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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: Bank lawyers under pressure as royal commission lays groundwork for coming hearings

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Bank lawyers under pressure as royal commission lays groundwork for coming hearings

The Australian 1:27pm April 11, 2018

Richard Gluyas


Major bank legal teams are in a world of pain, desperately trying to keep up with the cracking pace set by the financial services royal commission.

So far, the best guide to commissioner Ken Hayne’s intentions has been a new line of questioning from counsel assisting, or notices to produce documents, starting to fall from the sky, signalling the groundwork is being laid for a new area of scrutiny.

That’s why the April 16-27 financial advice hearings are known to presage a switch to business lending, most likely towards the end of May.

While there’s talk life insurance could follow business credit, the trail then starts to grow cold.

The word on the street from those who are generously remunerated to peer over the horizon is that Hayne could conduct two more rounds of public hearings — possibly superannuation, as well as culture and governance — in July and August.

The major bank chief executives would be the star turn at the culture and governance round of hearings, enabling the commissioner to meet his September interim reporting deadline.

The timeline chimes well with the House economics committee’s announced plan to grill the CEOs in October.

Sarah Henderson, who succeeded David Coleman as chair, has been careful not to disrupt the commission’s work, dispensing with the committee’s usual March hearings.

The October sessions would be an opportunity for Henderson and her Canberra pals to interrogate the CEOs about Hayne’s interim report.

An alternative scenario would be for the banks to respond by submission to Hayne’s draft findings.

The CEOs could answer questions by the Henderson committee on the banks’ submissions, and then appear at the commission well before its final deadline in February.

So far, the banks have yet to hear anything from Hayne about CEO appearances.


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