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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 WARNS: CommBank trying to take control and use Judge Ian Callinan in Panel of Bank's choosing!

Posted by on in ROYAL COMMISSION URGENT
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WE NEED A ROYAL COMMISSION into ALL Major BANKS run by retired High Court Judge, not a panel set up by CBA!!!!!!  Do we need any further proof of how evil this banking system is?  Judge Callinan, I hope, will have the sense and value his own integrity and say NO to CBA's nefarious attempts at perverting the course of justice!  Judge Callinan is in dire danger of being smeared with same greasy brush as David Murray!  However, this move shows that consumers are on the right track regarding the power being wielded by dishonest Bankers in Australia.  Why would Ian Callinan trust Ian Narev?   Its a SET UP by the CBA.  Of course it is.  

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http://www.theaustralian.com.au/business/financial-services/ian-callinan-to-head-commonwealth-bank-compensation-review/story-fn91wd6x-1226985548887

 

RETIRED High Court judge Ian Callinan will chair a review set up by the Commonwealth Bank to deal with the scandal surrounding its financial advisers.

AAP  July 11, 2014

 

The Commonwealth Bank last week apologised to more than 1100 customers for their loss of savings after receiving advice from CBA financial advisers.

The review will hear appeals by customers dissatisfied with compensation offered by the bank.

The bank will offer a free assessment to customers who received advice from Commonwealth Financial Planning and Financial Wisdom between September 2003 and July 2012.

If it’s found customers received poor advice, an “independent customer advocate” funded by CBA will make an offer of compensation.

Disputes over compensation offered will be handled by the panel to be headed by Mr Callinan, whose appointment is effective immediately.

“The Independent Review Panel forms a key part of the Open Advice Review program, which is designed to deliver efficient, fair and consistent outcomes for any customers of Commonwealth Financial Planning and Financial Wisdom who may have received poor financial advice between September 2003 and July 2012,” the bank said in a statement.

Mr Callinan’s initial priority will be to advise bank chief executive Ian Narev to ensure the review “fulfils its primary objective of supporting affected customers and guaranteeing an independent review of their cases”.

“Mr Callinan will also have input on appointments of other senior experts to the Independent Review Panel, who will be suitably qualified and equally independent people,” the bank said. “Mr Callinan will then chair the panel as it considers any unresolved customer cases through the duration of the program.”

Labor has called for a royal commission into the CBA’s misconduct.

http://www.hcourt.gov.au/justices/former-justices/former-justices/ian-david-francis-callinan-qc

 

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Guest Monday, 13 July 2020