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.
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.
"A Royal Commission into the Australian Banking Sector is our democratic right.
To deny us that right is truly unAustralian."
There are many strong arguments in favour of holding a Royal Commission into Banking with wide terms of reference.
One of the side effect of the Royal Commission is its capacity to bring the issues into every Australian home through the main stream media.
This in turn will generate far greater awareness of the serious anomalies and inherent risks within the Australian Financial Sector.
It may also answer the questions for so many Australians whose lives have been smashed by the deregulated "free market" Australian Financial Sector, directly and indirectly, including the big ones:
Why weren't we told?
How could this be allowed to happen in Australia?
Consumer protection isn't for just for the elderly - it benefits all Australians. We've been badly misled by those entrusted to protect us,...
Has anyone tried to use the new ASIC connect website searches?
As part of my research for bank submissions and other related criminal activities - theirs, not mine - I've been very disappointed with the much touted ASIC connect.
While the old ASIC site was complex and labyrinthine, at least the information was there with relative ease and accuracy, once you had bookmarked the sites you needed for future reference.
A search for one company, which I understood had closed, alternated between no such company and having the company appear as usual. I was unable to determine what the status of the company was, beyond "registered". How long does it take for a company to move into administration? I have a bone to pick with the company over misleading and deceptive conduct leading to fraudulent losses in excess of half a million dollars. ASIC don't think that's worth investigating. I certainly...
Credit bureau Veda says New Zealanders showing renewed confidence in borrowing for both homes and businesses
Posted in Business August 16, 2012 - 11:15am, Gareth Vaughan
Credit bureau Veda says mortgage enquiries rose 44% in July emphasising renewed confidence in borrowing for both homes and businesses.
Veda said for the first time in five years its bureau statistics showed a rise in commercial enquiries, which is "enormously positive" for the economy.
"Businesses owners require a level of confidence in future growth to borrow funds to invest in their operations and expand," Veda’s managing director John Roberts said. “Business has hung in through a slow economic recovery. An increase in enquiries is a welcome sign of emerging stimulation in the commercial sector.”
Roberts' comments are similar to those from ASB CEO Barbara Chapman. After the bank released its annual results Chapman told interest.co.nz ASB had grown business lending by 6% in the year to June 30,...
Still waiting to recover fire in the belly
by: Peter Switzer
From: The Australian
August 18, 2012 12:00AM
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...