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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: Answers for Peter Kell, Deputy Chair Australian Securities & Investment Commission

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I thought perhaps I could take part of my limited (unpaid) time to assist the debate and dispel a few myths for the sake of honesty to the long suffering public.

The letters my members sent in to ASIC,  do not mention me or BFCSA to my knowledge.  My members sent a barrel load of letters to ASIC, APRA and the Australian Federal Police.  All Members received inappropriate FOB OFF letters from all three regulators.  WE will place a link on our website within days showing many more documents, such as the letters and the dreaded SERVICE CALCULATOR AND WORKSHEETS.

The evidence collectively suggests Bank Fraud  with Mortgage Lending (all types) is rife, regarding the systemic imprudent loans – approved by use of the computer and the service calculator.  I reported this to Parliament.

It’s not my job to investigate cases.  Nor do I have your budget.   I simply ask those affected to report the fraud and imprudent lend to ASIC.  That is how the regulatory system is supposed to work……  I would have thought.

Greg Kirk rang and arranged a meeting for me to produce the bank emails  which I claimed I had.  I did as asked at my own time and expense.  In his six emails no mention was made of LAFs as you KNEW you already had them Pete!  You received a BIG bundle in July 2012.  How many do you need?  You told Parliament a month later you had 17.  I will not blog those emails, with respect to Greg, but I want the public to be aware they exist.

ASIC have close to 100 LAFs from Members who say they wrote letters to ASIC and lodged FORMAL COMPLAINTS and attached the offending LAFs.

That is a FACT and the LAFs and emails are on the links provided to the public above.  You have those copies and received them in July.

Others wrote letters (another 60 people or more) that were formal complaints that contained NO LAFs (yes that is true) BUT those legitimate complainants, alerting ASIC to Bank Fraud,  did describe the LIST OF DISCREPANCIES as we have advised them to do, in order to define formally and correctly the very serious nature of the allegations against the banks.

For ASIC to say all those letters were “form letters” as they suggested in Parliament is disingenuous at best.  Yet everyone of my members say they received an identical FORM LETTER from ASIC

To say I have not provided ASIC with those documents is clearly false.  BFCSA members provided them upon our instructions, complete with List of Discrepancies

I explained to Mr Warren Day in the Perth meeting in February, and in response to his request please send us the LAFs: “You received the LAFs contained with the letters in July last year, prior to the questions in Parliament…..why not revisit those files?  You do not need me to resend them surely? ”

Mr Day’s reply: “Yes but it would be easier………………could you perhaps ask all your members to resend them please?”   Nice try Warren.  That seriously smells like ASIC was trying to set me up and failed yet again.  Then you could rub out the lies ASIC told Parliament on the 8th August at the Banking and Finance Inquiry POST GFC.  Did you perhaps shred all those LAFs?   We have copies.

Mr Kell told Parliament: “no systemic issues and they only have 17 complaints and most of Ms Brailey’s work came from one broker" (truth is: 17 complaints relating to one WA broker and 1200 relating to Banks).  Seriously…this is grand farce.  It shows me that ASIC is very nervous indeed.  Sounds like Career Control at the people’s expense.

Commissioner Warren Day admitted in response to my concerns, that sending letters to suggest people get a lawyer, knowing there is an affordability issue is unacceptable.

He agreed with me it may have been “insensitive and yes inappropriate.”  He asked Robert Allen (solicitor) to make a note that wording on ASIC letters could be altered and he would do so.

I suggested in conversations with Robert five weeks later: “Can you please tell Warren those letters are still coming out of Correspondence Department, signed by him, stating “get a lawyer.”  Robert said he will remind him.

ASIC is not answering my February questions of whether ASIC will be /  is investigating Bank Executives at the highest level when the Commissioner admitted “yes Denise, the banks are the Engineers, no doubt about it.”

We agreed that to suggest 100% of Brokers and Planners were doing the wrong thing was impossible.  Systemic Fraud and Imprudent Lending can only come from the banking institutions at executive level, not the broker channel.  Brokers do not know each other.  They only have a three week course on ticking boxes on bank forms and are not permitted to give financial advice.

