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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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Anne Lampe on ASIC and Advisers

Posted by on in Corrupt Regulators
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ASIC’s problem, as Paul Barry indicated in his excellent article on Storm Financial (‘In the Eye of the Storm’, February 2011), is that the regulator is far too compliant and process-driven at the top, rather than being proactive and bold enough to get out there in the financial marketplace, look at what advisory firms are up to, and take action to nip in the bud schemes where rogue advisers play dangerous games with investors’ hard-earned retirement savings. ASIC should shut rogue advisers down and take away their licence to give advice before – and not after – they inflict catastrophic damage on investors.

Read on .... http://www.themonthly.com.au/letters/anne-lampe

EDITOR:  ASIC needs to start the long overdue into the Banks that were freely handing out the money for "pensioners" to invest their homes into dodgy investments.  The buck stops with the Banks.  NO dollars no purchase and ASIC knew that a decade ago.  In the nineties Banks paid agents to spruik retirees into handing over super dollars to place into bank related products and "investments."  

Banks ran out of cannon fodder.  Retirees were turned into Pensioners overnight but then at least they had their homes......and a poorer lifestyle.

Then the Greedy Banksters targeted ARIPs: Asset Rich and Income Poor.  Pensioners losing homes and then more social injustices.

Time for Compensation for Regulatory Neglect and Malfeasance in Public Office!  We have a decade of proof of the regulatory negligence.

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Comments

  • doyla66
    doyla66 Friday, 28 September 2012

    Can it be true that just about everybody who could make a difference is indifferent to all the suffering incurred?
    What's gone wrong?
    Has greed turned everyone with influence into psychopaths?
    Has fear of retribution made everyone close ranks to cover up?
    Anyone out there with a conscience?

  • doyla66
    doyla66 Saturday, 29 September 2012

    That's what I've been wondering, Gaby. I find the indifference to the suffering of others evidenced in Australia quite incredible. If the defrauded borrowers and investors in Australia were tsunami victims in Asia the response would be completely different.
    As regards people employed in government, I do know that in the past staff who showed "too much" concern (ie. normal human beings) for clients or went the extra mile in assisting clients with information (also normal range helpful human behaviour) would be in trouble with their superiors. I doubt that has changed much, by the looks of things at ASIC. No matter what they think they are still rusted on career public servants. Their slowness to respond and out of date information gives it away. All the rest is "window dressing", including the ridiculous salaries they're paid.

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