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BFCSA
MORTGAGE
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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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Recent blog posts
ASIC still prosecuting sellers of bank fraudulent products.....NOT THE LENDERS re loan document fraud and the crucial oversight of documents and the APPROVAL of   2 million unaffordable mortgage loans!   ASIC has permanently banned a former Perth-based finance broker from engaging in credit activities. 6 December 2016 http://www.theadviser.com.au/breaking-news/35476-asic-permanently-bans-mortgage-broker ASIC found that Mr Paul Cheaib engaged in misleading conduct by providing false income supporting documents to Westpac Banking Corporation Limited in support of home loan applications for three of his clients in 2015. Only one of the three loan applications was approved. At the time, Mr Cheaib was operating his own finance broking business through his own credit licence under the trading name Active Approvals. Mr Cheaib's credit licence was cancelled in April 2016 at his request. ASIC deputy chairman Peter Kell said the banning reinforces the strong message to any broker considering engaging in misleading conduct. “ASIC will not hesitate to permanently...
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Major banks consider raising variable interest rates leading up to Christmas and New Year   EDWARD BOYD, The Daily Telegraph December 9, 2016 12:00am   http://www.dailytelegraph.com.au/news/nsw/major-banks-consider-raising-variable-interest-rates-leading-up-to-christmas-and-new-year/news-story/0b9da385ee40fead276ad85af4877a2c?&utm_source=The%20Telegraph&utm_medium=email&utm_campaign=editorial   THE major banks are considering the ultimate Grinch act of raising variable interest rates, slugging the majority of mortgage holders in the lead up to Christmas. And if the rates are not jacked up in December then economists believe they will be hiked during the New Year when people are on holiday. Smaller lenders have been the first to move, with a third last night slugging standard variable mortgage holders despite the Reserve Bank of Australia this week keeping the cash rate at a record low of 1.5 per cent. RateCity spokesman Peter Arnold believes the big banks may follow suit by raising rates “any day” in the lead up to Christmas. “I wouldn’t be surprised if we saw one, it won’t be the...
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Australia’s latest GDP result one of the worst since the financial crisis 8 December 2016 com.au/news/australias-latest-gdp-result-one-of-the-worst-since-the-financial-crisis-20161208-gt6e95/?utm_source=outbrain&utm_medium=cpc&utm_content=link-widget&utm_campaign=c-all-alwayson_ffx   As a country’s economy goes, so go its banks. So what does it mean for Australia’s richly valued lenders that the nation just put in its worst performance since 2008? Gross domestic product contracted by 0.5 per cent in the third quarter from the second, well below economists’ estimates of a 0.1 percent drop. Even when you factor in the strong performance in the previous period, the growth rate of 1.8 per cent from a year earlier was the equal weakest since 2009. Australia’s big four banks took all this as good news. Commonwealth Bank of Australia, Westpac Banking Corp. and Australia & New Zealand Banking Group Ltd. rose 1.5 per cent or more Wednesday to put in their best performance in almost a month, while National Australia Bank Ltd. gained 1.1 per cent....
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What workers lost to bankers, landlords and big business 7 December 2016   http://thenewdaily.com.au/money/finance-news/2016/12/07/gdp-december-quarter/  The top end of town has swallowed up more of the nation’s earnings, plunging workers deeper into debt and sparking fears of a property market crash.  New data released on Wednesday raised the red flag on the health of the economy, showing that it shrank by 0.5 per cent between July and September, its first contraction since 2011. If the result is repeated in the December quarter, Australia will officially be in recession.  Treasurer Scott Morrison labelled it a “wake-up call” and a “warning”, while Shadow Treasurer Chris Bowen described it as “deeply concerning”.  The data also showed that profits, rents and interest payments have gradually taken more and more of the national income, eroding the share given to workers.  Despite gains in productivity (making more stuff with fewer people), wage earners are still getting a far...
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Former bank boss David Murray warns of disastrous property crash   8 December 2016 Jason Stiles http://thenewdaily.com.au/money/property/2016/12/08/david-murray-bubble/   Australia’s property market now mirrors one of the worst speculative manias in human history, according to a former Commonwealth Bank CEO. In a televised interview that drew little media attention, David Murray warned that the entire economy is “vulnerable” because of overvalued house prices in Sydney and Melbourne. “All the signs of a bubble are there. Many of the signs are the same as the Dutch tulips,” Mr Murray told Sky News on December 1. Starting in 1634, the Dutch bid up the price of tulip bulbs to extraordinarily high levels. Then, in 1637, the price collapsed, turning the craze into a byword for speculative insanity. Since 2009, Sydney dwelling prices have risen by 95 per cent and Melbourne by 85 per cent, according to CoreLogic, a prominent property analysis firm. Mr Murray,...
