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BFCSA
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What BFCSA Does...

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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Denise Brailey

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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Denise

Denise

Denise Brailey has dedicated the past 20 years of her life to being a Consumer Advocate - a voice for the people and former President of RECA (Real Estate Consumer Association. She has helped thousands of investors and is currently President of the BFCSA (Banking & Finance Consumers Support Association). Denise was also awarded and presented with the Rona Oakley Award for Consumer Protection in 2010.
Michelle is still in her home after years of fighting.  She first came to BFCSA and joined as a member long before speaking with MPs.  I explained she needed to demand the Loan Application Form and look for the fraud.  I also gave her advice re the use of the guarantee's re her mother. I also invited her to join me as a guest in meeting with Mr Shorten.  As a member Michelle received newsletters of updates including the discovery of the service calculators and the mechanics of the rob of approval system.  These specific details and legal arguments can only come from BFCSA.  2000 - 3000 people have been assisted by BFCSA and there have been many many settlements and good outcomes. We saved three homes last week. We wish Michelle well in her quest.  Shadow Banking is much tougher than arguing with the Major Banks.  We agree, the Banks ought to provide...
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Turnbull’s banking royal commission a ‘put up job’ and a ‘joke’, says whistleblower  10:15pm, Nov 30, 2017 Updated: 10:56pm, Nov 30 Luke Henriques Gomes Canberra [email protected] http://thenewdaily.com.au/news/national/2017/11/30/banking-royal-commission-morris/ef Morris believes momentum will build for a more expansive inquiry. Photo: AAP The man who exposed the Commonwealth Bank’s financial planning scandal has described the Turnbull government’s plan for a royal commission as a “put-up job” and a “joke”. As pressure mounted on Thursday morning, Mr Turnbull announced the government would establish a $75 million, 12-month royal commission into the banking industry. But the government’s dramatic backflip was not enough to satisfy Jeff Morris, a former financial planner who received death threats and lost his job after blowing the whistle on corruption at the Commonwealth Bank. Speaking to the The New Daily on Thursday, Mr Morris labelled the plan for a 12-month inquiry “a joke”. “The turgid and dishonest conduct of the banks will...
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Malcolm Turnbull’s banking backflip has left him looking weak and embattled Paule Matthewson 1 December 2017 http://thenewdaily.com.au/news/national/2017/12/01/malcolm-turnbull-banking-inquiry-backflip/ It didn’t have to be this way. It really didn’t. Malcolm Turnbull’s reverse flip with a triple-pike over the banking royal commission could have been a positive for the embattled Prime Minister if he had better managed its announcement. Yes, really. Even Blind Freddy could have seen that such an inquiry was inevitable – if not under the current government, then certainly under a Labor administration, which could be installed as early as the first half of next year if the dual citizenship byelections don’t go Mr Turnbull’s way. Putting aside all the reasons against a banking inquisition – and a lot of them are sound – the reasons for having one were simply more compelling. Firstly, the banking and financial services sector has a poisonous culture that is as entrenched as it is...
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The exact same reasons why there are so many mortgage fraud victims.... The supply and marketing of inappropriate products...Poor compliance in industry...Failure of regulation…   Melbourne buildings chock-o-block with flammable cladding By Unconventional Economist in Australian Property at 9:20 am on December 4, 2017 | 15 comments By Leith van Onselen In the wake of June’s Grenfell tower disaster in London, which claimed the lives of around 80 people, a special Victorian Taskforce interim report has identified 1,400 buildings with flammable cladding, including eight hospitals. From The ABC: The Victorian Cladding Taskforce identified 1,400 buildings “as most likely” having aluminium composite panels (ACP) with a polyethylene (PE) core or expanded polystyrene (EPS)… The taskforce called on the Victorian Building Authority to examine those buildings and give them a danger rating of low to extreme. It also recommended that materials be restricted for future use on buildings above two storeys… Planning Minister Richard Wynne said the report painted a picture...
