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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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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.
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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What do the Government expect the people want when this has been topical for more than 2 years? Most Australians want banking royal commission – Guardian Essential poll Katherine Murphy Tuesday 28 November 2017 04.00 AEDT Last modified on Tuesday 28 November 2017 07.09 AEDT https://www.theguardian.com/australia-news/2017/nov/27/most-australians-want-banking-royal-commission-guardian-essential-poll?utm_term=Autofeed&CMP=twt_b-gdnnews#link_time=1511820502 A majority of Australians would support a royal commission into the banks, with this week’s Guardian Essential poll showing 64% in favour, including 62% of Coalition supporters. With Barnaby Joyce holding out the prospect that the Nationals might formally support an inquiry into the banks when the party room meets next week, and with dissident parliamentary numbers for the proposal building, the new poll finds public support for a banking royal commission has stayed constant for two years. Support is highest among Labor voters at 72%, and people intending to vote for someone other than the major parties (71%), but there is also clear majority...
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PM says 'NO' to clamp on property scams By John Garnaut January 5, 2004 Print this article Email to a friend http://www.theage.com.au/articles/2004/01/04/1073151212457.html?from=storyrhs The Howard Government has rejected calls for new national laws to crack down on get-rich-quick property investment schemes. Weeks after the collapse of Henry Kaye's property investment empire, a senior adviser to Prime Minister John Howard has told a consumer group it is up to the states to regulate property investment advice. Despite receiving hundreds of complaints about Mr Kaye, regulators are yet to lay any charges in the case, saying there are no laws under which he could be prosecuted. Macquarie Bank's head of banking and property, Bill Moss, has warned that the problem of real estate scams was larger than many people understood and the Federal Government should not avoid responsibility. His warning followed separate calls from the Australian Securities and Investments Commission, the head of the...
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These banks have all been caught out using shonky algorithms......looks to me as if they now are controlling postcode areas where people can buy a home....it’s just disgraceful. Beware of the TOP UPS & LOCs!!!  Beware of CBA!   CBA announces major lending changes 28 November 2017 Martin North http://www.digitalfinanceanalytics.com/blog/cba-announces-major-lending-changes/     CBA has today revealed a raft of changes including LVR caps and restrictions to rental income for serviceability that will impact mortgage brokers and their clients from next week. On Saturday (2 December) CBA will introducing a new Home Loan Written Assessment document called the Credit Assessment Summary (CAS) for all owner occupied and investment home loan and line of credit applications solely involving personal borrowers. “These changes further strengthen our responsible lending commitments related to the capture and documentation of customer information,” the bank said. “The CAS will present a summary of the information you provided on behalf...
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The Greens are right to oppose ‘fake’ banking Inquiry By Unconventional Economist in Australian banks, Australian Politics at 8:40 am on November 29, 2017 | 1 comment By Leith van Onselen https://www.macrobusiness.com.au/2017/11/greens-right-oppose-fake-banking-inquiry/ Yesterday, it was revealed that the banking Commission of Inquiry (basically the same as a Royal Commission) being pursued by the Nationals was fake, with a whole bunch of key areas of banking malfeasance likely to be omitted from investigation: Under the government backbencher’s proposal, the inquiry could elect to skirt any matters currently before the courts and others under investigation by government regulators and law enforcement agencies. That might curtail the inquiry’s ambit considerably and might rule out evidence from known victims of poor financial advice whose grievances are still subject to legal action or formal investigations. Weaknesses in anti-money laundering compliance at several banks might also be a no-go zone for the commission of inquiry because of...
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Nationals are too little too late re Banking inquiry as another Nationals MP vows to cross floor Nationals fear an election is looming SOON.  They are politically manacled to the Coalition.  Nats harbour a loathing of Labor.  This is all about the possible annihilation of the Nationals and nothing to do with the victims.  They had their chance to back Bill Shorten and cross the floor on a full blown Royal Commission a year ago and failed to raise a hand against Turnbull.  The ONLY REASON that Turnbull is running the Nation is because of the Nationals.  Nats have backed Turnbull and the Banks as their major political benefactor whilst two million families have been suffering from MORTGAGE FRAUD.  BFCSA cannot in good conscience back this insane idea of the Katter Commission of Inquiry.  Sco Mo has to fund it and he will make sure if pushed into an awkward situation...
