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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: RCr Hayne told to waive confidentiality or face a parallel Senate bank inquiry

Posted by on in ROYAL COMMISSION URGENT
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Waive confidentiality or face a parallel Senate bank inquiry

Australian Financial Review Feb 12 2018 9:57 AM

Tom McIlroy

 

A key Nationals senator behind the push for a banking royal commission says the first day of hearings has left uncertainty for customers who have signed confidentiality agreements with institutions, describing the situation as "clear as mud".

NSW National John 'Wacka' Williams said royal commissioner Kenneth Hayne needed to clarify what protections would be afforded to victims of poor behaviour who had signed non-disclosure agreements with regional banks, life insurance companies and superannuation funds.

Mr Hayne, a former High Court judge, used the first sitting in Melbourne on Monday to warn institutions planning to enforce non-disclosure agreements or confidentiality clauses they would face "immediate consequences" which could include powers to compel information.

"The very fact that an institution sought to inhibit or prevent the disclosure of the information would excite the closest attention not only to the lawfulness of that conduct but also what were the institution's motives for seeking to prevent the commission having that information," he said.

But Senator Williams said a parallel Senate inquiry could still be required, promising to establish a process to receive submissions in March if the situation remained unclear.

Information provided to inquiries established by the House of Representatives or the Senate receive parliamentary privilege, giving witnesses protection from subsequent legal action.

"The situation is as clear as mud to me. I'm not a solicitor," Senator Williams said.

"If there are grey areas there, that will scare off people who have made agreements giving us making submissions. They'll be spooked, worried the bank will come after them.

"Let's give it a week or two and if we can't get anything surer we'll go straight in sometime in March and tell people to lodge submissions with us and they'll be covered by privilege."

Earlier, he called on Bendigo Bank, Bank of Queensland, Macquarie Bank, Suncorp, regional institutions and life insurance companies to follow the big four banks in pledging not to take legal action over the breaking of agreements.

Senator Williams and his party colleagues have raised the concerns with Attorney-General Christian Porter and are expecting a response in coming days. Nationals MPs forced Malcolm Turnbull's hand in establishing the probe last year.

"I commend the big four. I spoke with NAB last week, a couple of weeks later they came out and said they wouldn't sue anyone.

"Then the other three and now Rabobank have said the same. All banks, big and small, and all life insurance companies, all superannuation funds need to come out and address this or it's something we'll have to address here in the Senate," Senator Williams said.

Shadow treasurer Chris Bowen said the commission's focus must be on the victims of banking and financial scandals.

"This is an opportunity for those who have suffered because of insurance scams, dodgy lending and fee rip-offs to tell their stories and present their evidence to the commission," he said.

Greens Treasury spokesman Peter Whish-Wilson said callous and unscrupulous banking behaviour would be exposed by the 12-month commission process.

 

"I will be watching the opening statement looking for signals that the commission will be cognisant of the deeply painful processes that victims have already been through where they have found themselves always on the wrong side of a massive power imbalance within the legal system," he said.

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