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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: Lenders 'acting as God' warns Broker

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Lenders 'acting as God' but nothing can be done, broker warns


by Calida Smylie | 28 Apr 2014
 
A broker who had his accreditation cancelled by a major bank which refused to give any reason is warning other brokers about their vulnerability in the hands of lenders.

The Melbourne broker – who did not want to be named for fear of reprisals from his aggregator and future lenders – received a letter from the bank last week saying his accreditation had been cancelled. The bank declined to give a reason.

When the broker contacted his aggregator, they also gave no reason for the cancellation, only indicating it was due to his association with someone else.

The broker believes it may be connected with an investigation into his ex-wife’s business, but says this has nothing to do with him and it is unfair he has become guilty by association.

The broker is now trying to get his affairs in order – having to deal with lost trail, refinancing current clients, and finding other lenders to take him on while this is hanging over him.

“The broker loses the relationship with the lender and he loses the income stream and clientele that’s been locked up with the lender. The only option available to the broker is to refinance the clients from the lender, and if he has to refinance within the 12 months, basically he has clawbacks against him as well, so the broker has to wait 12 months before he can refinance the clients,” the broker lamented.

Because there was no clause in the contract which put onus on the lender to give reason for cancelling accreditation, his aggregator reportedly told him the only option to find out why he was discredited is to get a court subpoena.

“The impost is on the broker – the small guy – and the big guys say to go down the legal route. So if you want to find out information about yourself, you have to spend money to get that information. This should not be the case; it should be a very simple process where the contract should have a remedy in case the decision has been made incorrectly,” he said.

The broker said he will have to judge whether it is economically viable to take it to the legal system. “At the end of the day I’m dealing with a bank and an aggregator who can throw as much money as they want at it.”

He contacted MFAA for help, who reportedly told him they had heard of other cases where this had happened but said there is nothing they can do as it is a contractual relationship.


Meanwhile, the broker is facing an uphill battle to clear his name. He believes a mediation process with the broker, aggregator, lender and professional association representatives would be a useful step in the process.

“The banks are acting as God and making the call but nothing can be done about it. They don’t have to be responsible for their decision, they don’t think about the impact it has on the broker,” he said.

“You’ve got the government acting on the consumers’ behalf, but there needs to be something done to protect the brokers too… All I want is to get my name cleared.”


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  • doyla66
    doyla66 Monday, 28 April 2014

    Welcome to the Real World Brother. Dog eat dog out there in the jungle of finance. Don't stick your head up to far or you will get it shot off. Banksters are ruthless remember. You are nothing to them. Just use you up and spit you out. I hope you get the picture although I may be being a bit melodramatic. You have got to have a whacky or eccentric sense of humour to hang in there these days. I have so many knives in my back I look like a U Bolt. Sounds like you are just starting. Hang up your hat bro and head in a different direction.

  • doyla66
    doyla66 Monday, 28 April 2014

    Boot the Bank Bullies out of this Country - where is the government on Bankster Bullying?

    Good luck to the broker - he's getting a taste of what a Bank can do to a borrower when they want to destroy that person's life, because just stealing their home isn't enough. They spread rumours, ensure that the borrower is treated like a leper. It takes guts to stand up to those power bullies and risk winning the battle but losing the war. Not everyone supports a borrower that takes on a Bank.
    You're right again, Nanna. Banks think they can get away with the blatant criminal conduct. They will stop at nothing to get what they want. According to the latest reports this even includes lying in affidavits, lying in Writs, lying in Court, getting others to bully and harass borrowers to drive them out of their homes, breaching FOS rules and one well known bank causing chaos for everyone involved by splitting what's owing into two different Banks so one bank has the case at FOS and the other can take legal action against the borrower. FOS must stand up to the Banks who practice this unfair conduct to keep order and credibility in these difficult times. Otherwise we may as well all give up and it will be a free for all with Banks stealing homes and being allowed to get away with it because of their size and power. Anarchy will be the result of these Banks being allowed to get away with their rotten misconduct. Apparently our government doesn't seem to mind if that happens. They also must stand up to these illegal practices. It is the job of government to protect the vulnerable from the big guys. Banks don't need protection! And from what we've heard lately, Banks don't like losing cases at FOS and some seems to be trying to punish borrowers who win. Everyone knows FOS is incredibly busy but they must protect borrowers where necessary.

  • doyla66
    doyla66 Tuesday, 29 April 2014

    Having been through the court system I can vehemently agree with what you say re: the affidavits, etc. The Barristers engaged by the Nab have a unhealthy attitude toward their opponents. I felt that I was treated with total distain throughout the process. I would phone and leave messages only to be ignored. Trying to get the LAF and other documents was like trying to drag teeth out of a tiger. In court I must say that one particular young Solicitor was very helpful although I tipped there was a motive behind his kindness and I was right. One sitting at the court was pretty funny. The Barrister looked like he was going to blow a gasket. His face was so red he looked like a stop light. These guys are professionals and now exactly what to produce and what to say to shoot you down in flames. At times you feel like just yelling out in court "Thats a lie" but you have to hold your tongue until it is your turn.
    The thug in the corridor whilst waiting to enter the court room what pretty tasteless. Just stood there glaring at me for about 10 minutes. He entered the court as well and positioned himself so that every time I turned my head marginally he was visible to me. Of course the Nab would deny every using such devious tactics but I now know I will never believe anything that comes out of the mouths of Nab and its Barristers, Solicitors. To many tricks, to many lies, to much fraud within the Nab organisation.

  • doyla66
    doyla66 Tuesday, 29 April 2014

    Banks,Asic and the government are all in bed together,brokers are the fall guys.
    A perfect opportunity to blame the broker/mortgage manager was presented to Asic,the government and the courts they failed to act,instead they bailed out the bank,with government(taxpayer money),jailed the third party/introducer,and the real culprit,carries on business as usual.
    We are left paying a mortgage that doesn't exist!!!go figure.
    Asic and the government have had the wool pulled over their eyes and are being instructed what to do by the banks,wait and see what happens when the property bubble bursts and the defaults start coming thick and fast,this is all unsustainable IMHO.

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