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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 FOB OFF LINES - are there more?

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Happy New Year to all our Members and Readers

Anyone else wish to add to the growing LIST of ASIC FOB-OFF lines?

Thanks Wayne

"ASIC will not be taking any further action."

 "There is insufficient evidence to investigate the matter."   

Ed: They have no idea what evidence looks like and if they "suspect" they are under orders to BURY.

"Credit is not defined as a financial product under the corporations act."

 "Anyone dealing in or advising on credit is not required to hold an Australian financial services licence."

 " The issues you have raised appear to fall outside of ASIC's jurisdiction."

Ed: Definitely an old chestnut 

Pass the Parcel ASIC Stakeholder services.

 " Your complaint should be referred to the Western Australian Capital Territory regulator."

Ed: Plenty of them when complainant lives in NSW...ask Maha!!  "Toss over to WA, they haven't a clue."

" Oops, sorry, I should have referred you to the Qld Office of Fair Trading instead."

 Ed: Yep, thats the FLICK Method onto state bids who say: "nope this is ASIC's job...."

" FOS is the place you need to take your complaint to."

 Ed: Another FLICK that's why ASIC licensed EDR's.  Has ASIC ever done an investigation? Seriously?

"ASIC does not generally act on behalf of individual complaints."

Ed: YES 1000 complainants KNOW that now.......some road test of uselessness

"These enquiries (sic) have been unable to gather sufficient information."

Ed: Not permitted to look too closely - send out form letter K 

"I confirm ASICs determination not to take further regulatory action."

Ed: ASIC Speak for bugger orf

"Credit providers have not been subject to 'responsible lending' obligations."

Ed: Duh.....that's why we are complaining - there are laws but ASIC are not using them..................

From: Greg Hackett.   ASIC Stakeholder services.

"ASIC enquiries did not reveal sufficient evidence." 


 "You can complain to the Commonwealth Ombudsman, PO Box K825, Haymarket, NSW 1240."   {COSL}  Good luck!

 From : Greg Kirk.  ASIC Senior Executive.  Stakeholder services.  

"We will ordinarily only take action....if in the public interest."

"Consumers should obtain their own legal advice.....or go to CCLS or Legal Aid"

Ed: ASIC: experts at form letters and "flicking good" wouldn't you think? 

"ASIC has been very active in responding to consumer concerns"

"ASIC is concerned about systemic issues and serious misconduct either before or after changes in the law in 2010.

Ed: then it says it has limited funds and "its more difficult to take action" but this is the corker of the week

"ASIC  therefore considers the benefits of pursuing misconduct and other issues specific to each case."

Ed: said it doesn't consider individual cases.......ASIC is incapable of opening a file......just nice and easy form letters boys!  

Oh but when we send the evidence of ASIC's neglect to the Media, suddenly ASIC's response:  "the matter is under investigation and no comment!"

1000 Complainants are awake up to Greggie and his for waking up the Parliamentarians.......

ROLL  ON ASIC           2013

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Guest Wednesday, 02 December 2020