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ASIC, banks face off over BBSW trial format Australian Financial Review Dec 8 2016 5:08 PM Jonathan Shapiro   The legal teams of three of Australia's biggest banks will appear in the Federal Court in Melbourne on Friday to argue that they should be allowed to defend themselves separately against claims they manipulated the key financial benchmark, the bank bill swap rate. In a directions hearing, Justice Jonathan Beach may reach a decision about the format of what may be one of the biggest trials in Australian corporate history. The Australian Securities and Investments Commission is suing three of Australia's largest banks – ANZ Banking Group, Westpac and National Australia Bank – for market manipulation and unconscionable conduct relating to the bank bill swap rate, or BBSW. The regulator has argued that the three cases should be combined into a single court proceeding on the basis that there is sufficient common...
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Lenders slash property loans by up to 155 basis points Australian Financial Review Dec 9 2016 5:00 AM Duncan Hughes   Lenders are slashing borrowing costs by up to 155 basis points for some property borrowers and increasing rates for others as they attempt to build and protect market share in volatile markets, analysis of lending rates reveals. Suncorp, the nation's fifth largest lender, is offering 155 basis point discounts on 'special offer' standard variable loans and 95 basis points for some investment loans taken out through its broker network. But from next Tuesday it is also planning to increase rates on other standard variable and access equity accounts, which offer borrowers a line of credit, by 15basis points. Steven Kluss, chief executive of Suncorp's banking, blames increasing costs of funding loans on international capital markets. "Bond rates have drifted higher since their record lows from the middle of the year...
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Bank balance sheets stronger, can withstand shocks: Moody’s The Australian 5:12pm December 8, 2016 Daniel Palmer   Australia’s big banks have strengthened their balance sheets enough to counter any near-term shocks, Moody’s contends, as a series of headwinds threaten asset quality metrics. In its latest report on the sector, the ratings agency noted bad loans were on the rise at the big four banks through the six months to September 30, largely due to commodities-exposed sectors, but funding profiles still improved as banks adapted to more stringent regulatory requirements. Distressed loans could yet further swell in the months ahead, Moody’s added, given headwinds from underemployment and weak wages growth, a weaker outlook for residential property building, struggles in the dairy sector and stress in resource-related regions, which has seen arrears rates jump in areas like the Pilbara. More broadly on the housing market, the ratings agency reiterated that swelling prices could...
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ASIC needs to Recognise what are the similarities between Wells Fargo and Bad Australian Banks and expose their crimes rather than keeping mum about it   A Brief History of Wells' Fargo Wicked Sales Culture   http://www.americanbanker.com/gallery/a-brief-history-of-wells-fargos-sales-culture-1092280-1.html   When Wells Fargo decided to stop calling its branches "stores," it marked the symbolic end of an era. Wells long prided itself on its sales culture, which was championed by Richard Kovacevich, starting at Citibank, then as chief executive of Minneapolis-based Norwest Corp., and finally at Wells.   Kovacevich's strategy, which continued under recently departed CEO John Stumpf, hinged on selling more products to the bank's existing customers. Branches were stores, since stores are where consumers buy products. y of Wells Fargo's Sales CultureThe firm's sales culture has drawn sharp criticism in the wake of the revelation that the firm's employees opened as many as 2 million fraudulent customer accounts between 2011 and 2015.  In response to...
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ASIC rejects NAB’s defence over rigging claims of BBSW The Australian 5:39pm December 7, 2016 Ben Butler   The corporate regulator has rejected NAB’s defence to a Federal Court lawsuit in which the Australian Securities and Investments Commission accuses the bank of rigging the key BBSW interest rate benchmark. In a four-page reply, filed with the court late on Monday, ASIC said it “joins issue with” almost all of NAB’s defence, which accused the regulator of filing a legally embarrassing claim. ASIC conceded that from time to time the reason NAB’s interest rate desk traded “varied depending on circumstances”. However, ASIC insisted that on the dates it accused NAB of trying to rig the rate, the desk traded to influence the setting of the BBSW in a way that was favourable to the bank, “and such tracking did not reflect the forces of genuine supply and demand”. ASIC has accused three...
