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BFCSA
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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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I rise tonight to talk about what I consider to be the greatest oxymoron in Australia at the moment—that is, ethical banking. I wish to relate some of my experiences during the early 1980s when my family were involved in a foreign currency loan in Swiss francs. We drew down the loan in January 1985. Shortly after that, we saw the depreciation of the Australian dollar. There was only one way to protect yourself from those loans and that was to hedge your loan. I went to my bank manager, Peter Neil—a good man who lives out here near Goulburn these days—and requested that I hedge my loan. He informed me that I could not, that that would change our currency and you could do that only at rollover periods. The rest is history because Mr Neil was wrong. The bank had not trained their staff properly and it led to...
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  • doyla66
    doyla66 says #
    Bank Managers,used to be pillars in the community,revered, respected.Mr Williams by virtue of the fact your bank manager never sig
  • doyla66
    doyla66 says #
    You're right about banks being sales, sales, sales. That's what happened in the US as well. I've read about and listened to inter
  • doyla66
    doyla66 says #
    Honesty, my guess is that the bank manager would have been told by the bank legal people not to sign his statement.
  • doyla66
    doyla66 says #
    You are a good man for speaking the truth Senator John Williams. I urge all politicians to support him and have the integrity & m
  • doyla66
    doyla66 says #
    Thnak you Senator Williams you give us hope!
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        I'm wondering how many of our political representatives, people in regulatory organisations, key personnel in industry representative groups and superannuation funds have invested in Residential Mortgage Backed Securities? Or banks?  How would most people know where their money was invested when they give it to a fund manager, MIS or superfund scheme?  It would stand to reason that people in powerful positions could be influenced by their investments and self-interest.  Is it possible that any of them received RMSB investments as 'gifts' from the banks? Is it possible that any of them have no idea, forgot to look or failed to declare their or their company's, family's, trust's investments in RMBS?   I understand there is a register of the assets and investments held by our parliamentarians. Does anyone know where to find it? Is this open for public viewing?  How does this essential area of transparency and...
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  • doyla66
    doyla66 says #
    I laughed quite a lot at that picture - it is simply terrific - says it all doesn't it
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29 August, 2012 BankWest customers tell the Senate shocking stories of fraudulent foreclosures while Australia’s financial journalists are out to lunch — dining on the Commonwealth’s Bank’s record profits. Associate Professor Evan Jones reports. ON THURSDAY 16 August, the Sydney Morning Herald reported the Commonwealth Bank’s approximately $7.1 billion profit, up $700 million from 2010-11. The Herald’s financial journalists fell over themselves in adulation. Here was a true national champion. The previous week, a different story was being played out. The Senate Inquiry into the ‘post-GFC banking sector’ held hearings in Canberra (8th) and Sydney (9th & 10th). A couple of dozen spectators attended the Sydney hearings; it appears that the Herald was not amongst them. It was a spectacle. Transcripts of the hearings are available here. The Senate Economics Committee instigated its banking inquiry in March, following pressure from myriad former customers of CBA-owned BankWest who claim that their...
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  • doyla66
    doyla66 says #
    Thanks, John. I follow Independent Australia. There have been some excellent articles on banks and bank misconduct. Evan Jones ha
  • doyla66
    doyla66 says #
    You've struck gold again Lisa.
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