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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: John MacFarlane; one of many former Banking Chiefs and insiders disgusted with today's corrupt Australian Banking system.

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John MacFarlane will be one of many former Banking Chiefs and insiders to banks who are disgusted at today's corrupt banking system. Insider Bank staffer has told us...:"Bank chief and execs incredibly nervous at work prior to election, terrified that Labor would win. Colleagues and I voted Labor for first time. We were sold the same loans. Shocking what is going on. Yes needs Royal Commission. We are prevented from speaking out."

Former Reserve Bank board member John Edwards joined the chorus of critical voices last week in calling for some type of inquiry into the banks, saying their relative power had increased significantly in recent years and it had to be reckoned with.

“Their authority in [funds management] is becoming vastly bigger than it was, even a decade ago,” Edwards said. “I think that’s where we need to get a better idea of what the culture is, and where the performance and practice is.”

Labor now plans to focus its political attention on the role of credit card interest rates and the difficulty customers have switching between banks.  Senator Sam Dastyari said a little-noticed fact from last week’s RBA rate cut controversy was that the major banks failed to pass on any of the rate cut to credit card holders.  The gap between credit card interest rates and the RBA cash rate is now more than 18% – the largest it has been in 27 years since data has been kept.

“We all keep talking about the failure of banks to pass on interest rate cuts for mortgage holders but there’s been nothing substantial passed on for credit cards for years now,” he said.  The opposition leader, Bill Shorten, said on Tuesday the banks were being “poorly advised” if they thought posting record profits in this environment was a good idea.




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Guest Friday, 04 December 2020