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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: 'You can't regulate for culture': next AMP chair David Murray. That means no change!!!

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'You can't regulate for culture': next AMP chair David Murray

Sydney Morning Herald 12 May 2018 12:15am

Clancy Yeates


The next chairman of troubled wealth giant AMP, David Murray, maintains that improving the cultural problems plaguing the financial sector will not be achieved by regulation alone.

The royal commission has exposed wide-ranging misconduct within the industry, including customer rip-offs and the provision of dodgy financial advice, which has led to expectations the sector will inevitably face further regulation.

After another bruising week for AMP,  which has faced a revolt from its shareholders as three directors said they would step down, Mr Murray said he thought the key to improving culture in the industry was to promote clear systems of accountability within companies, and he remained opposed to "regulating for culture".

Mr Murray was appointed to be the next chairman of AMP last week, days after former chair Catherine Brenner stepped down, and a key task confronting him will be to bring about cultural change in the business from the board down.

Mr Murray stressed it was vital that people sitting on the boards of financial institutions understood that some regulation of the sector was "fundamental to the community and the economy”.

But after slamming a push to hold company directors legally responsible for poor corporate culture two years ago, he said this remained his view.

“I believe that the starting point for culture is the systems of the organisations, and the very good design of those systems so that there’s clarity of people’s role, clarity of their accountability, and that the systems themselves have a process of internal control that allows the executive and the board to see exceptions from expected behaviour," Mr Murray said.

"After that, it’s then down to the behaviour of leaders at the board and through the organisation to reinforce those systems. I still believe you can’t regulate for culture, but if we’re not careful we’ll deal with issues that won’t drive culture by themselves, rather than dealing with the systems in the organisation.”

Mr Murray also acknowledged the deterioration in trust in Australia's biggest financial institution was a "very significant and serious issue", which could affect the trust consumers had in the system as a whole.

Meanwhile, Macquarie analysts on Friday forecast AMP would lose $35 billion in funds under management between this financial year and 2022, which is about a quarter of the assets it manages. AMP shares plunged 5.8 per cent to $3.73, their lowest closing price since late 2012.

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