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Scott Morrison set to plead Asia bank case in mission to Beijing The Australian 12:00am December 8, 2016 Dennis Shanahan   Scott Morrison is prepared to fly to Beijing to intervene on Australia’s behalf in a dispute with the Asian infrastructure bank that is threatening to cut off lending that would help our ­energy exports. The Treasurer said yesterday the Australian government was dealing with the proposed investment guidelines of the Asia Infrastructure Investment Bank — in which Australia has pledged ­almost $5 billion — with “direct intervention”. Australia’s board member on the proposed $100bn Chinese-backed investment bank designed to help build roads, rail, ports and power generation in developing Asian nations has been authorised to fight the ­intention that lending be only for “socially ­acceptable” power generation. As the AIIB is developing its lending principles, Australia has lodged a protest over the initial preference for “socially acceptable” power generation, such...
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Australian economy shrinks 0.5pc in September quarter, worst fall since global financial crisis ABC News7 Dec. 2016 3:43pm Michael Janda   Australia's economy shrank 0.5 per cent in the September quarter, well below already pessimistic analyst forecasts and its steepest decline since the global financial crisis of late-2008. The annual rate of growth came in at an anaemic 1.8 per cent, according to the Bureau of Statistics data, also below expectations. Economists were generally expecting a slight fall in gross domestic product (GDP), with the typical forecast for a -0.1 per cent quarter and economic growth of 2.2 per cent over the year. A range of partial figures led analysts to their downbeat predictions, with yesterday's trade data pointing to a 0.2 percentage point subtraction from economic growth, while construction data released last week were much worse than expected and business investment was also weak. However, the final result was considerably...
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Tax Office not 'leaned on' to drop Bell action Australian Financial ReviewDec 7 2016 9:40 PM Laura Tingle   Tax Office officials say they were not pressured to drop or alter a High Court challenge to West Australian legislation that would have deprived taxpayers of funds from the liquidation of the Bell Group. A Senate inquiry is examining the circumstances surrounding the High Court challenge after the WA government said it believed it had a deal with Canberra that the federal government would not challenge WA legislation, which would have given control over the collapsed group's assets to the Insurance Commission of Western Australia. The High Court threw out the legislation in May. The deal was claimed to have originally been struck with former treasurer Joe Hockey. But the Senate is inquiring into why the federal Attorney-General George Brandis appeared so reluctant to the Commonwealth joining a High Court case that...
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Commonwealth Bank’s CommInsure arm hits back over insurance allegations The Australian 12:41pm December 7, 2016 Michael Roddan   Commonwealth Bank of Australia’s under-pressure life insurance arm CommInsure said it has not yet found any evidence of wilful misconduct or wrongfully knocked back claims in any of its internal or independent reviews. In a submission to a parliamentary inquiry into the $44 billion life insurance sector, CommInsure hit back at a number of claims which have besieged the company over the last year. An independent review of declined claims over the last five years by Deloitte is currently around 90 per cent complete, and CommInsure said it had not revealed any “systemic issues” regarding inappropriate denials of claims. The company and independent reviewers have “electronically” reviewed more than five million emails and documents, manually reviewed around 200,000 documents and carried out around 80 interviews as part of the process. CommInsure was earlier...
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 Mum and dad investors shift $45 million from banks into P2P loans Sydney Morning Herald DEC. 7 2016 - 12:24PM Clancy Yeates   Thousands of retail investors are pumping cash into peer-to-peer lending, with RateSetter reporting about $45 million has been taken out of bank accounts and lent directly to borrowers. The online lending platform, the largest in Australia accepting money from retail investors, has recently hit the milestone of having 5000 investors, helped by the very low interest rates being paid by banks. While it took two years to sign up its first 5000 investors, RateSetter's Australian arm expects this number to double in the next six months, as P2P lending tries to break into turf controlled by the banks. P2P lending is where individuals bypass banks by directly lending their money to borrowers via an online platform. It is mainly focused on personal loans and small business loans, and...
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Kennett slams Do-nothing Malcolm for doing nothing on banks   By Houses and Holes in Australian banks at 12:10 am on December 8, 2016 | 6 comments   http://www.macrobusiness.com.au/2016/12/kennett-slams-nothing-malcolms-nothing-banks/   Recall the words of Do-nothing Malcolm:   A Coalition backbench plan for a new banking tribunal appears to have been dropped by the Turnbull government, after an expert review found it was not needed.   In October, Prime Minister Malcolm Turnbull said the government was preparing to set up a low-cost tribunal for victims of poor practices by Australia’s biggest banks, amid pressure from Labor for a royal commission, and calls by Queensland Liberal MP Warren Entsch and Nationals senator John “Wacka” Williams for a new consumer-focused tribunal.   After calling the bosses of the big four banks to face parliamentary hearings in Canberra, Mr Turnbull said a new tribunal was a proposal the government was “working towards”.   “What we...
