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BFCSA
MORTGAGE
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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 Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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https://www.commbank.com.au/about-us/who-we-are/sustainability/sustainable-business-practices/managing-fraud.html   MANAGING FRAUD To achieve our vision, we are committed to working against financial crime, and have clear guidelines for all employees regarding their responsibilities and obligations with respect to the management and reporting of fraud. Our Fraud Policy Our Fraud Policy defines the Group's fraud control principles, mandatory requirements and accountabilities. It clearly articulates that the Group does not tolerate fraud and is committed to promoting and maintaining a sound ethical culture. All employees, temporary staff, contractors and service providers must ensure they are aware of their responsibilities and obligations with respect to the prevention, detection and reporting of fraud. This Policy is applicable to all businesses within the Group, including subsidiaries and joint ventures where the Group has a controlling interest. Monitoring compliance All business unit heads are required to identify and manage their fraud risks to protect the Group’s customers, assets and reputation. All employees, temporary staff,...
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War of words over CBA financial advice victims June 17, 2014   Adele Ferguson  SMH ·             Commonwealth Bank and the Australian Securities and Investments Commission are having a war of words in relation to the compensation process offered to victims of the bank's financial planning scandal. While the spat continues, it raises more questions than it answers about the role of ASIC and CBA in dealing with clients who saw their life savings decimated by more than a few bad financial planning apples. A confidential report from the bank to a Senate committee says ASIC was well aware that the bank's compensation process was not ''consistently applied'' to affected customers of advisers where there were concerns about the quality of their advice. It says ASIC was fully informed about changes to its compensation scheme. These changes included not offering all affected victims the same compensation process that it offered...
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Yes folks: Truth finally bubbling to the surface.  Did you purchase a TOXIC LENDING PRODUCT  http://www.theaustralian.com.au/business/defeated-sp-faces-storm-of-litigation/story-e6frg8zx-1226946308743   Defeated S&P faces storm of litigation by:LEO SHANAHAN  From:The Australian June 07, 201412:00AM STANDARD & Poor’s is bracing for the onset of billions more in legal claims following a court ­ruling that could extend liability for its rating of toxic financial products prior to the global financial crisis.   The full bench of the Federal Court rejected an appeal by S&P and ABN Amro after they were found liable for giving AAA ­ratings to tens of millions of ­dollars worth of toxic financial products.  In a landmark 2012 judgment, 12 regional Australian councils successfully sued S&P for almost $20 million lost on complex ­financial products called CPDOs (constant proportion debt obligations) in the global financial crisis. The products had been given positive ratings by S&P, including its ­coveted AAA rating. The court yesterday unanimously rejected...
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  • doyla66
    doyla66 says #
    We can't trust S&P - their ratings system is full of corrupt dealings, or maybe they're just totally incompetent. Litigation is a
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