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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 intent in investigating BFCSA instead of the Banks: ASIC renamed: "Lazyville"

Posted by on in ROYAL COMMISSION URGENT
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Here we go again Folks.  When I was raising the issues of Westpoint in 2000 with ASIC hierarchy, and again re Prime Life and other looming disasters (eg potential for Provident Cap and Banksia Securities in 2005, ASIC officers were encouraged to ring victims of these scams who had lodged a complaint.  

What a surprise.  The answers sought revolved around whether I was giving legal advice.  Questions related to yours truly and RECA instead of asking about the directors of the collapsed companies.  We have lawyers who care about our endeavours....of course we do.  There are decent lawyers out there who wish to assist us.  They are streets ahead in knowledge and intelligence than those who work for ASIC.

Clearly this shows that ASIC and its Bankster mates are worried about the existence of BFCSA and its Members.  

There is an irony here:  BFCSA and its predecessor RECA, would not have had a need to exist in the first instance, if our useless regulators were doing their $400 million a year collective jobs.  

Dear ASIC,

We are digging up the evidence against your mates on a shoe strong budget.  What's your excuse?

The same thing is happening re Banksia Securities and also the Bank Scam victims who are embroiled in Low Doc Loans.  Your ASIC Officers just love digging into the background of the whistle blower to see if there is a  weakness.  Go for it Chaps!  It just makes the aggrieved consumers realise just how utterly corrupt you all are.  Its a LAF in itself really.  

The old policy of "shoot the messenger" is alive and well.  Your conduct is also consistent with the protection rackets going on between you and the Banksters.  You rarely meet consumers and I doubt if you would recognize one if you fell over a stray in the hallway.

How can so many decent Australian citizens be facing financial ruin if your ASIC wizards were truly taking care of consumer protection in financial services and banking?

Sometimes history really does repeat itself.  I have offered to meet with your Chairman Greg Medcraft to enable him to ask me all the questions he deems necessary.  So far he has managed to avoid my invitations.

Please call me.........................db

Its time we renamed ASIC: "Lazyville."

ASIC 's continuation of malfeasance in public office is the very reason the Federal Government needs to call a Royal Commission into the Banking and Finance sector.

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  • doyla66
    doyla66 Monday, 28 January 2013

    I hope there isn't anyone out there named Wally, they might feel insulted by that:)

    As those of us in franchise land can attest, ASIC is not the only "sub-prime" (to borrow a banking euphemism) regulator in Australia, they have strong competition from the ACCC in over promising and under delivering.

    Ed: Point taken Colin, we renamed Lazyville!

  • doyla66
    doyla66 Monday, 28 January 2013

    The Prime Minister has failed in her duty with:
    Protect the commonwealth
    Protect its citizens
    Has not directed the ASIC to exercise its powers of the Corporations Act against the banks
    Has not directed the federal police to investigate fraud against the commonwealth by the banks
    Failed to remove an ineffective chairman of the ASIC that may be tainted with fraud
    Has turned a blind eye to fraud
    Has gone so far to protect the banks?
    The buck stops at the top so let the top be removed. However what will change?

  • doyla66
    doyla66 Wednesday, 30 January 2013

    New Government

    The lacklustre performance of this current Government as far as regulatory ability goes will cost them the next election. They have shown no aptitude for implimenting quality constraints or any ability to oversee control in regulating any industry let alone taking on the untouchables such as the banks and insurance giants. We require our next elected Government to have balls and make the tough descissions otherwise we the people will be owned by the banks and the country itself owned by oversea interests. Stand up all of Australia and say enough is enough. As for ASIC well we all know their take on the situation look after your banking mates and leave the job you are put there to do to someone else "yeh spot on Denise - ASIC are Lazyville"

  • doyla66
    doyla66 Tuesday, 29 January 2013

    EXACTLY - WHAT WILL CHANGE? Until we have someone at the top, someone like Senator Williams (who understands what really is going on) NOTHING WILL!

  • doyla66
    doyla66 Tuesday, 05 March 2013

    A national as PM - now I really would like to see that happen :D

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