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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: Banking Legislation a disaster for all Australians. We need to wake up!!

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Nasty surprises still lurk in BEAR

Australian Financial Review Oct 11 2017 11:00 PM

James Frost


Bank chief executives and legal experts have welcomed changes to the banking executive and accountability legislation but warned more are needed to make it workable before it is enshrined in law.

Among the list of remaining concerns held by the legal and banking industries were the prospect of an uneven playing field for financial services firms and poorly defined additional powers granted to the Australian Prudential Regulation Authority.

The Australian Financial Review revealed on Wednesday the federal government was prepared to make concessions to the BEAR legislation that would guarantee the right to appeal decisions in a merits review such as the Administrative Appeals Tribunal.

Legal experts welcomed the concession, saying the changes brought the legislation into line with Commonwealth policy and were a step towards normalising the relationship between the government and the banks.

Westpac chief executive Brian Hartzer said it was appropriate bank executives had access to a more substantive appeals process and that it was "over-the-top" a person's career could be terminated without one.

"You are talking about very severe impacts on individuals and their career," Mr Hartzer said.

"There have been cases in Australia, you go back 10 years or so ago, where people were banned and that was overturned on appeal because it was felt it was not an appropriate sanction."

Mr Hartzer said the overarching aim of the legislation – to make bank executives more accountable – was worthwhile pursuing given the complex nature of large companies such as banks.

But  he also warned of the unintended consequences of including non-executive directors under the legislation, which he said would lead to directors taking inappropriate actions to protect themselves and essentially acting as management, which was undesirable.

He also said there was a practical issue with bank subsidiaries as the BEAR legislation in its current form specifically encompasses all of a bank's subsidiaries.

Ashurst partner Andrew Carter said the question of subsidiaries could create an uneven playing field for financial services companies competing against bank-owned subsidiaries such as financial planning firms.

This was backed by the observations of ANZ chief executive Shayne Elliott, who said the legislation would capture anywhere between 70 and 100 ANZ executives in its current form.

"I don't think we disagree with the general intent, it's going to be down to the kind of the operational aspects, like how far down into the organisation, how many people," Mr Elliott said.

Ashurst's Mr Carter also questioned the standards being put in place as being loose and poorly defined such as the obligation to deal with APRA in an open, constructive and cooperative way.

"There is a real greyness about the concept of dealing with APRA in an open, constructive and cooperative way and ultimately they can only be resolved through litigation in the courts," he said.

Mr Carter said while granting APRA powers to assist its ability to investigate was not problematic in so far as they are similar to those ASIC already has, it may over time change the culture.

"There is a question as to whether having these sorts of powers might change the nature of APRA as a regulator because it's been given a much stronger enforcement function ... and over time that may well affect how it has to operate as a result."

Herbert Smith Freehills global co-chair of the banks sector group Tony Damian said the concessions granted by the government were important following the truncated consultation period.


 "Concerns were raised and the government is acting on those concerns, that's the important thing" Mr Damian said.

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