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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: Senate due to hand down findings on ASIC'S failure to reign in DODGY BANKING practices

Posted by on in ROYAL COMMISSION URGENT
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Senate Committee expected to report on ASIC

25 June, 2014  0 comments

Senior executives within both the Commonwealth Bank and the Australian Securities and Investments Commission (ASIC) will be bracing themselves for the expected release today of the Senate Committee Inquiry into the performance of ASIC. 

The Commonwealth Bank will be closely reading the Committee’s final report to determine whether it will have to dig deeper in terms of compensating clients impacted by the actions of now-banned Commonwealth Financial Planning (CommFP) advisers, while ASIC will be worried about the committee’s assessment of its general performance and its handling of the CommFP issue in particular. 

The committee handed down an interim report in late May and signalled it was extending its inquiry because, in mid-May, ASIC and the Commonwealth bank had advised that there had been inconsistencies in the way in which the compensation arrangements for Comm FP clients had been applied.  

ASIC chairman, Greg Medcraft later apologised to the committee for the regulator having provided misleading information, however a supplementary submission by the Commonwealth Bank, details of which were released last week, suggested the regulator had always been made fully aware of the evolving compensation arrangements process. 

The Senate Committee’s final report is widely expected to recommend substantial improvements in ASIC’s operational procedures with respect to proactively oversighting the financial services industry, together with measures to better protect industry whistle-blowers. 

 

 

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