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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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Subscribe to this list via RSS Blog posts tagged in Finance Minister Mathias Cormann
Jobs to go with axed government agencies Date December 13, 2014 - 10:20AM   http://www.brisbanetimes.com.au/federal-politics/political-news/jobs-to-go-with-axed-government-agencies-20141213-126ek7.html Jobs will go when the federal government moves to scrap a large number of government agencies. Finance Minister Mathias Cormann indicated that the axing of government agencies, reported to be 175 in total, will lead to job losses. "If you reduce the number of government bodies, there will be an impact on jobs across the public service," he told Sky News on Saturday. "What we will see is that as a result of our reform efforts so far, that the size of the public service will be back down to the same level as what it was in 2007, 2008."  We think that's appropriate." News Corp Australia reported that 175 government agencies will be scrapped in a bid to make budget savings and streamline the public service. Mr Cormann was expected to announce the cuts on...
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  • Louie2U
    Louie2U says #
    Why is it that the Liberal governments, be they state or federal, always think that this is the solution? Strategy & Reform is equ
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Xenophon and Labor extend olive branch to Cormann GARETH HUTCHENS 21 Nov, 2014   http://www.farmonline.com.au/news/metro/national/general/xenophon-and-labor-extend-olive-branch-to-cormann/2717926.aspx   The Labor Party and independent senator Nick Xenophon say they are willing to extend an olive branch to Finance Minister Mathias Cormann after they successfully disallowed his controversial financial advice regulations in the senate this week. A so-called "coalition of common sense" comprising Labor, Greens, independent and other cross bench senators voted on Wednesday night to disallow the Abbott government's Future of Financial Advice regulations in the senate. The move took the government by surprise and means the industry will now have to return to the former Labor government's Future of Financial Advice laws. In response, Mr Cormann issued a formal statement saying he did not plan to give up on his reforms and he still wanted to pursue the matter through the senate. "The government will continue to progress its substantive FOFA legislation giving...
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Keane: govt hoisted by its own FOFA petard BERNARD KEANE Crikey politics editor |  EMAIL   |  COMMENT         ARTHUR SINODINOS, FINANCIAL PLANNING, FOFA, JACQUI LAMBIE, MATHIAS CORMANN, NICK XENOPHONE, RICKY MUIR, SAM DASTYARI   The failure of the government's long-running attempt to repeal the Future of Financial Advice laws has its genesis as much in decisions made at the end of 2013 as in Senator Jacqui Lambie's departure from the Palmer United Party and Labor's doggedness in pursuit of the outcome it achieved yesterday evening. Right before Christmas last year, then-assistant treasurer Arthur Sinodinos snuck out the government's planned gutting of FOFA, intended to deliver on the Coalition's commitments to the big banks and AMP, which control retail superannuation, and the diminishing but still powerful segment of the financial planning industry that relies on conflicted remuneration. Key to Sinodinos' strategy was doing as much of the gutting as possible by...
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For those looking for the Alan Jones interview Interview with Alan Jones 7.10am  2GB Thursday 14th held this morning 7.10am - 7.45am   http://www.2gb.com/article/alan-jones-denise-brailey#.U-xNIPmSyq0 Story so shocking this needs Royal Commission into the banking sector.  Banks pulled in $30 billion in profit this year.  ASIC has been timid and inept in protection of consumers.  As for Mathias Cormann.................watering down consumer protection laws.   It is a nonsense that NAB Cameron Clyne received $7.7 million bonus for 5 years work, plus $22 million in salary plus $1.1 million per year from shares.  Entire problem with banks is driven by bonuses and commissions.   There are cowboys in this industry placing vulnerable people into high risk products.  The sellers are indoctrinated with bank tactics and there is a general imbalance in the community at large.  NAB made $9 billion profit from the home lending market....most profitable in the world.  Yes someone is cheating....
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  • NABbed Nanna
    NABbed Nanna says #
    I totally agree with this blog. We have been to hell and back with Nab and it still goes on some 15 months after we were evicted
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Alan Kohler is a Hero:  Retirement Village Rorts (remember Ted Sent and Prime Trust debacle?) This was something we investigated and reported to WA State authorities in 1999.  Retirees being ripped off after death.  This is a massive rort run by Developers and friendly Banksters.  Royal Commission into Banking and Finance is sorely needed.  Now in 2014 the same scams keep popping up in every state in Australia.  Consumers of property and/or financial products left to defend themselves but this takes the cake!!!!  Beneficiaries better start telling us their own horror stories..........call me! Message loud and clear: Stay away from Retirement Villages and stay in control of your finances.   This email address is being protected from spambots. You need JavaScript enabled to view it. The great retirement rort   ALAN KOHLER  9 JUL, If the government is looking for a way to redeem itself in the eyes of the nation’s ripped-off retirees after the CBA financial planning fiasco and its pro-bank FoFA amendments, I have just...
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Its seems Federal Treasurer and Finance Minister Cormann were too quick to say NO to Royal Commission into Banking.  The simple answer ought to have been YES.  Now the warranted mistrust and lack of confidence in Banker Elites and their captured mates at the Australian Securities and Investment Commission ("ASIC") and the Australian Prudential Regulatory Authority ("APRA") has rubbed off onto the Government itself....all because of a three letter word: NO! The Treasurer should have known better to defend too quickly, the indefensible conduct of Bankers under the self-regulation regime for privileged Bankers who preyed on the under privileged and put profits before people.  No matter who is to blame, this problem must be exposed and severely dealt with.  We cannot stand by and see $10 million bonuses per person to those who ran amok leaving clients in financial ruin and without homes.  How does that help the economy.  The Bankers...
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