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  Shorten banks on Turnbull’s super industrial size lack of judgment Michael Galvin 3 December 2017 https://independentaustralia.net/politics/politics-display/shorten-banks-on-turnbulls-super-industrial-size-lack-of-judgment,10991#.WiRsjGoJG8Q.twitter Turnbull's banking royal commission decision is yet another example of his profound lack of judgment, writes Michael Galvin. It is regularly reported that Paul Keating gave Kevin Rudd three bits of advice about Turnbull when he (Turnbull) took over as Opposition Leader. Keating described Turnbull as 1.     brilliant, 2.     utterly fearless, but 3.     totally lacking in judgement. Nearly a decade on and it is safe to say that Keating was wrong about the first two points. Turnbull as PM has been neither particularly brilliant nor particularly fearless. But Keating has been proven spectacularly right about the third point: Turnbull seems mind-bogglingly devoid of any semblance of good judgement. The proposed Royal Commission into banks is truly an awesome example. Two related but specific aspects really stand out. Each of them is bad enough, but as they become intertwined, I cannot...
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Lawyers call for broad scope in banking royal commission And in run the lawyers.........TURNBULL and Bankers’ fake the RC, the lawyers will get nowhere right now.  We know why………………   04 December 2017 By: Tom Lodewyke https://www.lawyersweekly.com.au/wig-chamber/22370-lawyers-call-for-broad-scope-in-banking-royal-commission?utm_source=LawyersWeekly&utm_campaign=04_12_17&utm_medium=email&utm_content=2 Lawyers have applauded the federal government’s decision to investigate the conduct of the banks but warned that the terms of reference must be broad. Prime Minister Malcolm Turnbull announced the royal commission on Thursday after the big four banks called for an investigation to restore public faith in the financial sector. Australian Lawyers Alliance spokesperson Josh Mennen welcomed the royal commission and said it must explore unscrupulous sales practices. “A royal commission is the best way of ensuring that victims of banking sector misconduct receive justice,” Mr Mennen said in a statement. “It is crucial that this inquiry examine the systemic failures of banking practices that led to devastating outcomes for thousands of customers during the Global...
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The first rule of inquiries and investigations is you never call for one unless you know what the outcome will be. There's something seriously rotten at the core of Australian banking Ian Porter 2 December 2017 http://www.theage.com.au/comment/theres-something-seriously-rotten-at-the-core-of-australian-banking-20171201-gzwlkt.html The decision to hold a royal commission into the banking system has been described as a backflip by the Malcolm Turnbull, but it could be worse than that. This could also be seen as the Prime Minister and the banks taking control so that nothing unexpected happens. This is how you keep the banks onside, and the campaign donations flowing.   Illustration: Matt Davidson  The fact that the Coalition will be formulating the terms of reference means that the royal commission will turn out just as Mr Turnbull predicted several months ago. It will largely be a waste of time. Does anybody really think that the banks threw themselves on the altar of public opinion...
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Banker Panic ! Why a Royal Commission is so important.   Banks are past their use by date.....technology might end up having the last laugh on them.....the 2 best probable truths I heard today were 1.    Martin North stated he home lending will NOT be investigated by the RC for home lending is policy NOT misbehaviour...and 2.    Dastyari was really given the shove for he was responsible for formulating Labors Royal Commission policy push   Posted on 02/12/2017 by The Glass Pyramid https://theglass-pyramid.com/2017/12/02/banker-panic-ignore-them-have-a-proper-royal-commission-and-fix-the-problem/ What a week it has been. The Prime Minister Malcolm Turnbull and the Treasurer Scott Morrison have been dragged kicking and screaming by the public, the opposition and even members of their own Liberal Party / National Party coalition into having a Royal Commission into their Australian Banking “mates”.There has been an air of pandemonium as the Banking industry and their “special friends” in politics and the media have run multiple...
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Bank workers want a royal commission to clean up 'toxic' culture http://www.smh.com.au/business/banking-and-finance/bank-workers-want-a-royal-commission-to-clean-up-toxic-culture-20171129-gzv6d6   Bank employees have called for a royal commission to restore the public's confidence in the sector. The Finance Sector Union, which represents hundreds of thousands of bank workers, said recent scandals in the banking and finance sector had rocked consumer confidence. "We want that confidence restored," FSU National Secretary Julia Angrisano said.   "Let's have the Royal Commission, let's put in place the measures to restore trust, and let's work together to develop the world's most stable, ethical and prosperous banking sector. "We believe senior banking executives when they say they want a more ethical, fair and transparent sector.  But we are also realists; for decades, our union has seen ordinary bank workers held responsible for actions that can only arise from toxic or mercenary banking cultures – cultures that senior executives must bear responsibility for."   Ms Angrisano said Australians have seen banks providing...
