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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: O’Dwyer points to RC review of ASIC and APRA

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O’Dwyer points to RC review of ASIC and APRA

moneymanagement.com.au8 March 2018

Mike Taylor

The Minister for Revenue and Financial Services, Kelly O’Dwyer has reinforced that the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry will be inquiring into the effectiveness and ability of the financial regulators – the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

In an address to the Insurance Council of Australia and on the same day that the Royal Commission listed APRA and ASIC to be part of its hearings next week, O’Dwyer also indicated the Government’s intention to deliver ASIC product intervention powers.

She said the Government was consulting on draft legislation to give ASIC product intervention powers and to put design and distribution obligations in place.

“It is critical that these reforms—that of course resulted from the landmark Financial System Inquiry—enhance consumer protections and make sure that financial products are targeted and sold to consumers who might benefit from them,” O’Dwyer said.

 

Among the other parties who would appear before the Royal Commission next week are the Commonwealth Bank, Citigroup, ING Bank, National Australia Bank, Westpac and the Finance Sector Union.

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