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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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Commonwealth Bank busted by Four Corners and Adele Ferguson. Victims yell 'at last' the truth is oozing out!

Posted by on in ROYAL COMMISSION URGENT
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If every BFCSA Member was sitting in a single auditorium tonight, watching FOUR CORNERS, a roar and thundering applause would be heard from all those who have suffered at the hands of the FOUR MAJOR BANKS.  Tonight was one peak at fraud, forgery, misleading & deceptive conduct, shredding documentation, cover-ups and lies at the hands of executives and lawyers at the Commonwealth Bank of Australia.  Yes on the surface it appears to be a "Rogue Planner," who was well paid for his silence.   Yet decent Planners have been speaking out that over 100 Planners in the same bank were all doing the same things, under instructions from CBA, driven by huge commissions paid by greedy bankers, with some of these banks recording $8 billion in profits per year and more.  Shareholders have no idea of the risk exposure they are under right now.

Industry bods have been at pains to say in articles of late: "shhh, be careful as it could bring down the bank....."  The BIG issue Adele has uncovered is not about a couple of victims, not about their pain and suffering, not about one planner or half a dozen mates....the issue shown on Four Corners tonight goes to the very heart about what our members have been saying since 2001 (some as RECA members):  We need a Royal Commission into our Banks and the two twin peaks model of regulation and of course a special probe into our useless banking regulators.

The major problem is this:  All banks/lenders are doing the same thing....we have amassed the proof and need a Royal Commissioner that can be trusted to take this issue seriously.  Senator Mark Bishop understands exactly what this is all about..........................Quotas and Commissions.   Had the Planner in question not signed up one of the victims, her would have needed to chose another to meet the Bank Induced QUOTAS: $10 million per month per planner.

Now its time for all our readers and members to write to Four Corners and tell them why the evidence shows we need a Royal Commission into the Banks.....................to show why self regulation for banks is criminal neglect of the banking system and why the victims of bad banking behaviour need to be compensated.  The issues raised tonight are endemic problems in all four Major Banks and plenty of other lenders that make up the rest of 15% market share in the bank created "wealth creation" industry.  The four Majors have captured 85% of the mortgage market and we do not demand to open up the vaults and scrutinise what these Bank Robbers have been up to?  We trust them?  Are you kidding me?

Westpac should be next to expose them to the same in depth investigative journalism we have come to expect from a wonderful shows such as ABC Four Corners.....well done to Adele and all those who took on this challenge.

Adele Ferguson hit the nail on the head with this episode of Four Corners!  Yes of course its the banks the banks.  Even Jeff Morris agreed the culture was a cultural bank problem all the way to the top.  Now there should be a similar program on Westpac, and then ANZ and then the Nabbers at NAB!!!  Our banks are making money for shareholders, but its really about greed and making money for the Bank Robber Banker executives.  What a mess when Senator Bishop had to use Parliament to whack the lawyer for CBA over the inappropriate use of the word "inappropriate" to describe CBA's internal criminal behaviour in fudging documents after the signatures have been obtained, of fraud and forgery, of misleading and deceptive conduct.  The CBA lawyer was even lying to Parliament..........as per his pathetic attempt to excuse the criminal activity of his employer....the Commonwealth Bank of Australia.  CBA claims it has a fraud department under “self regulation” obligations.  What CBA does not tell the public is it employed only 1.5 persons to look into its bulging customer complaints files (7000).

I wrote to the Prime Minister in 1999: "How is ripping off senior citizens and allowing villains to reduce their retirement funds to ashes good for our economy? Those who scrimped and saved to never be a burden on society, now have to face queues at Centrelink. How is that good for the economy?" I received the usual reply: "Thank you Ms Brailey for your continued interest in these matters." Now 15 years later, we not only have a few thousand villains but we have the four major banks as the ring masters. Bankers have become the Bank Robbers.  Now where have I placed those letters?  

Bring on the ROYAL COMMISSION into the Australian Banking System.  Fraud and Forgery needs to be exposed, not covered-up.