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Government's superannuation bill 'precisely the wrong model', says expert By Stephen Long Updated December 04, 2017 06:43:46   http://www.abc.net.au/news/2017-12-04/government-superannuation-industry-government-bill-criticised/9221778 TURNBULL’s Smoke Screen machine has started already....... Photo: Parliament is set to debate a bill to change superannuation industry governance this week. Related Story: How the proposed super changes will affect you (and the Government) Related Story: Why superannuation fees are sky high Related Story: Government tries again on legislation to overhaul superannuation funds Map: Australia One of Australia's leading authorities on the superannuation system has accused bank-run super funds of "looting" workers' retirement savings for profit, and criticised the Federal Government's "bizarre" targeting of the not-for-profit industry super sector. Key points: Forcing new model on industry funds would undermine members' interests, expert says Legislation would require at least one third of trustees on a super fund be "independent" But expert says this requirement has failed to overcome conflicts of interest at...
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Banking royal commission could be a superannuation sting that backfires By business editor Ian Verrender Updated December 04, 2017 07:06:35 http://www.abc.net.au/news/2017-12-04/verrender-banking-royal-commission-could-be-superannuation-sting/9221798    Video: Malcolm Turnbull announced a Royal Commission into the banking system last week (7.30) Related Story: Industry super fights back against governance reforms Related Story: How the proposed super changes will affect you (and the Government) Related Story: Superannuation funds grow, industry beats retail ... again Map: Australia Capitulation? Not quite. More a tactical retreat. The Prime Minister may have been dragged "kicking and screaming" to a Royal Commission into banking but not before lobbing a hand grenade into proceedings. It now transpires that the Royal Commission for which the electorate has been clamouring is not quite the Royal Commission being offered up by the Government. Having been given the all clear from the banks — in the face of a revolt from within the Coalition — the PM...
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The Banking Royal Commission fix is in By Houses and Holes in Australian banks at 12:21 am on December 4, 2017 | 7 comments https://www.macrobusiness.com.au/2017/12/banking-royal-commission-fix/   Via Banking Day: Kenneth Hayne, 72, a conservative and a former justice of the High Court of Australia has the gig as the sole commissioner of the planned royal commission into misconduct in financial services. The prime minister, Malcolm Turnbull, announced the selection of Hayne on Friday, a day after the government set out the draft terms of reference for a highly political inquiry. The details of those terms may be the subject of pointed debate in Canberra this week, with the House of Representatives returning to work. The more vocal consumer campaigners for a royal commission into the sector are not giving Hayne the benefit of any doubt that he might provide a form of justice for victims of bank misconduct. Denise Brailey, founder...
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ANZ Bank says a lack of political will has seen successive Australian governments fail to extend money laundering laws to cover lawyers, real estate agents and accountants. Australia a 'place of choice' for money laundering due to lack of regulation: ANZ By business reporter Sue Lannin Updated July 13, 2017 08:26:16   http://www.abc.net.au/news/2017-07-13/should-australias-anti-money-laundering-laws-be-extended/8703354   Video: Money laundering is big business in Australia (The Business) Related Story: Fraud, money laundering, insider trading the biggest ASX risks: AUSTRAC Related Story: Five arrested over alleged $30m investment fraud syndicate Related Story: Tabcorp fined $45 million for breaching counter-terrorism financing laws Map: Australia ANZ Bank says a lack of political will has seen successive Australian governments fail to extend money laundering laws to cover lawyers, real estate agents and accountants. Key points: Australia's anti-money laundering law does not cover real estate agents, lawyers and accountants The lack of regulation makes Australia an attractive target for...
