Royal Commission

RECOMMENDATIONS FROM:
 
The Senate Economics References Committee
The Post-GFC banking sector
  Australian Mortgage Scandal Poster Download

PRESS RELEASE:

Banking and Finance Consumer Support Association (Inc)

BFCSA (Inc) Condemns Senate Report For Failing To Call For A Royal Commission Into the Australian Banking Sector.

28th November 2012. Award-winning consumer advocate and President of the BFCSA, Ms Denise Brailey, says the Senators’ decision not to recommend a Royal Commission into the Australian banking sector is a crushing blow for the thousands of people, including pensioners and retirees, who have become victims of bank fraud and lender maladministration, relating to Low Doc and No Doc lending.

The Government cannot profit by fraud and the public must be assured that what it has invested taxpayers’ money in, is not tainted by fraud, that it is secure and that the securities had been checked before the RMBS tranches were purchased.

The validity of the loan application falsification remains unknown, in relation to the Low Doc mortgages that comprise 10,000 to 13,000 of the entire Government holding.

Evidence presented by several witnesses at the August Senate Economics Committee Hearing into “Banking -Post GFC” also raised serious questions about how the banks and lenders determine affordability and as such, the quality of the loans has been brought into question.

That is of major concern, we would suggest, to most Australians.

Ms Brailey says: “We are extremely disappointed in the dissenting Senators, but this will not stop our resolve to lobby the government for a Royal Commission into the Banking Sector.”

“Over the next few months we will be releasing more and more evidence of the Banks’ duplicity in this scandal, to ensure the public are fully informed.” 

For more information Contact BFCSA (Inc) :
President: Denise Brailey
-
0401 642 344
This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.
www.facebook.com/BFCSA

 The O'Donnell's - NSW: Sept 2012

AMS Poster O'Donnell


Sign our petition for a Royal Commission into Australia's banking sector.

 

Our goal is to initially have 5000 people register their desire for a Royal Commission.  You can keep tabs on progress at the link above. 

Thank you for your support!

petition

 

 Vera - QLD:  Sept 2012

AMS Poster Vera