BFCSA Blog

What a banking mess! Corrupt regulators are the very reason we need a Royal Commission into Bankers, Financial Products and Services.  The Banks were the engineers of dodgy advice and products - investment products and low doc loans.  If you have a story to tell  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.smh.com.au/business/cba-may-fall-victim-to-hubris-as-pressure-rises-over-financial-planning-scandal-20140704-3bdt8.html CBA may fall victim to hubris as pressure rises over financial planning scandal Business Date July 5, 2014 Adele Ferguson 'What kills banks is hubris,'' says Brian Johnson, one of the country's most respected banking analysts.  They are five simple words but they strike at the heart of what can ultimately destroy a company - no matter what its size, its political clout or its storied history.  Johnson was referring to the various twists and turns in the Commonwealth Bank financial planning scandal that was exposed by Fairfax Media a year ago and culminated last week in a Senate inquiry calling for a royal...

Not True!  But it should be and here is why.  Coles and Woollies have been predatory in their behaviour in pushing down the prices paid to farmers and then boast "cheaper" products but The Bully Boys C&W profit continues to climb!  We sold off our utilities, we are selling off our farms and squeezing farmers out of a decent living, we have sold off all our viable income streams and permitted TELSTRA to gouge everyone.  We have ignored small business cries for understanding and we have ZERO INCOME STREAMS LEFT.  The "lucky for some country" is what we have become.  Can we all now wake up and smell the roses.  Politicians are not on your side.......................but they do run our country.  Its the majority of we the people that need to become more vocal and active in campaigning for better decisions to be made.  Both sides of the political divide have...

Dear Mr Hockey,  Congratulations on your new role as Federal Treasurer.  In 2010, and again in 2012, you did promise a "Roots and Branch" Inquiry into the BANKING SECTOR, and we are ready to deliver the evidence members have amassed since 2008.  I can personally assure you that all our members have been waiting for this moment to arrive.  We simply need the date due to the urgency of cases.  We also ask for a freeze on all mortgages pending the outcome of the INDEPENDENT INQUIRY. I can also assure you the roots spread underground in a far wider pattern than the above ground branches show.  This is an urgent plea for all Australians with toxic mortgages who are currently battling these devious bankers.  All we ask for is a wide Terms of Reference and a fair go! Kind Regards   Denise L Brailey   President of BFCSA (Inc) Banking and...