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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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BFCSA Blog

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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Subscribe to this list via RSS Blog posts tagged in Royal Commission into ALL Banks
  Unverified Lending since 2008 and Veda speaks of "Fraud Checks."  Not in our experience in dealing with banks - the fraud is internal to the banks.  Without Veda seeing the supporting docs of an application how can they verify if fraud or not? Consumers are waking up.  Even David Murray is warning what comes up must come down.  There has been widespread approval of unaffordable loans and the consumers had no idea of the frauds and were forced by packaging to take credit cards they had said NO to.  Banks said you must take them as part of the pack - no choice - cannot separate.  Breaches of TPA all over the place. Nearly $2bn of credit apps red-flagged for fraud       inShare by Adam Smith | 25 Aug 2014   Nearly $2bn of credit applications were red-flagged as potential fraud in the last financial year.New research from Veda has shown $1.9bn in...
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The Investors Club embroiled in Australias sub-prime crisis Written by admin on August 12, 2014 The Australian has today reported on an emerging wave of subprime repossessions in Australia as times start to get tough.  On Saturday, we reported how Australia has one of the largest property bubbles in the world, significantly larger than the USA subprime bubble. While evidence is emerging, our politicians are very much behind the bubble, you have to ask yourself, can Australia have such a large property bubble with prudent lending standards? “We have been in denial for years as a nation that we don’t have a subprime problem, but we do,” Ms Brailey, President of the Banking and Finance Consumers Support Association said. The Australian reports on a Perth disability pensioner who was enticed to take out a $370,000 investment loan with a mortgage broker five years ago. After last year halting her payments, the...
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From a terrified Member of BFCSA.  He asks: please tell all Politicians............................what is going on with these banks Dear Denise I am having a fight with Liberty Financial the NON NO ethics BANK because they roped me in a toxic Low Doc in 2008 at my age (then 63) then after continual pleads to reduce my interest rate down, they reduced to a very high 10.5% but now  I am at the age of 68 and out of work, on a pension the investment property suggested to me, is well short of the payout and they are threatening to take my house away. Are all these Bankers a bunch of crooks that have no real humane values?   I have never ever defaulted any of my loans before but now unemployed on a pension and have these massive toxic loans. I am even considering taking my own life as I am a...
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http://www.interest.co.nz/news/60754/cbas-departed-ceo-ralph-norris-and-new-ceo-ian-narev-paid-a153-mln-combined-pay-freeze-ki CBA's departed CEO Ralph Norris and new CEO Ian Narev receive A$15.3 mln combined as pay freeze kicks in for 400 executives Posted in NewsAugust 21, 2012 Ralph Norris, who was succeeded as CEO of ASB's parent Commonwealth Bank of Australia (CBA) by fellow Kiwi Ian Narev last December, stands to receive A$9.6 million for his last five months leading the bank. Narev, who stepped up from a role as CBA's group executive for business and private banking to take the helm from Norris, received remuneration of A$5.67 million for the June year, meaning the two men combined, could be paid A$15.27 million CBA's annual report doesn't detail the pay of ASB CEO Barbara Chapman. CBA is Australasia's biggest bank with a market capitalisation about twice as big as the entire New Zealand stock exchange. Last week it posted record annual profit of A$7.1 billion. News of Norris and Narev's...
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The committee's chairman, Labor senator Mark Bishop, says ASIC has been complacent in its investigation of the rogue financial planners and further investigation is needed.  "We still don't know how many clients have been affected," he said.  Nationals senator John Williams, the only Coalition member to endorse all 61 recommendations, told News Radio there should be a broad-ranging royal commission into white collar crime in Australia.  Audio: ASIC chairman questions need for royal commission in CBA scandal(The World Today) "Many years ago we heard of the robbers with pistols and guns and rifles and now it seems to be biro and a computer the way people a lose their money and are robbed of their savings," he said.  Senator Williams says the scandal has been a "very big wake-up call" for the Commonwealth Bank and Macquarie Private Wealth.  "We can't go on having people who have worked hard all their life and built up a nest...
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http://www.smh.com.au/business/banking-and-finance/asic-not-backing-royal-commission-into-cba-scandal-20140627-zsod1.html ASIC not backing royal commission into CBA scandal Banking and Finance  Date June 27, 2014   Georgia Wilkins The corporate regulator has refused to throw its support behind a royal commission into the Commonwealth Bank financial planning scandal, pointing instead to the costs already spent on a Senate inquiry.  A powerful Senate inquiry has called for the bank to face a royal commission to investigate fraud, forgery and allegations of a cover-up inside its financial planning arm.  But Australian Securities and Investments Commission chairman Greg Medcraft played down the need for a commission, saying there had already been a number of submissions and inquiries into the scandal. ''There has been significant opportunities for people with evidence to present to this inquiry, and there is now the financial system inquiry,'' Mr Medcraft said.  ''So there have been a lot of opportunities to look at these matters.''  Mr Medcraft also raised the issue...
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