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Royal commission into banking: The inquiry that could kill the Government By business editor Ian Verrender http://www.abc.net.au/news/2017-11-27/how-bad-are-our-banks/9194984   The onslaught has begun. The television ads are in overdrive, the tame media commentators are barking and even the bankers themselves are putting on a parade, gracing as they did the stage at a "summit" last Thursday. And all within a week since rumblings from Coalition members threatening a private members bill to bring on a royal commission into banking. Those bloated profits from our financial institutions, they benefit all of us, we're told in soothing tones by reassuringly ordinary looking Aussies staring benignly from our television screens because, let's face it, we all own bank shares through our superannuation. It's always handy to throw in a few threats for good measure. As for a royal commission, well, if you believe the bankers, the real losers will be you and me because it will push...
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‘It’s disturbing’: One in seven homeowners with a mortgage have no buffer saved The reason:  Sub Prime IO Loan borrowers were given two years Buffer Loans to have "spare" debt to pay payments with and thereby the banks were able to mask the UNAFFORDABILITY.  These people had no savings buffer when they borrowed with Bankers preying on that vulnerability.  After two years the banks added a further $50,000 "Top Up" to keep payments flowing to prop up the RMBS products. Is it any wonder we need an urgent Royal Commission into the entire banking and Finance Sector?   One in seven homeowners would be unable to meet mortgage repayments if they were to lose their job, according a survey of homeowners. The survey by Canstar revealed that 43 per cent of borrowers have fewer than three months’ worth of repayments saved to cope with unexpected changes to their financial situation.    ...
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BFCSA Members Insist on a Royal Commission into Banking and an election call from the Turnbull Government......until that happens we can expect daily turmoil in banking and finance and plenty of civil unrest.   Federal treasurer Scott Morrison is a disgrace! Australians from all States have made their wishes known but the arrogant members of the LNP will stop at nothing to prevent a Royal Commission into the Banking and Finance Sector! BFCSA Members have campaigned for an RC for well over a decade and finally in April 2016 Labor agreed that if they win Federal Government, we will all benefit from the truth. At least Bill Shorten and his team have stuck by their promise.   Meanwhile, ScoMo and APRA are desperately suggesting that banks settle their own cases. Non-one wants another bleedin' Inquiry which will be interfered with by Bankers and their lawyers. Have you noticed how, thanks...
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THE leaked letter from LNP Senator. Peter McNamee - an LNP Branch President is a MUST READ. See link below. It was sent to Malcolm Turnbull. Every politician on both sides knows what is going on. BFCSA campaigned for 17 years for a Royal Commission into the Major Banks. Our evidence to the Senate 8th Aug 2012 was enough to lead us all down the path of demanding a full blown Royal Commission. Abbott and Turnbull were both part of the 2002 Cover UP Plan for banks to lower lending standards and treating all Australians with contempt.   Turnbull's support of bankers over bank victims will ensure the demise of the LNP at the next election. Turnbull is snubbing the people who drive the economy and provide goods, services and jobs. These people Farmers, business people are seen as cannon fodder to be milked, drained & abused by Big Banks...
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    Duped says #
    What a "leaked Letter" to Turnbull. This must put the pressure squarely on the shoulders of the Prime Minister, the same PM who i
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Banking royal commission snub could fuel 'wipe-out' at next election, grassroots Liberal warns Well they can bank on that one!!! ScoMo said NO Dutton said YES Bishop said NO Some of the back benchers say YES BIG MALCOLM SAYS NO NO NO "LABOR WILL LEAD ON THIS ISSUE...." Of course they have since 4th April 2016.  The only party that cared about victims of mortgage fraud.....and every other Banking Scandal!!! LNP says its better not to upset the Bad behaving Bankers LABOR says its better to have fairness for consumers who are experiencing financial ruin, and unable to fight these big banks on their own.      The Prime Minister has received an ominous warning from the head of a blue-ribbon New South Wales Liberal Party branch, calling on him to capitulate and establish a royal commission into the banks or face the issue contributing to a "wipe-out" at the next election....
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