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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: UK TO JAIL RECKLESS BANKERS? Why is Australia letting Bankers off the hook?

Posted by on in Corruption Exposed
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UK Lawmakers Call For 'Reckless' Bankers to Face Jail


Published: Wednesday, 19 Jun 2013 | 1:43 AM ET

Britain should introduce laws making it possible to jail "reckless" bankers and claw back past bonus and pension

awards, an influential panel of lawmakers said on Wednesday.

The Parliamentary Commission on Banking Standards, set up by the government last year after Barclays was fined

over the manipulation of global interest rate benchmarks, said deep lapses in standards had been commonplace and recent scandals had exposed "shocking and widespread malpractice".

 "Taxpayers and customers have lost out. The economy has suffered. The reputation of the financial sector has been

gravely damaged. Trust in banking has fallen to a new low," the commission's chairman Andrew Tyrie said in a 500-

page report.


The cross-party group, which includes former British finance minister Nigel Lawson and Justin Welby, head of the Anglican church, recommended senior bankers are held personally responsible and regulators granted greater powers.

(Read More: UK Bank Chief Asks to Be Stripped of Knighthood )


The commission is recommending a new criminal offence of "reckless misconduct in the management of a bank" which would carry a jail sentence for the most serious cases.


"Senior bankers who seriously damage their banks or put taxpayers' money at risk can expect to be fined, banned from the industry, or, in the worst cases, go to jail," said Tyrie.


The commission recommended the industry's 'approved persons' regime be scrapped and replaced with two new registers - one for senior bankers and one for other bank employees. It said the new system would ensure the most important responsibilities within banks were assigned to specific individuals.


The 'Senior Persons Regime' would enable those responsible for failures to be identified more easily and provide a stronger basis for action to be taken against them, the report said.  On pay, the commission recommended that the industry adopt a new remuneration code to better balance risk and reward with more pay deferred over longer periods of time.


The regulator would be granted a new power enabling it to cancel all bonuses and pension rights not yet paid out to senior executives in the event of their banks needing taxpayer support.


There was a political outcry when Fred Goodwin, the former chief executive of Royal Bank of Scotland left the bank after it was rescued by the government with a 703,000-pound annual pension, worth almost 17 million pounds. He later agreed to take a 2.7 million-pound lump sum and 342,500 pounds a year.


(Read More: EU Moves Closer to Imposing Caps on Banker Bonuses )


Britain's finance ministry welcomed the recommendations and said it would make a formal response in the next month.

"Where legislation is needed we have said we will support it and the banking bill currently before parliament can be amended to ensure they are quickly enacted," it said.


The Financial Conduct Authority, the new financial services industry regulator, said it was "learning from the regulatory mistakes of the past", having taken over the regulation of UK banks in April.


RBS Break-Up?


The commission also urged the government to immediately consider a range of strategies for what it should do with Royal Bank of Scotland (RBS), which has been 81 percent state-owned since its bail-out in 2008, including a possible break-up.

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  • doyla66
    doyla66 Thursday, 20 June 2013

    Why the punishment must fit the crime - for all our Australian sakes'

    Why, indeed, Denise?
    If Australia follows on track with public sentiment and overseas trends there will be bank staff and senior execs going of for a stretch at Her Majesty's pleasure.
    It is important for these punishments to be delivered as a suitable deterrent to criminal conduct by others aspiring to get rich quick schemes at the expense of others.
    A light symbolic sentence is not going to work. 30 years with a 7 year non-parole sentence for repeat offenders, life ban from financial practice, names on an international register could do much to restore public confidence in our governments and our law enforcement agencies.
    A perpetrator of fraud cannot be seen to or actually benefit from the fraud. This must be adhered to strictly. As we know it is not being applied correctly yet through EDRs or ASIC, to the best of my knowledge. The edges of justice have been blurred by "policy" and the politics of favours, perhaps as a salve to encourage Banks to participate in FOS and stop hurting borrowers? Why? It's our Law. So no more babying and pandering to Australian Banks - or their lawyers.
    After such a long period of neglect and betrayal, the Australian people need the balance of suitable retribution against those who caused and permitted so much suffering as well as direct and actual compensation for their individual cases. Without this there can be no closure, too many victims left wounded by the deed and the process of EDR. Thus the suffering and healing process cannot be effective.
    We have no choice - the bankers must face judgement and jail and other forms of appropriate censure, fining and punishment. Community service probably won't cut it for the majority of Australians. Too much hurt, too long, too many casualties and widespread affront at the offensive flaunting of CEO salaries, perks and profit. The Banks did it to themselves.

  • doyla66
    doyla66 Thursday, 20 June 2013

    Crime of the Century -- Bank$ters Inc

    Lisa, law-makers must apply commensurate custodial sentences upon any would be "home-thief" no less than a "bank-thief" & they are both ironically, re this Crime of the Century, so sentence (x) by squared. ie: bank-robber 5yrs -- bank$ter home-robber baron = 25yrs?

  • doyla66
    doyla66 Thursday, 20 June 2013

    Yes, Andy. I was wondering how they figured it out. Looking at the broker case there was a fine x number of counts plus jail.
    I thought 30 years for the length of time the loan should have been calculated to last. Then 7 years for the maximum number of years that the loan could possibly last before implosion.
    Using your approach there would be jails with a lot of white collar former bank personnel detained at HM's. Better find them something useful to do there and stop them teaching the bank robbers how to do more sophisticated crime and offset the risk.
    I think you're onto something there - why should white collar criminals get less than blue collar or no collar? Pick a number and then multiply it by number of fraud loan counts ... 200 years? They use this approach in the US - e.g. multiple life sentences. Prison must be quite a large industry over there.

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