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Unbelievable....15,000 customers being compensated for being sold a Beamer they couldn’t afford yet nothing for bank mortgage victims...you should write a big slam dunk over this and slam dunk ASIC big time......could be a precedent has been set here that will outrage all bank victims and open the floodgates...  BMW Finance to pay at least $77 million to customers it duped into loans they couldn’t afford Kathleen Skene, This email address is being protected from spambots. You need JavaScript enabled to view it., Gold Coast Bulletin December 6, 2016 9:59am http://www.goldcoastbulletin.com.au/news/gold-coast/bmw-finance-to-pay-at-least-77-million-to-customers-it-duped-into-loans-they-couldnt-afford/news-story/1c4fac19ca2bc1b4d06ca0b960929aab CUSTOMERS of car maker BMW will be repaid a record $77 million in compensation after the consumer watchdog found it had irresponsibly issued loans to people who could not afford the luxury cars. ASIC has accepted an enforceable undertaking from car financier BMW Australia Finance Limited, which will see the financier implement Australia’s largest consumer credit remediation program. BMW Finance provides motor vehicle finance to consumers, directly and through a network of motor vehicle...
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NAB's former star Graeme Cowper's demise now complete   7 December 2016 Adele Ferguson http://www.smh.com.au/business/banking-and-finance/nabs-former-star-graeme-cowpers-demise-now-complete-20161206-gt4va5.html   "Who do you think you f---ing are? ... If you try to get me, I'm going to throw you under the f---ing bus," National Australia Bank's star financial planner Graeme Cowper told a compliance manager who was conducting a random compliance check of some of his customer files. The strongly worded threats emerged as evidence as part of the legal action Cowper launched against Fairfax Media (and myself) and the ABC over an expose of poor behaviour in financial planning focused mostly on NAB. That case though took on an ironic twist this week when Cowper effectively threw himself under the bus when he pulled the plug on the defamation case halfway into a four-week trial with a jury at the NSW Supreme Court. In a complete surrender Cowper agreed to pay $200,000 in legal...
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The plot thickens..he’s said to have $34million?  Does Rodney know too much and being made a scapegoat for Landmark Scandal - massive and involved more than just ANZ....   Corporate watchdog now on the sniff for Rodney Culleton too http://www.michaelwest.com.au/corporate-watchdog-now-on-the-sniff-for-rodney-culleton-too/   The Australian Securities & Investments Commission is investigating colourful One Nation Senator Rodney Culleton over the liquidation of his company Deqmo Pty Ltd. This means the number of people now pursuing Rodney – from insolvency practitioners, lawyers, regulators, teeming creditors, assorted government MPs coaxing his vote, and even his party leader Pauline Hanson – may well be in the triple digits. According to documents obtained by michaelwest.com.au, the liquidators to this company Deqmo, which owes $5.26 million, have been pursuing the WA senator for his books and records since early September. Books and records, not to mention a Report As To Affairs (RATA), are compulsory things to provide to one’s liquidators...
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Lock white collar crims up, says ASIC Kaitlyn Offer - AAP on December 6, 2016   https://au.news.yahoo.com/vic/a/33421091/senate-inquiry-to-probe-white-collar-crime/#page1 Financial crime has a devastating impact on victims and white collar criminals should face jail because it does work as a deterrent, a top investigator has told a senate inquiry. Tax dodgers, fraudsters and insider traders are often greedy or lazy but jailing them is a waste of money because it doesn't work as a deterrent, law academic Mirko Bagaric told a white collar crime penalties inquiry in Melbourne on Tuesday. However that was refuted at the public hearings by Australian Securities and Investments Commission special counsel Rowan Davis who says prison time does prey on the minds of white collar criminals. Based on 22 years of investigating and prosecuting criminals, jail was a definite deterrent, Mr Davis said. "From seeing contemporaneous evidence of people in the process of committing crimes, including telephone intercepts,...
