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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: Lloyds forced to pay up $370 million re LIBOR

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http://www.businessspectator.com.au/news/2014/7/28/financial-services/lloyds-pay-us370m-libor-fine

Lloyds to pay $US370m Libor fine

28 Jul, 10:47 PM

US and UK authorities on Monday imposed roughly $370 million of fines on Lloyds Banking Group PLC for attempting to rig benchmark interest rates.

The British bank becomes the seventh financial institution to strike a deal with US and UK authorities who are conducting a long running probe into allegations of widespread attempts to manipulate the London interbank offered rate, or Libor, and other widely used interest-rate benchmarks.

The US Justice Department, the Commodity Futures Trading Commission and the UK's Financial Conduct Authority said that employees of Lloyds, which is 25 per cent owned by the British government, tried to manipulate benchmark rates to benefit the bank's financial position.

Lloyds said in a statement: "The group condemns the actions of the individuals responsible for the conduct in question, which it regards as totally unacceptable and unrepresentative of the cultural changes that the group has implemented."

The bank's executives have long argued that their involvement in rate rigging was relatively minor compared other British lenders. Barclays PLC, which was the first bank to settle a rate-rigging probe in 2012, paid £290 million in fines. In 2013, Royal Bank of Scotland Group PLC paid £390 million to settle similar allegations. Both banks admitted wrongdoing.

Lloyds's misconduct took place before the existing Lloyds management team took over in 2011. Nevertheless, the fine is a setback to the bank's attempt to rehabilitate its reputation after taxpayer bailouts in 2008 and 2009.

 

Lloyds is considering clawing back the pay of former executives who were involved in the attempted rate manipulation, according to one person familiar with the matter.

 

 

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