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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 flick off the mug punters bullets as the Professional BIG GUNS of University label ASIC "A Maladministration Agency"

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Dear Member

"In my opinion, ASIC is a maladministered agency with a bad culture that manifests in officers ignoring the law and not taking timely enforcement action, doing favours for professional colleagues in industry, concealing or manipulating information, and otherwise acting without integrity so that the agency can avoid responsibility for its regulatory failures."

Members the above sentence is not mine. It belongs to Jeffrey Knapp a Lecturer in Accounting at the University of N.S.W. This man is a prominant authority and his submission 274 is just another damning insight into how useless and waste of tax payers money ASIC is.

The one thing that is blatantly apparent from reading all the submissions is that ASIC's inaction has cost investors hundreds of millions of dollars, enough in fact to get this great country out of debt. All the different investment schemes and the banksters diabolical lending practices have cost this country a fortune all because the regulatory cop is not up to par.

One submission 264 states ASIC colluded with the banksters and cost the family $125,000,000. This man is also an expert and solicitor who ran a huge investment scheme but once again ASIC strikes again leaving a trail of debt and destruction plus the human cost to all the ruined investors. To top it off  the CBA sub 261 is amusing.  They are so upset that a financial advisor, Don Nguyen would dare to rip off clients, and as everyone knows, its always the financial advisors working solo with no guidance from above.

ASIC is the dead man walking, dragging kicking and sreaming to the Senators gallows. " There are no SYSTEMIC problems in the banking industry".

Keep that thought ASIC, the noose is just getting tighter and tighter. Thanks Neil T.

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  • doyla66
    doyla66 Tuesday, 19 November 2013

    submissions

    Read the one by Levitt Robinson I think it is VERY DAMMING( 276) One actually quotes Medcraft as saying when asked how long he was going to be in Australia as answering ( one year at a time, one bonus at a time

  • doyla66
    doyla66 Tuesday, 19 November 2013

    What a smug and conceited so and so Medcraft is. Just shows he does not give a damn about his position just the loot. Maybe he could give me some of his pay packet to buy back our home. Nab have our home advertised for 40% of their original valuation, The 100% original was what Nab used to get the exit plan for the loan should it default. Just shows what I have been saying all along. FOOLISH, FOOLISH NAB. Making fools of themselves again.!!!!

  • doyla66
    doyla66 Tuesday, 19 November 2013

    Pls take the time to work through both Knapp and Levitt submissions - doozies and very revealing.
    After reading Levitt, how can the Senate permit the cases against Banks to be continued by ASIC and/or other EDR under ASIC supervision? Corruption and injustice.
    Can ICAC do ASIC? If not when are the Aust Govt announcing the Royal Commission? We've got a flea ridden fox in charge of the hen house alright. This is putting additional stress on anyone at risk of losing their home!! Senators please fix this now! - it can't wait as so many are elderly clients and the Banks are still threatening, even while cases are at EDR.

  • doyla66
    doyla66 Tuesday, 19 November 2013

    Denise

    Denise has fought this banking rought for years VIRTUALLY ONE OUT , but now the tide is starting to turn heavily against the perpetrators of banking fraud and it looks like ASIC ARE IN FOR A PASTING " the fat lady hasn't sung yet but she is warming up her vocal cords"

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