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A proper Royal Commission would find the same is true with Australian banks  ...repeat offenders, slack regulators, corrupt IT systems, and an inbred rotten sales culture......   Wells Fargo is Dubbed a Repeat Offender and Faces New Wrath from its Regulator Bank was asked to respond on irregularities in its auto-insurance and mortgage lending units By Gretchen Morgenson and Emily Glazer Updated Nov. 29, 2017 11:07 a.m. ET  121 COMMENTS https://www.wsj.com/articles/wells-fargo-is-dubbed-a-repeat-offender-and-faces-new-wrath-from-its-regulator-1511951402 A federal regulator has advised Wells Fargo & Co.’s board of directors that it is weighing a formal enforcement action against the bank over improprieties in its auto-insurance and mortgage operations. In a harshly worded letter sent earlier this month, the Office of the Comptroller of the Currency, one of the bank’s chief regulators, said Wells Fargo had willingly harmed its customers in those two business lines and had until Nov. 24 to respond, according to people familiar with the...
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In a nutshell to expose mortgage fraud would crash the system and make a mockery   of regulators............   Should any inquiry find systemic wrongdoing on the part of banks this would lead S&P to "revise some of our current assessments because that would suggest there are elements of greater risk in the banking system than what we had considered," he said.    Australian banks the best regulated in the world: S&P Australian Financial ReviewNov 29 2017 6:23 PM James Eyers  International ratings agency S&P Global Ratings says existing laws and regulations governing Australia's banks are the strongest in the world, and does not believe there has been any systemic manipulation of rules to warrant a parliamentary investigation into the sector. On the other hand, any inquiry will create a big distraction for management, it argues.  Separately, in a briefing for bank investors on Wednesday, S&P repeated its warning that there...
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What are these dodgy loans?  RBA report here dated September 2005 and special report on the subject today from Canada....... Did our Our Banks introduced this product........syndicated lending to Canada?  Australia and Canada have been doing the same thing re RMBS Bonds   SYNDICATED LENDING1 Introduction https://www.rba.gov.au/publications/bulletin/2005/sep/pdf/bu-0905-1.pdf   The borrowing requirements of businesses are sometimes beyond the funding and credit risk capacity of single lenders. As a result, some loans are arranged as syndicates with the funds jointly provided by two or more lenders. Though there is a single loan agreement, each participant to a syndicated loan maintains a separate claim on, and bears the credit risk for, the portion of the loan that it has provided. These loans therefore enable lenders to achieve greater diversification in their loan portfolios and maintain client relationships that can be beneficial in other ways.......   Page 3 In terms of the main participants, the...
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NZ Banking non-compliance issues dating back to 2008!  So what was going on pre 2008 with risky algorithms?    Reserve Bank slams Westpac over ‘serious non-compliance” with risk rules Hamish Rutherford 15 November 2017 https://www.stuff.co.nz/business/98917293/Reserve-Bank-slams-Westpac-over-serious-non-compliance Westpac has been ordered to hold more cash on its balance sheet after the Reserve Bank of New Zealand said the bank “had materially failed” to meet its obligations around the models it uses to calculate risk. The Reserve Bank has announced it will require Westpac New Zealand to hold an additional 2 percentage points of each form of regulatory capital banks are required to hold until the problems are fixed. Under its operating agreement with the Reserve Bank, Westpac is required to operate approved risk models to calculate how much regulatory capital it needs to hold. On Wednesday the Reserve Bank revealed the outcome of an independent report into Westpac’s operations in New Zealand, which...
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Turnbull caves in to demands for banking royal commission, but orders it not to investigate APRA To join the fight for a national bank and to re-nationalise our privatised assets, click here to join the CEC  Prime Minister Malcolm Turnbull and the banks have jumped before they were pushed, agreeing 30 November to a banking royal commission that they hope they can control. The justified fury of the Australian people, who have neither been assuaged by the government’s assurances nor swayed by the banks’ scare campaign, has forced the government into this action. Just a day earlier Westpac’s head of businesses banking David Lindberg warned that an inquiry could push the nation into recession and “economic collapse”. Yet within 24 hours Westpac and the other three major banks wrote to Turnbull suddenly claiming to support a royal commission. Turnbull, a.k.a. Mr Goldman Sachs for having made his fortune with Wall Street’s...
