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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: Angry Letters to JOSH FRYDENBERG re Sterling Collapse # 3

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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3rd July 2019

 The Federal Treasurer Hon.

 

Josh Frydenberg MP

P O Box 6022 House of Representatives: Parliament House                Canberra ACT 2600

 

 

Dear Mr Frydenberg,

 

THE COLLAPSE OF THE STERLING GROUP

 

We are writing to you in great DISSAPOINTMENT of the lack of communication regarding our investment. We were NEVER informed of any collapse.

My wife Dawn Barnard and I, Peter Barnard, have been put under a lot of stress due to the position we have been put in because of the collapse of the Stirling Group. The effect of this doesn’t stop with us, it also continue onto our children and their families. We have had to rely on them financially, and emotionally for support, and they have families of their own.  Both Dawn and my health is being affected immensely because of the nightmare we are now living. The stresses of day to day life is something that we struggle with.

It is a sickening feeling knowing that we put EVERYTHING we had into our future, thinking it was going to be an exciting retirement, instead it’s been a living nightmare. We have been left with so much uncertainty, we have been left with so much emotional and physical stress. Surely there would be plans and procedures in place so that this DOESN’T happen again?

As your aware State authorities warned ASIC 4 years ago and us as victims could have been saved this agony of financial ruin and stress. ASIC continually and gleefully leaves older decent hard-working Australians at risk of being targeted by white collar criminals who inhabit the exceptionally dangerous world of Australian financial products. ASIC database would have altered investigations to previous company collapses and breaches of the corporation Law.

ASIC has proven for twenty years it is incapable of telling the truth and incapable of any serious investigation, writing continual stream of “Fob Off” letters to isolate and stressed out citizens who dare to complain.

At the least the following SHOULD happen:

·         Obtaining our investment back PLUS compensation pain and suffering that we are enduring on a day to day basis.

·         ASIC to be proactive NOT reactive.

Regards 

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Guest Tuesday, 17 September 2019