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As usual it’s all about shareholders...ASIC senior executive leader Chris Savundra defended the agency's record in catching corporate crooks..."When we pursue entities, it is ultimately shareholders who pay those fines," he said.  Senate inquiry to discuss white collar crime  Published: 10:09 am, Tuesday, 6 December 2016  http://www.skynews.com.au/news/politics/vic/2016/12/06/senate-inquiry-to-discuss-white-collar-crime.html  Fraud, bribery and insider trading will be discussed at a senate inquiry into white collar crime held in Melbourne.  Public hearings for the senate inquiry into the inconsistencies and inadequacies of current criminal, civil and administrative penalties for corporate and financial misconduct or white-collar crime will begin on Tuesday   It will investigate, among other things, the use of custodial sentences and the value of monetary penalties  Greens spokesman Peter Whish-Wilson said something needed to be done to 'stem the tide of corporate misbehaviour' and called for penalties to be increased for fraud and misconduct.  Representatives from government agencies and advocacy groups are expected...
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Consumers and small business haven’t got a leg to stand on!  To be a successful banker ‘you must have NO conscience’...  When Banks Decide To Pull The Plug By Dr Evan Jones - Sydney University Canberra Times - Wednesday 21st November 2001 http://loveforlife.com.au/content/07/03/10/letter-dr-evan-jones-sydney-university-political-economy-accc-28th-february-2007-ca The banking sector was a distressing omission from pre-election agendas. Labor’s finance spokesperson, Steve Conroy, was shoved to the rear in the bipartisan bull’s roar to Fortress Australia. Labor’s banking policy emphasises retail banking, but the small business sector deserves attention. Major bank practices towards small business and the family farm range from the insouciant to the malicious, with parlous effects. This environment has been facilitated by comprehensive indifference to bank practices by borrower representative bodies, regulatory authorities and political parties. Let us construct a composite case, involving elements that have been applied to farmer and small business clients. A significant recent practice is that of pulling the...
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They should give Brandis a posting to Siberia...  Treasury won't divulge advice it gave Joe Hockey over talks relating to Bell Group Officials decline to say whether they had concerns about discussions between Hockey and WA treasurer 7 December 2016 https://www.theguardian.com/au Treasury has declined to say whether it had concerns about discussions the former treasurer Joe Hockey had with the Western Australian government relating to the Bell Group controversy, which the tax office says has cost it $1.8bn. Officials from the Australian Taxation Office, treasury and the attorney general’s department appeared before a Senate inquiry in Canberra on Wednesday, which is examining conflicting accounts over whether or not there was a deal struck between the federal and Western Australian governments in 2015. The new inquiry is also examining the attorney general’s actions in relation to the former solicitor general Justin Gleeson. The controversy was kicked off by a report in the...
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Rod Culleton high court hearing interrupted by jeering One Nation member Party member John Wilson calls out that the court is a ‘star chamber’ as Culleton’s request for an amendment is turned down 7 December 2016 https://www.theguardian.com/australia-news/2016/dec/07/rod-culleton-high-court-hearing-interrupted-by-jeering-one-nation-member   The high court hearing into Rodney Culleton’s eligibility as a senator was interrupted by a One Nation member who labelled it a “star chamber” and “kangaroo court” after Culleton lost a bid for an adjournment. The dramatic interjection was made by member John Wilson, without Culleton’s knowledge. The senator’s chief of staff, Margaret Menzel, then remarked “he’s right” and his wife Ioanna Culleton said “at least someone has the guts to stand up [and say it]” as Wilson was asked to leave the court room. Culleton was supported in court by lower house MP Bob Katter. Outside the court Menzel shared a letter from Katter to Culleton’s wife describing him as a “good...
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CBA finds itself innocent of all crimes By Houses and Holes in Australian banks at 1:49 pm on December 7, 2016 | 14 comments http://www.macrobusiness.com.au/2016/12/cba-finds-innocent-crimes/   Bloody Do-nothing Malcolm and his self-regulation banking balderdash: Commonwealth Bank of Australia’s under-pressure life insurance arm CommInsure said it has not yet found any evidence of wilful misconduct or wrongfully knocked back claims in any of its internal or independent reviews. In a submission to a parliamentary inquiry into the $44 billion life insurance sector, CommInsure hit back at a number of claims which have besieged the company over the last year. An independent review of declined claims over the last five years by Deloitte is currently around 90 per cent complete, and CommInsure said it had not revealed any “systemic issues” regarding inappropriate denials of claims. The company and independent reviewers have “electronically” reviewed more than five million emails and documents, manually reviewed around...
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