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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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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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BFCSA: APRA Wayne Byres - banking - lax management, excessive leverage, under-pricing of risk

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The country's new banking regulator has hit the ground running.  Australian Prudential Regulation Authority chairman Wayne Byres is three weeks into the job, but he is already flat out keeping an eye on the big four banks and their mortgage lending battles and reading the rule book to financial newcomer Woolworths.

It is cheaper than ever to get a home loan, with three of the big four banks slashing their fixed mortgage rates this week to under 5 per cent.  But is it risky lending? That was an awkward question for the new banking regulator whilst lunching with Westpac.  "You're doing it," joked Mr Byres, referring to the fall in mortgage rates and growth in low deposit lending.  "I think competition's doing it. Competition is alive and well," responded Westpac's chief of Australian financial services Brian Hartzer, with a smile.

The regulator has been offering advice to the banks recently on how to manage mortgage-related risk.  "At this stage, our message has been: we're watching very closely. We want to make sure you're fully on top of what you're doing," Mr Byres warned.  Last week, the response from ANZ boss Mike Smith was that there was over-regulation of the banks but, today, Westpac was more diplomatic.  "The last thing we want to have happen a major credit event. It's not generally a very good career move if you're a senior banker," Mr Hartzer quipped.

Woolworths has also drawn the attention of the new regulator, declaring its credit cards are banking services.  The big supermarket chain is in trouble for using a term that is protected under the Banking Act.  "When we're alerted to those things, we point out the relevant sections of the Banking Act and people stop using them," Mr Byres responded.  This was Wayne Byres' first public outing as the boss of APRA.

He started his career at the Reserve Bank. Most recently, he has been in Switzerland working at the global banking supervisor.  "As I was sitting at the table, various tables in international forums with a neutral hat on, in my previous role, it was very clear that the Australian participants in all of these discussions and negotiations were actually very effective in influencing the outcomes," Mr Byres said.  While the big banks have complained about tougher rules since the GFC, in the wake of the financial system inquiry interim report, Wayne Byres says more needs to be done.

"That a return to the past, a return to the pre-crisis era, was actually a return to competition based on lax management, excessive leverage and underpricing of risk," he cautioned.  Mr Byres says rules being developed for the biggest global banks to hold more capital will inevitably change the Australian landscape too.  He also warns the regulator will almost certainly be tested by another financial crisis.  "Unfortunately, there will be future crises. We hope they're some way into the distance, but you can never say never," he added.  It is still early days for the man with the biggest job in banking.

Bureau of Statistics in dark on foreign investment in Australian residential property, inquiry hears


Date  June 26, 2014

Senior Bureau of Statistics officials have admitted they read trade magazines and newspapers to keep on top of changes in the amount of foreign investment in Australia's residential property, because their collection of such data is too patchy. Speaking at a House of Representatives inquiry on Wednesday, Paul Mahoney, an ABS assistant statistician, said employees regularly scanned newspapers for information on foreign purchases of Australian homes, even though they knew the practice was ''a bit hit and miss''.


But it had to be done, he said, because the ABS gathered ''very little'' data itself and collecting it was not a priority. The admission came in the third public hearing into foreign investment in the residential real estate market. The hearings are being held in response to industry concerns that foreign investors, particularly Chinese and Malaysians, have been sidestepping Australian laws to buy homes in huge numbers, pricing out locals.


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  • PreySOS
    PreySOS Tuesday, 19 August 2014

    Support victim of bank's toxic lending

    Please help us and support victim of bank's toxic lending. Government needs to stop bank rip-offs

  • PreySOS
    PreySOS Tuesday, 19 August 2014

    Banks do not deserve any benefit from illegal lending practice

    Banks do not deserve any benefit from illegal lending practice

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