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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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Commonwealth Bank & CFP get full exposure on ABC Four Corners next Monday.

Posted by on in Bankers A Law Unto Themselves
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Dear members

Just saw the pro mo for Four Corners next week and its a full exposure of Commonwealth Financial Planning with interviews with the victims and the main whistle blower Jeff Morris. There was no mention in the pro mo for ASIC but logic and the presence of Jeff Morris would indicate that he will give them full exposure.

Will the Commonwealth Bank or maybe Peter Kell reply as he did to James Wheeldons claims on the ABC? A fortnight out from an agressive budget and a call to cull a top heavy public service does not bode well for ASIC. At present this morning Friday 2/5/14 the government is gaugeing the public response to the Audit recommendations from yesterday trying to work out what to implement without committing political suicide at the next election.

Dear members I ask you do you think anyone in Australia apart from the banksters would shed a tear for a major shake up or cull at ASIC. Greg Medcraft and the useless Commissioners plus the whole ASIC expenditure program costs this country a small fortune so maybe the Senate inquiry plus all the recent bad media at last might force the government to act and either restructure ASIC and make it accountable or form a whole new consumer protection body that has a defined task to protect the consumer first and not the banks as was so dramatically stated by Senator Bishop at the ASIC inquiry in Canberra last month.Thanks Neil T.

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  • doyla66
    doyla66 Friday, 02 May 2014

    It isn't numbers that need culling from the public service - it's ineffective staff, useless programs, excess committees and a general streamlining and efficiency right across the board. If ASIC aren't doing their job at the top level then cut back that collection of Commissioners as well and replace with a board of management that meets as required. The days of seat polishing bureaucrats are over - we can't afford that kind of public service anymore. Losing public servants means less PAYG tax regularly dripping in the can. Getting rid of negative gearing for investment properties and the NRAS scheme would be a good initiative to restore tax revenue levels and stabilise the real estate market at realistic levels. Then the Banks and the Real Estate and building industries would suffer. Hopefully the paid parental leave for executives will be postponed as an unaffordable luxury for Australia right now. Budgets are always going to be a big balancing act. Commonsense solutions with depth of vision are needed now.

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