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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 FOS Pilot Program Fiasco
One of our members has already picked up this gem from from KIRK - ASIC on the stand for the Senate Hearings into ASIC.   Transformation- Posted on Friday, April 11, 2014   Did anyone pick this up during the Inquiry: KIRK: "One of the things we (ASIC) did towards the end of last year was to make sure that they made it unambiguously clear to the remaining people with contested claims that not only could they go to FOS to have it resolved but CFP would waive any jurisdictional limits in that process. Some of those problems are under limited jurisdiction or they are disputes about whether there had been a previous agreement and there was already a binding deed of release and such. We got them to clarify for all of those customers that they were willing to waive those things." Does this mean that FOS waived the jurisdiction...
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  • doyla66
    doyla66 says #
    Here is another gem re FOS compensation limits waived page 17 Mr Berrill: The targeting was so systematic and so measured—but act
  • doyla66
    doyla66 says #
    Senator John Williams has a Facebook page, please leave him a comment on how you feel about ASIC and their waffle at the hearing,
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In 2009 I spoke with FOS again and they told me they were starting to use Maladministration in Lending to deal with issues I had raised.  We told Members to state “Maladministration in Lending on all complaints where the loan was unaffordable from day one, in line with S 25.1 of the Bankers Code.”  This was pre the new NCCP  laws......why?  We had the old laws to protect consumers from predatory lending and bad lending practices such as forgery and fraud on Loan Application Forms, and Unconcionable Conduct 2001 and Maladministration in lending, and asset lending etc....................................plenty of LAWS for ASIC to play with and for FOS to use: an arsenal of weaponry against the banks and their dodgy lending products. Banks had breached the Code at all levels of approval of loans.  Most of these loans ought to have been rejected...............................hence the complaints.  Most 30 year loans would by necessity  of structure implode within 3-5 years.  But these products made...
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  • doyla66
    doyla66 says #
    Yes Duped. They doubtless want everybody with an existing mortgage to re-finance so they can recyle the loan when implosion date
  • doyla66
    doyla66 says #
    As per the banksters guide into how to rip the borrower off organza. I'm sure that the banks want you to get refinanced because in
  • doyla66
    doyla66 says #
    What FOS told you Never Give Up is exactly what my bank manager told me when I went in to tell him I was intending to sell (before
  • doyla66
    doyla66 says #
    So if that's the case why are FOS pushing me to sell and take the bank 'offer' and haven't bothered asking me if I can afford a lo
  • doyla66
    doyla66 says #
    Time to start calling ASIC the good ship Titanic I think this is just the tip of the iceberg. Wonder what other rules they are no
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