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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: David Murray AO needs to GO! He says system "over-regulated" How Pompous is that?

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 Does anyone take D Murray and Bank Cronies seriously?   His Inquiry is a waste of taxpayers money.  This email address is being protected from spambots. You need JavaScript enabled to view it.


CommBank scandal raises pressure on Murray inquiry

SMH Editorial Date  June 27, 2014

The Abbott government, the Commonwealth Bank of Australia, the whole financial services sector and the corporate watchdog are on notice. They must eradicate the remnants of cowboy culture among those who manage our money and plug yawning gaps in consumer protection measures.  A Senate committee this week made out a very strong case for a judicial inquiry or royal commission into the CBA's behaviour relating to financial planning, proposing such an inquiry could also make broader recommendations on the Australian Securities and Investments Commission and laws covering the whole sector.

The case may be even stronger on July 15. That's when the government's Financial System Inquiry led by former Commonwealth Bank chief David Murray must show it is treating these problems seriously.  Public trust in those entrusted to protect our growing pool of savings - largely from compulsory, tax-subsidised superannuation - is already worryingly low.  The Senate committee raises more reasons for concern and proposes regulators look closely at the likes of of Macquarie Private Equity.  The committee found internal and external safeguards had failed to ensure professional, let alone non-criminal behaviour among some CBA planning staff..................The Herald does not accept Senator Bushby's argument that the recommendations of the committee relating to ASIC "should be informed by the wider inquiry (FSI)". It should be the other way around. The Murray panel must further investigate and flesh out the unresolved issues in the committee report.  Senator Bushby argues against a royal commission, claiming a series of inquiries has already established facts and that even if a commission recommended new practices, many changes had already occurred at ASIC and CBA.  That may well not be enough.  What's more, it’s a huge leap of faith to think the FSI can be effective without coercive powers, given the committee found "the CBA deliberately played down the seriousness and extent of problems in (planning) in an attempt to avoid ASIC's scrutiny, contain adverse publicity and minimise compensation payments. In effect, the CBA managed, for some considerable time, to keep the committee, ASIC and its clients in the dark."............

The only public hint at what the interim report will say came in a speech Mr Murray gave on May 1.  "Major financial providers are telling us the financial system is competitive but over-regulated, " Mr Murray said. "Consumers are saying that the regulatory framework is generally sound and lending has improved – but there are concerns about disclosure and financial advice and investment … Regulators are saying the system works well, or are asking for more powers."  Consumer protection was not one of three "fundamental issues" Mr Murray said were concerning, but he raised the following as one question on which his inquiry would focus: "Is our regulation appropriately calibrated to provide confidence in our financial system while allowing technological change, innovation and entrepreneurship?"  The Senate report, the losses by CBA customers and the failures of ASIC give plenty of reasons to lose confidence in our financial system. The onus is on the Murray inquiry to restore that confidence. If not, a royal commission will be necessary...............

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