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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Commonwealth Bank compensation bill may run to multi millions DateJune 14, 2014 Read later Adele Ferguson and Ruth Williams   inShare submit to reddit Email article Print Reprints & permissions   EXCLUSIVE Illustration: Simon Bosch Misconduct claims widen in CBA's planning scandal The Commonwealth Bank could be forced to pay hundreds of millions of dollars in additional compensation to customers who claim they were victims of misconduct including fraud and forgery in its financial planning business. A powerful Senate inquiry into the Commonwealth Bank's financial planning scandal is set to hand down a report later this month. Fairfax Media understands that it will call for a broadening of the compensation being offered to thousands of customers. The chairman of the Senate inquiry, Senator Mark Bishop, told Fairfax Media he was not satisfied that adequate compensation had been paid to affected customers of the bank, some of whom lost their life savings...
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http://www.theage.com.au/business/which-bank-is-on-notice-after-asic-probe-into-scandal-20140519-38k5v.html   Which bank is on notice after ASIC probe into scandal?  Business Date May 20, 2014 Adele Ferguson  smh   Commonwealth Bank could face suspension or cancellation of its two financial planning licences if it breaches new conditions imposed on it late last week by the corporate regulator.  In the latest embarrassment for the CBA over the financial planning scandal, ASIC slapped the new conditions on the bank's licences on the basis its compensation process for customers of dodgy CBA planners was inadequate.  Imposing licence conditions rather than entering an enforceable undertaking speaks volumes about how serious ASIC is taking the latest development.  The fact that CBA has agreed to these conditions and waive its right to challenge them at a hearing shows how serious it is taking the regulator on this matter.  The Senate inquiry into ASIC's performance was sparked by ASIC's delayed response to information about a cover-up...
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For the first time in two decades I did not contribute a submission into an INQUIRY.   I refrained from doing so because of the Hockey Roots and Branch Inquiry conflict of interest whereby the ex head of Commonwealth Bank Australia is head of the Inquiry.  What farce this is and YES exactly what happened in America prior to the GFC, is happening here right now in Australia.  The only difference: The people were blissfully unaware that Banks had a political; GREEN LIGHT to carry on as usual....no questions asked.  MURRAY has to resign immediately...anyone watching Four Corners Monday night would have seen why this must happen on so many levels. The Banking Scandal is not about 7 financial planners running amok.  The real issue is the systemic targeting of pensioners with equity in their homes by major banks - a grab for their only asset - their homes.  First Home buyers and low income families are...
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Whistleblower claims the existence of 100 CBA rogue advisers   Monday, 24 March 2014 12:35pm   By Laura Millan  |  In Financial Planning   Former Commonwealth Financial Planning adviser and whistleblower Jeffrey Morris has "no doubt" that a proper investigation by the Australian Securities and Investments Commission (ASIC) would reveal at least 100 current or former rogue CBA advisers. In a submission to the Senate inquiry into the regulator's performance, Morris said that ASIC and CFP's claims that there were only seven rogue planners within the organisation were "simply inconsistent." "ASIC did virtually no investigative work of their own but basically just added what CFP gave them to what the whistleblowers did," Morris said. "I have no doubt that a proper investigation would reveal at least 100 current or former planners of CFP whose clients should be compensated for dodgy and or just plain incompetent, advice." The 39-page document offers a detailed account of...
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  • doyla66
    doyla66 says #
    All ASIC do is provide get out of jail free cards. Do not give a hoot for the plight of consumers or if they do (and I will give
  • doyla66
    doyla66 says #
    Bureaucrats have an interesting way of assisting others in crime and wrongdoing. Mostly they ensure that their own backsides are s
  • doyla66
    doyla66 says #
    ASIC was helping with the fraud they knew was happening within the banking sector, so why would they investigate anything.
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