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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: ASIC failed to alert consumer victims of Sevelle Financial court case. Common decency Chaps!

Posted by on in Consumer Protection Ignored
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ASIC has failed on all levels and needs to be demolished and restructured.  It has a $450 million budget, brings in an extra $300 million in revenue for Treasury and yet fails to protect consumers.  Then when collapses occur, consumers that have complained to ASIC some time prior, are not even alerted to a court case taking place.  Why we asked?  ASIC simply "does not have to."  ASIC has treated consumers with contempt since inception in 1998.

ASIC even permitted FOS to gain documents of the wife's earnings, from a second bank under the Privacy Act to pass the details of the wife's income on to the current bankers, and the wife was not connected to the loan!!!!!

Yet when consumer ask for the most basic of information and documentation ASIC permits FOS to say "NO bugger off" to the consumer.  Its a cycle of grand contempt of Australian Citizen's rights when crying out for assistance and understanding.

I suggested in 2000, that the cash cow of ASIC ($300 million) be handed over to consumers in terms of compensation for the neglect of ASIC's Performance.  That's why we are having the senate finally look into what ASIC has really achieved for consumers.........ZIP!

And of course the first set of witnesses are all the Industry bods and ASIC luminaries who have been the root cause of so much financial strife, suicides, illnesses and divorces.  While extended families are also bearing the brunt of ASIC's negligence which we say contains all the hallmarks of corruption.

How can victims of Banker Fraud be denied a Royal Commission into the Banking System, and yet we have one currently, to look into Unions?  

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A reader explains his experience with ASIC.

I was contacted last year by ASIC as a result of Denise's meeting with Warren Day( ASIC). I raised the point that none of the investors were informed of ASIC's intended actions against Sevelle. Con T (ASIC) informed me that they are not obliged to inform consumers of pending actions.  I stated how can a case be brought to an out of state court (Brisbane) when all the investors were based in Newcastle and the Central Coast and then settled AND the first we know is a letter from Ernst and Young? ( that's another horror story) This was accomplished in less than six weeks, light speed for ASIC action. I then told Con T about other ASIC actions and he said I find that hard to believe Mr Toplis and then changed the  subject stating what a great job ASIC was doing. Every time I tried to to ask questions he avoided the subject.

 Another reader re ASIC and SEVILLE....ASIC is their licensee!

...I could write a book on the pain we go thru all the while trying to teach our childrenn to be thankful for what we have

We need a royal commission...this is criminal and no one wants to help

ASIC are an absolute disgrace...what do those guys earn ??

 

This is purely a snapshot of what the banks have done....JC

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Comments

  • doyla66
    doyla66 Sunday, 16 February 2014

    I was just going through old files and found an ASIC media release dated Monday 20 November 2006, 06-403.
    It states under The undertakings restrain the schemes operators from: destroying, removing, or alterinng any books and records relating to the scheme. ASIC was informed an employee who was also an investor witnessed the said broker and three others locked in the office all day shredding evidence but they refused to follow their own guidelines. ASIC also state the undertakings restrain the schemes operator from soliciting or receiving further funds from investors but until the day he was shut down because the assets were frozen he still asked investors for cash,this was unknown to us till years later, one family gave him $125,000 cash days before he collapsed.

  • doyla66
    doyla66 Sunday, 16 February 2014

    A possible new world record

    With the esteemed bunch of bureaucratic bully boys appearing next week , the world record for number of " porky pies" told in one hour would have to be in severe jeopardy ----- i

  • doyla66
    doyla66 Sunday, 16 February 2014

    If only they could be hooked up to lie detectors while giving evidence, the needles on the graphs would self destruct from going off the scale.

  • doyla66
    doyla66 Sunday, 16 February 2014

    Quotes of the week or slips of the tongue?

    THE head of the Abbott government's financial system inquiry, former Commonwealth Bank chief David Murray, has declared that the four pillars policy preventing major-bank mergers should be "locked in". SURELY YOU MEANT LOCKED UP MR MURRAY TO ENSURE GOOD COMPANY!
    From http://www.theaustralian.com.au/business/financial-services/inquiry-chair-david-murray-backs-four-pillars-policy/story-fn91wd6x-1226827686755#

    Narev has the CBA running superbly, his management team is first class and he is almost embarrassed by how much money is being made, as shown by the ultra-conservative balance sheets. WOULD HAVE THOUGHT A MORE APPROPRIATE WORD TO USE TO BE DELIGHTED MR. NARAV!
    From http://www.theaustralian.com.au/business/opinion/bank-result-an-embarrassment-of-riches/story-e6frg9io-1226825143911#

  • doyla66
    doyla66 Monday, 17 February 2014

    These shark banks should be well and truly embarrassed by the profit and how much money they are making. The Government are struggling to make ends meet and considering selling off the few assets that Australia owns. The Government are shady enough as it is and are very tight lipped about the economy, unemployment etc. Seems to be no plan in place to drive the country forward. David Murray heading the enquiry seems grossly unfair. How can an ex employee of the CBA have an unbiased demeanor. Not likely really!!! I guess it should be interesting watching him flailing around showing his authority. Watch Greg Medcraft, his eyes will give him away. Liars eyes are a dead give away. !!!!

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