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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: Financial Sector Union gets access to banking royal commission lockup

Posted by on in ROYAL COMMISSION URGENT
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Financial Sector Union gets access to banking royal commission lockup

The Australian 8:03pm February 1, 2019

Michael Roddan

 

EXCLUSIVE  The Financial Sector Union representing frontline workers in bank branches and superannuation companies has been granted admission to the royal commission lock-up after being knocked back in an eleventh-hour misunderstanding between the union and Treasury.

The Australian Bankers Association, representing the interests of the major lenders, the Financial Services Council, the lobby groups for the wealth management industry, and the Australian Institute of Superannuation Trustees will all been given access to Commissioner Kenneth Hayne’s final report hours before it is publicly released on Monday.

While the nation’s major media organisations have also been granted access to a federal budget-style lock-up to read the documents before they are published on Monday afternoon, the union group representing bank workers claimed it had been knocked back from attending.

After the FSU’ s lawyers applied to attend Treasury had written back saying it was not going to be allowed in the lock-up. After appealing the decision, when Treasury believed the lawyers representing the FSU wanted to access the lock-up, unrelated to the FSU, the union was granted access.

The FSU was given leave to appear at every round of the royal commission and made submissions following each fortnight of hearings in order to explain how frontline staff were being pressured to shunt customers into loans and products due to the use of extreme KPIs.

The FSU proposed overhauling conflicted remuneration, ensuring customer interests were given precedent above banks’ own economic interests and forcing regulators to be more confident and assertive.

The Labor Party, the ACTU and consumer advocacy group Choice have also been given access to Treasury lock-up on Monday.

 

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