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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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John Williams: Regulator 'gun-shy' on bank failings

Posted by on in Political Blindness
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NATIONALS senator John Williams has called for a royal commission into the banking sector following evidence of widespread improper lending practices during the last property boom and subsequent regulatory inaction.

Senator Williams, appearing yesterday before a Senate committee into banking, attacked the corporate regulator as "gun-shy" amid claims that thousands of vulnerable people were stung by so-called low-doc loans before the global financial crisis.

"If only 10 per cent of what comes in to my office is true . . . we have a problem and we should have a royal commission," Senator Williams told the inquiry.

His comments followed claims by Denise Brailey, of the Banking and Finance Consumer Support Association, that abuse of low-documentation loans was widespread during the the property boom and regulators had done very little to hold those responsible to account.

Ms Brailey said her organisation had uncovered documentary evidence that many mortgage brokers or others in the lending chain had falsified income details and other information to get loans approved in the heated pre-financial crisis property market.

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  • doyla66
    doyla66 Saturday, 11 August 2012

    Fantstic!!!!! To the other Senators PLEASE listern to our pleas and support a Royal Commission

  • doyla66
    doyla66 Saturday, 11 August 2012

    Would they have to include the Royal Commission in the next budget or the one after?
    Is it something that is voted on in the Senate or the House of Reps?
    Can they do one at short notice?
    It's sounding a bit like they're expecting it soon.
    The Senate Inquiry had to be passed by the Senate Estimates Committee.
    I think we need to push for the Royal Commission and the funding for BFCSA/CPA unit.
    As the publicity spreads about the loans frauds, banking malpractice, etc it is likely that there will be considerably more victims requiring assistance.
    So there are two parts to the problem:

  • investigation and prevention of future similar problems
  • cleaning up the messes created by the past and present systems
  • The funding for the CPA unit could end up being cheaper than a Royal Commission.
    e.g. the Cole Royal Commission into the Building and Construction Industry in 2003 cost $60 million. The original budget allocation was $7 million.

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