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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, FOS and COSL, the only jobs where incompetence is rewarded, ineptitude an asset.

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Dear Members,

I don't know whether its part of the ageing process but as I'm getting older, the angrier I get, not with everything in general but when dealing with government bureaucracy. In principle you would think that once you have discovered that a contract has been substantionally altered after you signed and without your consent that it would be straight forward in getting justice and the culprits punished. Herein lies the problem.

To seek justice we have a plethora of choices with both state and federal options, everything from state police to the federal bastion the much vaunted ASIC. So at the start of this long journey it looks like shooting ducks in a barrel.  Who shall we pick? Who will be our knight in shining armour? If only it was that easy.

In the seventies I used to get into fits of laughter watching Yes Minister and the way Sir Humphrey protected the sacred cow "the Public Service"  The sad reality is fiction has turned into reality in modern day Australia. To actually get an agency to admit that a case of fraud comes under their juristriction is a battle in itself, it's always not us try someone else.  So what are all these agencies doing beside fobbing off all these victims of crime?

ASIC, FOS and COSL are a joke and have had it too good for too long but they have under estimated the back lash from the people they have been fobbing off for years.  ASIC and the EDR's are at least ten years behind the times and obviously haven't taken into account that people can talk to anyone in the world from the comfort of their home thanks to the mighty internet.  It's called the information age for good reason and a very old saying rings true" the power of the pen" and I think that is more relevant today than ever.

The only thing ASIC and its useless EDR's are good at is creating reams and reams of new rules and regulations which nobody in the real world can follow. That's why they are top heavy with paper work lawyers but they are all forgetting their basic principle of why they are there.  First and formost regardless whether you have a law degree or not is that they are public servants and are there to aid and assist the ordinary Aussie voter who comes to them for help.

As it stands at the moment ASIC and the EDR's should remove the kangaroo and emu from their letter heads and start putting the banksters logo's there instead, because lets face it boys and girls that's whose interests they truly represent.   My anger has now been vented for the mean time. Thankyou Neil T.

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  • doyla66
    doyla66 Wednesday, 13 November 2013

    Spot on Neil, who do you go to when blatant fraud has been discovered which has ultimately bought us to our knees, and what's worse it's in the process of a contract bound by the laws of Australia. When in trouble we are supposed to go to the top people in A SIC to sort these problems out and to sort the criminals out but there's no body home at A SIC, they don't want to know you because it's going to cause problems for their bankster mates. If A SIC looked half hard enough there are laws that could have stopped this criminal behaviour at the very beginning but to repeatedly say the banks have done nothing wrong is preposterous, lazy, corrupt and misleading in itself. Fraud is about the worst crime when one talks of money there is and it's A SIC's job to stop it and shut it down, prosecute the offenders with hast and throw away the keys. A SIC's job of consumer protection is a shame, their protection or allegiance is in the area of their background profession, banker. They are there in their minds to protect the banking industry, it's so obvious so who in the hell do consumers go to when systemic banking fraud is discovered? No doubt that the EDR's in collusion with A SIC are not reporting true and accurate information on to Government or AFP.
    It's a pity there wasn't a starting up lawyer firm willing to get down and dirty and with monetary backing to get their teeth into this scam because it would certainly make a huge name for themselves. Maybe one of A SIC's disgruntled lawyers may wish to make a name for themselves ?

  • doyla66
    doyla66 Wednesday, 13 November 2013

    Good on you Neil. We must all be having one of those older generation days. Perhaps our age is a godsend really, for we have seen how the world and society has evolved and the rot that now goes with it. How TRUST in the banking world is a thing of the past. How the all mighty dollar is now the GOD. How you do not know your neighbour let alone love them. How house prices are out of control and out of the reach of working class people. How we are so embroiled with making money we forget what life is all about. Family and love is the most important thing not material items that can be chucked away and a chuck away society it is now. No wonder the kids of today are so feral, they have no stability or guidance. There poor parents are working day and night just to keep in front. The kids miss out on Mum being there for them all, coming home to empty houses to sit in front of a computer. I would not like to be raising kids in the here and now. Old fashioned me hey. really showing my age. I don't feel that old but I do know different and my knees know as well.

  • doyla66
    doyla66 Friday, 15 November 2013

    Money and greed has certainly changed the world for the worse. As they say money is the root of all evil and we are surely in the midst of evil created by the banks and without a care or any recognition from our leaders who neglected to address the problem from the start, allowing it to spiral out of control and become rampant thoughout our nation and now here we are trapped in this horrendous evil mess waiting and praying for someone to come and rescue us. The evil creatures from the highest levels in Lending Institutions have been allowed to run riot and wreck our lives without any form of prosecution. Where are our human rights?

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