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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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Consumers of Banking: No Thumbs Up for RBA and Australian Government

Posted by on in Political Blindness
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Still waiting to recover fire in the belly

 

Westpac chief economist Bill Evans says talk of interest rates rising may be spooking consumers. Source: Herald Sun

 

JUST when we thought we had an improving economy, consumers have failed to give the work of the Reserve Bank and the Gillard government the thumbs up.

Ironically, the news of a 2.5 per cent fall in the Westpac consumer confidence index to a disappointing 96.6 in August coincides with a rise in the NAB business confidence index to 3.9 in July, from -2.9 in June.

It is the first rise in business confidence in three months.

The great entrepreneur and business builder Gerry Harvey is bewildered about how tough conditions are right now. The NAB business conditions index fell to -3.5 in July from -1.1 a month earlier, which would seem to support Harvey's gut feeling.

Coincidentally, the fall in the consumer sentiment index could be telling us that interest rates have further to fall even though Reserve Bank governor Glenn Stevens has implied that rate cuts are over for now.

Westpac chief economist Bill Evans says talk that rates are more likely to rise than fall may be spooking consumers.

 

Read on ....http://www.theaustralian.com.au/business/opinion/still-waiting-to-recover-fire-in-the-belly/story-e6frg9if-1226452910850

 

Comment:

BFCSA members and followers would say it's not just the interest rates that have people spooked.

It's the lack of confidence that consumers have in the RBA to deal properly with it's own internal corruption and fraud issues and the failure of the government funded regulators like ASIC to take appropriate, timely and effective action against bank crime, fraud, corruption and to provide hands on assistance to individual consumers hurt by bank fraud and other crime - or outsource the work to the expert consumer advocacy and support of the BFCSA without delay.

The Government must force ASIC, APRA and the RBA to pick up their game and do the work that Australian consumers expect for their taxes.

All must give their support for the long overdue ROYAL COMMISSION INTO BANKING AND OTHER WHITE COLLAR CRIME or be seen to side with those who perpetrate and cover up crime.

 

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Guest Tuesday, 29 September 2020