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DEAR MALCOLM TURNBULL Listen Turnbull, just before you resign and get out of our face, I want to tell you what the bloody bank Westpac has done to my son.   They stitched him up for a $85,000 loan on a house in Hamley Bridge SA about 18 years ago and then when he went to see them after he lost his job, they said they would give him a 'bridging loan' until he got on his feet.    That is unconscionable practice.    After all these years of paying the house off, he still 'owes' the bank $127,000 or more.   He has paid it off several times over.   YOU DON'T WANT A FULL INVESTIGATION IN THE BANKS?    You have made your money out of the banks off the backs of people like my son you mongrel.   Get out of Parliament and get out of our face.      ...
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BANK ROYAL COMMISSIONER will be JOHN HOWARD buddy Kenneth Hayne.   This guy must have zero integrity and a weird sense of humour or he would never have accepted this appointment   News: Justice Michelle Gordon’s unsurprising appointmentPosted on 15 April 2015 A long rumoured appointment to the High Court was announced yesterday:Today, his Excellency the Governor-General accepted the advice of the Government to appoint the Honourable Michelle Marjorie Gordon, a Judge of the Federal Court of Australia, as the next Justice of the High Court of Australia. Justice Gordon will replace the Honourable Justice Kenneth Hayne AC, who will reach the statutory retirement on 5 June 2015.Very much like Hayne J’s own appointment in 1997, Gordon J’s is entirely orthodox given the usual criteria of merit and geographic (and, in Gordon J’s case, gender) diversity on the Court. Like Hayne J (whose appointment by the Howard government was also ‘not unexpected in...
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ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY   This Banking Royal Commission will achieve nothing.  The TOR is skewed to only look at “errors” and conduct of sellers, not Bankers!!!  There will be no compensation and the “Commissioner will simply fall into line.”  This version of an RC will be starved of Oxygen and funds and time.  No-one trusts the banks. SNEAK PEAK AT TERMS OF REFERENCE   Australia has one of the strongest and most stable banking, superannuation and financial services industries in the world, performing a critical role in underpinning the Australian economy. Our banking system is systemically strong with internationally recognised, world’s best prudential regulation and oversight. Most Australians are consumers of banking, superannuation and other financial services. The superannuation system alone in Australia has created more than a $2 trillion retirement savings pool, which continues to grow rapidly, and which compels all working...
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Dear Denise,  I am one of thousands to congratulate you on what must have seemed to be an impossible task.    You have achieved the universal acceptance of the need for a Royal Commission. Additionally, you may have caused the demolition of the party which adamantly refused to listen to your call.    Let me express my greatest admiration for your herculean efforts on behalf of thousands of wounded Australians. May the result not only be justice, but a total change in banking practice for the future.    Additionally, I think you are the catalyst for a vast improvement in corporate and government attitude toward the general public. Let us hope that business practice can now be premised on ethics and respect.    With my sincere thanks to you and to all those who assisted you.    Reg   ...
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Suddenly, the fear has been reversed. After a fortnight of attempting to whip up alarm with customers, with claims a bank inquiry would force interest rates higher, the boot is on the other foot. Bank shares took a pounding this morning, as investors took flight, following revelations that, overnight, the big four banks had capitulated and called for the Prime Minister to establish a royal commission into banking. Faced with the prospect of a parliamentary inquiry, it was a desperate attempt to retain some control over the process and, in particular, exactly what will come under the microscope. The inquiry Turnbull had to have The Prime Minister has spent the past 18 months stridently opposing calls for a royal commission into the banks, but in the end resistance was futile, writes political correspondent Louise Yaxley. But what exactly do they have to fear? What secrets lurk deep within the vaults of our...
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BFCSA EXCLUSIVE:   The Turnbull Royal Commission will be run and controlled by the BANKERS. Fancy a weak Government being told what to do by the BIG FOUR. Insanity reigns. Our people have been screaming for a Royal Commission into Banks for over a decade. The Banksters politely ask Turnbull for an RC and he says YES immediately. Be prepared for the whitewash version: The situation according to the Banks. All boxes of fraud and intention to deceive have been ticked by the consumers. The RC announcement has come from the recent Banker Love In. ITS TOO LATE. The Howard/Turnbull Green Light 2002 should never have happened.   Turnbull has brought forward the discussion to control the outcomes to be a minimal effort. He does not explain WHY he dragged this on for the past two years. People have lost TRUST and CONFIDENCE for good reason. So does this mean...
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