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  • doyla66
    doyla66 Monday, 05 May 2014

    How very interesting knowing both CBA and ASIC refused to take part in the story. Another huge admission of guilt of course re what the CBA CAN do AND do along with all their equally evil Gestapo mates and further proof of who have been protecting them. The insurance story took me right back to what I had to deal with after my husband died unexpectedly for evil breeds in all high places regardless of what authority or what industry and they all play the same evil game and string you along knowing full well they wear the majority right down and out to their own advantage. How very creepy having it revealed how they train staff to set up customers before snaring them hook line and sinker right into the mire with the golden carrot of bonuses! What exemptions have been provided in stealth this time I wonder on noticing Gail Kelly on the news earlier with a huge grin on her face announcing the latest Westpac impressive profits from book cooking and the big giggle when asked about interest rates before saying at some stage they will need to rise! All so very predictable, raise interest rates when it suits to lure the overseas money in to keep the housing and credit bubble from exploding in their faces while more hapless Australians are disadvantaged and turfed out of their homes, off their land and out of jobs. As the heat continues to turn up and more and more truths are revealed by brave reporters and brave whistleblowers ASIC might need to resort to a last ditch effort and classify all of them as the great white sharks they really are to give them protection under some obscure marine or environmental law as an endangered species. In case anybody missed it here is the 4 corners link

    http://iview.abc.net.au/programs/four-corners?WT.srch=1&WT.mc_id=Corp_TV-iview|iviewAdwords_AdWords_:abc%204%20corners_p_g_46599086959_&gclid=COqZguTklL4CFVgmvQodIzwALA

  • doyla66
    doyla66 Monday, 05 May 2014

    Banksters, politicians and regulator all exposed for collusion and failings.

    Today I witnessed why all our cries for help to our elected leaders since 2007 have failed. We would of been better served to make a donation thus ensuring getting a politicians ear, the higher the donation the higher the politician.There are exceptions to this of course like some of the Senators and a senior Liberal had the hide to brand Senator Williams as a disruptive element because of the cases like ours he takes on. The banksters, big business and the unions have long been the bedfellows of politicians but NOW all politicians are scared because of ICAC revelations in N.S.W and the public outcry about the banksters and big business buying meetings with politicians.
    Hopefully now the pollies will pick up their game, the Four Corners exposure will make the banksters and ASIC more accountable so maybe 2014 might be our year. One last note, our close friend is a Westpac teller and they were told by management to discourage cash transactions at the counter she now has to take elderly customers out front to the ATM and show them how to use it by order of management. What used to be a large building in our town with well in excess of thirty bank staff is now reduced to a leased supermarket space with a manager and three tellers, this is forsaking community values in the name of greed, enjoy your bonus Gail Kelly you have destroyed our trust and confidence to get it.

  • doyla66
    doyla66 Tuesday, 06 May 2014

    Business as usual: CommBank dismissive arrogance - it's all about the money and winning. Stuff the clients!

    CommBank say they've cleaned up their act re rogue financial planners. Who believes it? CommBank were defending their concept of "inappropriate" only weeks ago. What they think is "rogue" is probably very different to the standards of mainstream Australian culture. Fact remains they're still angling to fish out every possible financial planning client and send them off in the direction that will make the Bank the most money. Nothing has really changed and if FoFA is watered down it will get worse and more dangerous for consumers.
    What disgusted me was the effort by CommBank to brush off there investment clients with pathetic payouts. So insulting! Dealing with CommBank like that is being jerked from hope to extreme disappointment to anger to rage and eventually despair as CommBank are so indifferent to human suffering and have zero concern for the wellbeing of their clients.
    4 Corners did a good job. The only downside is that it features individual cases. What Australia and especially our politicians need to see is a volume of cases, many different faces and families, multiple stories of financial nightmares, all large as life and very in their faces. Otherwise we get the tripe "that's just an isolated case" which is so annoying. I feel like saying "So what? This is MY case and MY life and MY family paid dearly for a total lack of regulatory responsibility which is completely incredible to everyone we know! We never asked to be dropped into the sewer of financial crime or treated like criminals!"
    Maybe the solution is to make a documentary film with many different stories involving the Banks and Lenders, with sufficient depth and continuity that viewers may relate to different borrower and investor stories and situations and care about the outcomes at the end.

  • doyla66
    doyla66 Wednesday, 07 May 2014

    COn BAnk Troubles

    I remember I signed up for a con Bank Credit card due to a promotion.
    I never got the $50 promised as a reward.
    They cleverly avoided payment stating that I had not fulfilled a condition.
    I had also asked the bank not to pay for a magazine subscription when the magazines did not arrive.
    However the Bank still payed the same and issued me with a Bill despite my instructions not to pay for the items since they had not arrived as promised.
    I had to pay the Bank back as my credit rating would have been affected had I not cancelled their ominous Credit Card.
    Yes we here these stories over and again - nice nifty way to steal a few more dollars, then threaten the credit rating. Nice one CBA

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