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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: Unspent billions shifted from the books of NDIS agency

Posted by on in ROYAL COMMISSION URGENT
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Unspent billions shifted from the books of NDIS agency

The Australian 12:00am March 30, 2019

Rick Morton

 

EXCLUSIVE  A multi-billion-dollar underspend by the National Disability ­Insur­ance Scheme would once have sat on the books of the independent agency running the program­ but now sits with the governing depart­ment after a change of rules.

In the final budget outcome for 2017-18, the underspend for the scheme — due to delays in reaching targets and participants spending between 60 and 70 per cent of their allocated support — was $2.5 billion but that figure has now climbed dramatically as problems persist.

National Disability Insurance Agency deputy chief executive Vicki Rundle told The Weekend Australian she “could never guarantee­” what any government would do with the money.

“Governments, of course, year-on-year, will look at expenditure and I could never guarantee to you in any year what a government would do,” she said. “It (scheme funds) used to be our approp­riation but scheme funds are now a Department of Social Services ­appropriation.”

This technicality, which essent­ially makes the department the postbox for NDIA money currentl­y worth about $18bn, makes it easier for a government to obscure how much money has not yet been spent.

It is this money that contributes to a predicted surplus in next week’s budget.

Ms Rundle said the agency still had access to the funds, if it ­chooses to use it to invest in the scheme.

“We’ve had a budget underspend since inception,” she said. “Our money, year-on-year, has been available. It has never been an issue for us.”

Social Services Minister Paul Fletcher is expected to announce today a decision by the NDIA board to boost pay and hourly rates for some providers under the scheme after Scott Morrison demande­d action to placate a new campaign from vocal businesses.

The plan, first revealed in The Australian on Wednesday, would cut into the underspend by about $500 million but still leave the ­Coalition with billions of dollars to prop up the budget.

When asked if the NDIA could handle the ongoing costs of a boost to provider payments, Ms Rundle said: “We can, now.

“We need to set a price that we think gives providers the ­capacity to make a margin without price gouging — we want to make sure we do not put participants at risk.”

 

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