the financial services market”.  Economics consulting firm Macroeconomics prepared the Review of the Major Banks: Control of the Wider Financial Sector report for the Customer Owned Banking Association.  The report reviewed the four major banks’ annual reports between 2004/2005 and 2012/2013 – as well as relevant IBISWorld industry reports.  The report found the big four banks accounted for 34 per cent of total funds management revenue – and when other major players such as Macquarie and AMP were included, the market share was as high as 70 per cent.  When it comes to financial planning, the big four banks and AMP control 49 per cent of total industry revenue, said the report.

The Macroeconomics report argued that a lack of competition in the financial services sector would be likely to lead to a misallocation of private savings – as well as contributing to inefficient investment decisions.  The report proposed a number of steps that could “counter the trend in rising oligopolistic behaviour”.  An initial step … would be to charge ASIC with responsibility for production of a consistent set of annual market share indicators for the six activity areas examined in this report,” said .................

“This would require a set of policies that broadly adopt the kind of approach taken in the enactment of the 1930s United States Glass-Steagall legislation,” said the report.  Such an approach would limit or prohibit the major players from owning or controlling both the product origination and the distribution arms, said the report.  While the report acknowledged there is a trade-off between competition on the one hand and financial system stability on the other, it pointed to the “stifled innovation” of the last decade.

 

 

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