Yet the public was sold on this bank created strategy, developed as a marketing tool, to flog to innocent members of the public.   

The fraud is definitely systemic inside the Banking System and the documents do not lie.  But then again, that is precisely why the people of Australia need a Royal Commission into Banking and Financial Products and services.  They need the truth.  Victims of the Low Doc Sub-Prime scandal should not be subject to differing recollections and interpretations by ASIC and BFCSA.

The Royal Commission should include a massive probe into the Regulatory system, starting with ASIC.  One of us is telling the truth and one is not.........

Yes ASIC do look into fraud by Brokers…..occasionally….not many. 

The Service Calculator is the key – we spoke two and half hours on this subject, giving ASIC the benefit of my valuable time and decade long probe into this scandal.

ASIC cannot harm my integrity.  The fingers of fate are deservedly pointing at themselves.  Neither of us manufactured the product but certainly ASIC is in cover-up mode: Big Time.  They are the regulator.  This is not my job.

The Public simply wants to know WHY banks set out to grab assets from hard working Mums and Dads, and to have a look at the truth.

The last time we met Pete was in 2004 in the Melbourne ZOO for dinner, courtesy of the Victorian State VCAT who thought it would be fun to place you and I and Greg Tanzer together next to the Lions.  I was asked to be key note speaker in order to force you to listen to me.  My speech was delivered to an audience of 500 the following day.     We were discussing Creating Wealth Spruikers and Illegal Managed Investment Scams and inadequacies of EDR's such as FICs in a FIX.  My speech reflected my concerns at PONZI structures linking Banks with developers.  You told me “ASIC had concerns.”  Yes but it did nothing as always. 

I recall you saying:: “Yes Denise, but what do you want us to do?”  Oh dear.  In February 2013 you told Parliament, in answer to Senator Gormann’s questions regarding Creating Wealth Spruikers: “Yes we have some concerns.”

Meanwhile hundreds of thousands of retirees were targeted and financially ruined under your watch. You then moved to Choice, and did nothing for consumer protection.  You never called me for my input during your time at Choice.  Same gene pool problem I guess.  Then you moved back to ASIC on a higher salary…..big dollars.  Protecting Banks is a big ticket item.

You and I knew in 2002, that thousands of people were being targeted.  ASIC even addressed members of the “creating wealth industry” as if it was legitimate business developing.  This was all planned and executed by the Banks and people would lose life savings and ultimately their homes.

How on earth do these losses suffered by Mums and Dads, assist the economy?  We have thousands more people on welfare and likely to pitch tents on the lawns of Parliament House.  I have letters to and from Prime Minister Howard and Treasurer Costello during the earlier years.

Perhaps you should all read Hansard and Wayne Swan’s comments when he came to WA to visit myself and 100 retirees who had just lost their life savings:  July 1999.  He expressed disbelief at what was going on then.

ASIC has ignored all these briefings 1999 and warnings from me, and even worse, permitted the same mobs to continue in the solicitor mortgage scandal: funds lost in property and banking scams.  “A Law Unto Themselves” courtesy of the ABC.  100 people marching through the streets of Brisbane and Hobart remember those days?  Rampant looting on your patch?  More Aussie lives ruined.

Bankers developed all of these strategies and hired the spruikers.  It was so darn clever that it took me ten years to finally expose the awful truth about the Banks and here you are as Bank protector once again.   I only found the missing piece of the jigsaw in September last year that you had kept hidden.  Since then, I have had to do a further eight months work without your salary or budget and without 330 investigative staff.

The public (and media) are waking up.  Why do the Banks refuse to hand over the Service Calculator and why do ASIC FOS and COSL refuse to use their powers to demand discovery of those two pieces of paper that contain the aggrieved clients’ financial details.  And, why do those very documents created by the Bankers state: “DO NOT SHOW TO BORROWER?”

Of course BFCSA have the evidence….a few days more and much more will be revealed and then I expect you to not only apologise to Parliament for a mild case of misleading them Pete, I expect you to tell us why ASIC has lied to Government for 14 years relating to systemic issues in banking and why successive Governments permitted that condition to continue unabated to the detriment of ordinary and innocent Australians.

