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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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Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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BFCSA: Royal Commission into Commonwealth Bank recommended by the Australian Senate

Posted by on in ROYAL COMMISSION URGENT
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At long last.  Well done to all these hard working Senators and particularly to Chairman Sen. Mark Bishop.   Yet the BIG issue is ALL FOUR MAJOR BANKS IN AUSTRALIA were acting as a cartel and doing the same thing.....dirty deeds in banking using agents to sell faulty products to benefit the players and not the customers.  The Senate Recommendation is only the start.  BFCSA want to see the Federal Government agree to a full blown ROYAL COMMISSION into ANZ, WESTPAC, NAB and CBA.  This email address is being protected from spambots. You need JavaScript enabled to view it.

We also want to hear from people that have taken out mortgages since 2010......................................So far 50 persons have contacted us and guess what - the same allegations of FRAUD and FORGERY exist.  85% of all TOXIC LOANS are with the FOUR MAJOR BANKS.

 http://www.smh.com.au/business/banking-and-finance/commonwealth-bank-facing-royal-commission-call-after-senate-financial-planning-inquiry-20140625-3asy6.html

 Commonwealth Bank facing royal commission call after Senate financial planning inquiry

 

Banking and Finance   Date June 26, 2014

Adele Ferguson and Ben Butler

A powerful Senate inquiry has called for the Commonwealth Bank of Australia to face a royal commission to investigate fraud, forgery and allegations of a cover-up inside its financial planning arm.  There was forgery and dishonest concealment of material facts.  Thousands of Australians have lost their life savings as a result of allegedly shoddy financial advice given to them by planners at the country’s biggest bank.   The inquiry said the bank’s existing compensation program for financial planning victims should be completely re-done, and the offers made to victims reviewed.  There was forgery and dishonest concealment of material facts.

Thousands of Australians have lost their life savings as a result of allegedly shoddy financial advice given to them by planners at the country’s biggest bank.   The inquiry said the bank’s existing compensation program for financial planning victims should be completely re-done, and the offers made to victims reviewed.  Inquiry chairman, Labor Senator Mark Bishop, has indicated this could increase the CBA’s compensation bill from about $51 million to $250 million.  The inquiry has also called for a wider investigation into the financial planning arms of other industry players including Macquarie Group.  Other recommendations of the inquiry, which was sparked by Fairfax Media reports of widespread misconduct among financial planners and managers at the CBA, include changes to the Australian Securities and Investments Commission to make the corporate regulator leaner, meaner and more effective.  “There was forgery and dishonest concealment of material facts,” the inquiry found in its report, tabled on Thursday. “Clients lost substantial amounts of their savings when the global financial crisis hit; the crisis was also used to explain away the poor performance of portfolios...................“Meanwhile, it is alleged that within CFPL there was a management conspiracy that, perversely, resulted in one of the most serious offenders, Mr Don Nguyen, being promoted.”

The report concluded that “ASIC has limited powers and resources but even so appears to miss or ignore clear and persistent early warning signs of corporate wrongdoing or troubling trends that pose a risk to consumers.”   It said in one case ASIC was shown to be “a timid, hesitant regulator, too ready and willing to accept uncritically the assurances of a large institution that there were no grounds for ASIC's concerns or intervention.”  The Senate committee said an independent inquiry, ‘‘possibly in the form of a judicial inquiry or royal commission’’, should be set up to ‘‘thoroughly examine the actions of the Commonwealth Bank of Australia relating to the misconduct of advisors and planners... and the allegations of a cover-up’’.

In other recommendations:

  • Financial advisers should have a university qualification, industry experience and sit an exam.
  • The Murray inquiry into the financial system should examine the regulation of investment products.
  • ASIC’s performance should be monitored by the parliamentary joint committee on corporations and financial services.
  • The government should consider changing corporate insolvency law to bring in a regime that has features of the US’ Chapter 11 regime, which gives greater protection to management and shareholders at the expense of creditors.

Read more: http://www.smh.com.au/business/banking-and-finance/commonwealth-bank-facing-royal-commission-call-after-senate-financial-planning-inquiry-20140625-3asy6.html#ixzz35j1riZBH

 


  

 

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