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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: Hockey and Neave 1999: Banks operating as an evil Cartel. Royal Commission into all Major Banks urgently required by Consumers

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Banks to be named and shamed

August 12 2002
Banks will be publicly named and shamed if they fail to comply with a range of new rules under the new Code of Banking Practice, launched today.    The code requires banks act fairly towards their customers and give them plenty of notice before new fees are introduced or current ones changed.    They are also required to help customers with loan repayment problems and provide details on credit card transaction disputes.   The code has also been extended to protect small businesses for the first time.   Banks will be monitored by the independent Code of Compliance Monitoring Committee which can receive complaints about possible breaches of the code.   If the committee finds a bank has breached the code it can name the institution publicly, with the aim of attracting the attention of the industry's regulator to take action.   But consumer advocates argue that the code fails to adequately deal with the most complained about aspect of banking - high fees and branch closures.

Australian Consumers Association (ACA) finance policy officer Catherine Wolthuizen said the ACA would continue to push for the introduction of a social charter for banks so they are responsible for fee hikes and branch closures.   "The code does represent a substantial improvement on the existing code and gives some concrete protection in new areas," she said.  "But it doesn't apply to the areas of greatest complaint - fees and branch closures.   "While the (banking) ombudsman is rigorous and independent in his adjudication of disputes ... there does need to be some sort of outside regulation of the banking industry through a social charter."

Australian Bankers' Association chairman and Commonwealth Bank of Australia chief executive David Murray defended the new code, saying fees were a pricing issue not covered by the code.   If consumers were unhappy with fees they could change banks.  "I think that all the codes that we have signed up for and the legislation we have got puts us at the front of most industries in Australia on relationships with our clients," Mr Murray said.   The banks have 12 months to comply with the new code. ANZ, which has welcomed the changes along with National Australia Bank, has already agreed to comply by December this year.  Independent consultant Richard Viney, who was responsible for suggesting the changes to the code, said he believed the naming and shaming of banks in breach of the code would play a major role in ensuring it was adhered to.   "I recommended there be a wider range of sanctions initially, but I personally think it's quite satisfactory to wait and see how these work out," he said.

Banking ombudsman Colin Neave added that the new code would be "impossible to ignore" as it would have to be read by bank staff, displayed in branches and given to customers.  "This new code will have a net effect on increasing consumer confidence in using financial services and ought to reduce the number of disputes and misunderstandings between banks and their customers," he said.

Appointments - 10 June 1999

A new 10-member Commonwealth Consumer Affairs Advisory Council (CCAAC) has been appointed to advise Financial Services Minister Joe Hockey on issues including privacy, superannuation, financial serv-ices, investment and electronic commerce.


"The council will perform an important role in giving me independent advice on the current or likely impact on consumers of developments in the Australian market," Hockey says.  The council will be chaired by Australian Banking Industry Ombudsman Colin Neave

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