Common decency will prevail

Yours sincerely

Denise Brailey

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  • doyla66
    doyla66 Thursday, 06 June 2013

    Pete's all confused about ASIC's acronym; "A Serious (bank-fraud) Indigestion Complex"? +Extra bonu$'s for exercising "wilful blindness". I here systemic bank fraud pays well. ---BFCSA would settle for garnishee order, for say, 50% of your obscene salary --still plenty left to ski Aspen next year -- or are you susceptible to "snow blindness" too?

  • doyla66
    doyla66 Thursday, 06 June 2013

    Well done, Denise. :)
    Please keep going with this, if you can - it's such important work.
    My friends and associates overseas have been saying how good it is that Australians are getting woken up to what's been going on with our Banks.
    Of course many Aussies already knew.
    Now more people are asking questions. That's healthy. Australia is coming alive and ASIC are being dropkicks.
    Also big thankyou to Michaell West, Adele Ferguson and all the writers and journalists who have been trying to get answers out of ASIC for a very long time. ASIC laxity and their free market nonsense where ordinary human beings are expendable in the interests of their own self interest! Tar and feather them quickly for all our sakes.
    Australia can no longer afford financially to pander to the career egos at ASIC - nor the show ponies in politics.
    Time to roll up our individual and collective sleeves and get on with the clean up. If this is beyond the comprehension of ASIC royalty, then it's certainly not beyond us.
    We all know the Emperor had and still has no clothes. How did we fall for the illusion?
    Looking forward to the next BFCSA roll out ... :)

  • doyla66
    doyla66 Thursday, 06 June 2013

    Kell's A-SIC puppy: "It is better to remain silent and be thought a fool than to open one's mouth and remove all doubt." --Mark Twain

  • doyla66
    doyla66 Thursday, 06 June 2013

    This will let the whole world know what the banks wanted desperately to keep quiet and get away with.
    They wanted the world to think this is the only nation that's not corrupt.
    What a load of crap..our banks are no different in their corruption as are the banks overseas.

  • doyla66
    doyla66 Friday, 07 June 2013

    It's a great big coverup. No doubt we would be told it was in the national interest or commercially sensitive information. More mushroom compost.
    Who was the consumer stakeholder representative in the decision making about what we ordinary people needed to know and what we didn't?
    If I'd known what I know now I would not have refinanced and I would have paid out anything else I had in the way of Bank credit. Failure to disclose this information, along with a lot of other things that we not deemed to be of use to a borrower, impacted on my perception of safety in my financial decision making. That is not acceptable. Nor is just putting it up on some website for any of us to find by some stroke of luck, assuming we have literacy and computer access. No consumer representation, no deal. Someone has to represent the interests and protection of the vulnerable in these top level decisions. ASIC had to protect the markets and that took priority over protecting the people who could be affected by those markets. I can see the legislators tried to protect us. But there were large holes in the legal safety net. Too many people hurt. ASIC won't accept responsibility. Who will?

  • doyla66
    doyla66 Thursday, 06 June 2013

    Did lending fraud occur in the US and UK, like it did here? ie. altered details on documents and inflated incomes to increase the probability of acceptance of the loan - or a massive number of mistakes by brokers and bank staff affecting quite possibly 100% of all lo doc loans? (What are the chances of that? = Buckley and Nunns!) Plus no doc and full doc "errors" ... or poor Bank policies plus lack of regulatory practices which would have both picked up the % "errors" with ASIC/APRA regular reviews of Bank lending/random loans/staff & broker standards? The mythology that the borrower was responsible for self-declaration may have something to do with it. I think ASIC may have mentioned a problem to the CBA who then said we'll look after it.
    No one at ASIC asks a Bank for proof? No one at ASIC doubts a Bank? No one at ASIC believes that Banks screw up badly?
    Maybe ASIC is just starting to get the picture - a little compliance checking would have been helpful. Too bad if that was going to offend Don Argus or whomever was running the Bank. It's your job, ASIC!
    What were the key problems in the US and UK?

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