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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: Comm Bank apologies for 10,000 cases of BAD ADVICE? The time for apology was in 2008 with a 100% Compensation CBA cheque attached

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Retirees bilked of life savings.  Pensioners ripped off with toxic equity loans.  The Major Australian Banks were up to these capers for over a decade whilst ASIC watched life savings burn.  The Senate Inquiry into ASIC revealed how deceitful ASIC and the Bankers had become and how consumers were regarded as cannon fodder for over a decade.  The details of the scandal (thanks to the Senators) are now attracting mainstream media attention and not before time.

Ian Narev and his mates at Commonwealth Bank do not understand: An Apology now is a slap in the face for all those whose lives his bank has ruined.  CBA and other banks handed out BAD ADVICE and BAD STRATEGIES to retirees for over a decade.  The Planners were simply following orders.  CBA had distressed developer clients and that aspect needs a ROYAL COMMISSION wide terms of reference.  For CBA to suggest they will appoint someone to oversee compensation claims is too little too late and utterly bereft of any idea the image of the bank has been tarnished for decades to come.  Customers no longer TRUST or have CONFIDENCE in CBA or  Narev, and why should they?  Its not so much the bad advice and the 100% LOSS that is is CBA's determined efforts to cover up these activities since 2008 and then for ASIC and CBA to mislead Parliament.

ITS THE INTENTION TO DECEIVE that is CRIMINAL.  Ripping off Retirees appears to have developed into a lucrative "money spinner" for the major banks and, in addition, CBA ripped off the pensioners with asset lending, pensioner pay day lending, toxic Low Doc Loans.  CBA and its mates acted as a CARTEL by using the same model strategies, the same products and processes, resulting in the same identical losses.

YES, a ROYAL COMMISSION into the Banking and Finance sector (include the Insurers and LMI scams) is long overdue.  For The Prime Minister and Joe Hockey to suggest they wish to water down FIFO reforms is disgraceful.  We had strong regulations but we needed an ENFORCER.  ASIC never was going to fit the bill.  The puyblic has a right to now demand the TRUTH of what really happened behind closed BANK DOORS.

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CBA's scandal response falls well short of restitution


By Ian Verrender <>

 Posted Thu 3 Jul 2014

 Thousands of nervous bank executives are hoping the Commonwealth Bank can successfully avoid bringing further scrutiny on the dodgy financial advice that has infected Australia, writes Ian Verrender.

 Does it go far enough? The answer is a resounding no.   Commonwealth Bank chief Ian Narev this morning broke his bizarre week-long silence to offer a comprehensive apology to customers who have been systematically defrauded for more than a decade by the bank <> .

 It is the first time the bank has acknowledged the extent of the problem and its attempts to cover it up, following a scathing Senate Committee report last Thursday that called for a Royal Commission into the scandal.  But the remediation process proffered by Narev falls well short of what is required for restitution.  The bank will create a compensation fund. Its exact amount is unknown, the only hint of its size being that it will have no material impact on the business. That alone is enough to ring alarm bells.  The review process, however, is of serious concern. 

 To be eligible for compensation, victims will be required to submit themselves to a specialist team of CBA investigators. If they get through that process, but are unhappy with the initial CBA adjudication, they can have their claim reviewed by an independent panel. And if they are dissatisfied, they can complain to the banking ombudsman.  That ensures minimal impact on the bank and maximum discomfort for victims. As outgoing Senator Mark Bishop - who chaired the Committee Inquiry - noted after Narev's address, it will be a case of CBA employees reviewing the CBA.  He, and angry victims, are adamant that the process needs to be removed from both the bank and the corporate regulator, which has proven itself to be extraordinarily inept, after years of ignoring complaints from victims and accepting assurances from the bank.  The CBA's approach requires victims to identify themselves, and then argue their case. A Royal Commission or some other form of judicial inquiry would shift the responsibility from victims to the institution. The bank would need to open its books for examination and then have to argue its case.

 Why is this important?  For a start, the onus of responsibility should be on the CBA. Second, it is likely that many thousands of customers are unaware they may have been defrauded. And there will be many more who either have died or are too infirmed to press the matter, and who do not have family aware of why their parents lost their savings.  Make no mistake, there are thousands of nervous bank executives throughout the country sweating on how Narev's speech will be received. For it was not just the CBA that engaged in the type of practices that now have come to light..................


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Lawyers question CBA's new Commonwealth Financial Planning compensation scheme

Banking and Finance

Date July 3, 2014

Georgia Wilkins


Lawyers representing victims of Commonwealth Bank’s financial planning scandal have questioned the bank’s new compensation scheme, saying it fails to pass the independence test.  Maurice Blackburn principal John Berrill – who settled individual claims for victims of one of the bank’s banned planners, Don Nguyen – said the scheme was a repeat of the bank’s earlier failed compensation scheme. ..................‘‘This is a rehashed, slightly better version of what we had before," he said. "It still puts the CBA in charge of the initial assessment. .............................‘‘Will this meet the independence test? I don’t think it will.’’  .................Mr Berrill – who gave evidence to the Senate committee inquiry into the regulator’s handling of the scandal – said victims coming forward to the bank for compensation would fear they were not going to get a real and independent assessment of their losses.  “The only way to have real independence is by making sure the entire process is taken out of the hands of the Commonwealth Bank,” he said. ....................

Ben Hardwick – a practice group leader at Slater & Gordon who also represents customers of CFP and Financial Wisdom – said while victims welcomed the chance to avoid a costly legal battle, they were not yet confident the scheme would be fair.  ‘‘The devil will be in the detail,’’ he said. ‘‘The value of the offers is yet to be seen, the structure of this offering certainly ticks boxes.  "But there’s still more information that needs to come about how it will operate, how people will seek independent advice, when they will receive their offers and whether those offers will be satisfactory. There’s still a lot of questions that need to be answered.’’

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