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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: Westpac, NAB miss Kenneth Hayne's deadline for huge data dump.

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Westpac, NAB miss Kenneth Hayne's deadline for huge data dump

Australian Financial ReviewFeb 13 2018 8:00 PM

James Frost

 

Westpac and NAB failed to meet the banking royal commission's Tuesday 4pm deadline for a second and comprehensive report on misconduct going back five years, risking the wrath of Commissioner Kenneth Hayne.

The Australian Financial Review understands Westpac has been unable to provide the commission with all of the information it has been asked for and will file a further report or reports over coming days.

The bank's multi-brand strategy, which includes St George, Bank SA and Bank of Melbourne, is believed to add to the complexity of the request. A spokesperson for Westpac said the bank was lodging a comprehensive response to the request on Tuesday.

"Westpac understands the important work of the Commission and seeks to work co-operatively and constructively with it," the spokesperson said.

NAB is believed to be filing a partial submission on Tuesday evening with the expectation that it needs to file additional material over coming days.

A statement from NAB's chief legal and commercial counsel Sharon Cook on Monday said the bank was devoting substantial resources to meeting the timeframes specified by the Hayne Royal Commission.

Unlike the first request for submissions from the banks, Commissioner Hayne is not believed to have capped his request for information from the banks at a specific number of pages. Banks are privately describing the second data dump as huge.

A spokesperson for the Commonwealth Bank said it had fully complied with the information request by the deadline.

A spokesperson for ANZ Bank said it submitted its report earlier in the day and well before the deadline.

The Hayne royal commission originally asked the banks in December for reports detailing examples of misconduct and failing to meet community expectations going back 10 years. The request specifically asked the banks to reflect on the nature, extent and effect of that misconduct.

On Monday at his first public hearing Commissioner Hayne said banks had misunderstood his original request for submissions saying some responded by simply providing lists of misconduct or conduct they identified as falling short of community expectations.

"I therefore wrote to some of those large respondents on Friday February 2 asking each to give more specific information about misconduct identified by that entity over the last five years, and in addition, I asked some of them to amplify some of the information provided in their original responses," he said Monday.

Commissioner Hayne said some banks responded by saying they couldn't meet the deadline.

"It needs to be remembered that misconduct is defined in the terms of reference as including conduct that's misleading or deceptive, conduct that is a breach of trust, breach of duty, or unconscionable conduct, and conduct that breaches a professional standard or a recognised and widely-accepted benchmark for conduct," Commissioner Hayne added.

"What is to be drawn from the fact of requests for more time to give more specific information about events of misconduct identified over the last five years may have to be considered in list of the chronology to which I have already referred".

 

 

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