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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: Stan Wallis Report 1996-97 Unprotecting Consumers - laying bodies on railway tracks

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A Rollicking Read:

The Australian population is ageing. This increases the importance of assets to fund consumption in retirement. The Commonwealth Government has sought, through superannuation initiatives, to encourage private asset accumulation and thus to encourage reduced dependence upon the age pension in retirement. This has led to a shift in household financial assets into market-linked investments, meaning that households are bearing more investment risk than in the past. Improved financial advisory services and increased efficiency in funds management are thus required.

The number of people working extended hours continues to increase. Thus, many people may now have less leisure time and less time available to manage their financial affairs. Such people will have a greater need for financial products which offer convenience and ease of access. At the same time, many consumers will experience greater variability in the timing of income. Those spending longer periods in education, those in part-time employment, the unemployed and those in early retirement will generate a greater need for financial products which smooth cash flows and spending over their life cycles.

So who managed to think we would be better served by listening to bankers, planners, brokers and their own lawyers: all driven by huge volume bonuses?   We are digging deeper into the causes of this crisis.

THEN THERE IS THIS GEM:  "equity concerns about the rights of citizens to the provision of 'basic banking services', especially for low-income, low-wealth customers.."

THEN THE PLANS FOR A NEW ASC (ie the now hopelessly flawed ASIC)  proposed CFSC was renamed ASIC 1998:  

"Many of the Report's recommendations can be, and have been, challenged. First, the proposed formation of the CFSC might be challenged on the grounds that it entails removing the administration of financial consumer protection from the ACCC. It could be argued that this policy change will create disparities in consumer protection with the rest of the economy, because of the tendency for the industry-specific CFSC to come under 'undue' influence from the finance sector. If this occurred it could be viewed as both unfair and likely to generate some loss of economic efficiency.

Second, it could be argued that the formation of a single prudential regulator for the entire financial sector, the APRC, will reduce the effectiveness and efficiency of prudential regulation. It is argued that this will arise because of the size and complexity of the regulatory task set for the APRC. The proposed single prudential regulator might also be criticised on the grounds that it will encourage non-deposit institutions, and their customers, to increase their risk exposures in the belief, albeit mistaken, that Commonwealth Government protection for bank deposits has been extended to other financial assets."

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Guest Wednesday, 20 January 2021