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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: FOS & COSL Inadequate. SLOW ASIC KNOW the average loans/loss claims now $600,000 per family

Posted by on in Political Blindness
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Within 3 years the average loan/loss will reach $1 million as banks hike up the LVR to 97%.  Compensation must urgently be lifted to $1 million per claim as a matter of URGENCY.  Even if Australian Securities and Investment Commission ("ASIC") convinced Banksters/Government to change the compensatory amount to $600,000 it would be underestimated by the time they changed the parameters.  

Hasn't ASIC been given powers to change this figure without Government, on the basis they are the regulators to licence the External DISPUTE Resolution Services ("EDRs") such as FOS and COSL?  Banks pay $5000 per investigation to the EDRs.  We investigate overall issues for free.  Could someone clarify this as I seem to forget whether power shifted.

I lobbied the Government in 2001 for limits to be lifted on complaints against banks and the compensation stagnated at a miserly and hopelessly inadequate $100,000 per case.  That way, the Banking Ombudsman's service ("ABOS") could FLICK most complaints against banksters away, as the average loan/loss was $200,000.  In 2003, I continued to lobby and one pensioner lady had a loan of $1 million with NAB.  Same old fraud and the story was read out in Parliament by Senator Andrew Murray.  It was know as "Penny's story."

Front page media picked it up and I lobbied again for the third year, and eventually the compensatory amount changed to $250,000.  I objected that most average loans had risen to $350,000.  Banks objected but they were the ones setting the agenda for larger jumbo loans and 80% LVRs, in their own hideous interest.  A compromise was reached between banks and ASIC...... don't ya just appreciate the love here between these two groups?

Next came the announcement from ASIC: "compensation lifted to $280,000" and already ASIC, in the full knowledge of the average loans figure of $400,000 cared little about the plight of older persons and predatory lending and accepted the banksters' "generous" decision.  Fell free to correct me if I am wrong.  I was asked in the media, "does this go far enough to protect consumers?"  My answer was obvious: NO, should not be $500,000

Change to $1 million compnesation chaps... change this situation immediately or we start lobbying once again.  Another thing on my TO DO list.

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Comments

  • doyla66
    doyla66 Monday, 11 March 2013

    Hopefully in the near future it will be unlimited, fraud is still fraud the sooner ASIC and FOS get it through their thick heads the better.
    The banks must be laughing at the stupidity of ASIC and FOS, any wonder they are still advertising low doc loans
    with a buffer loan to help with the repayments....UNBELIEVABLE!

  • doyla66
    doyla66 Monday, 11 March 2013

    There should not be a limit - if it is raised to $1.m, before long it will need to be raised again as house prices are going up so fast and then it will be another hectic job trying to get them to raise it again.

  • doyla66
    doyla66 Sunday, 17 March 2013

    Whilstever the banks control the process, ASIC, FOS & COSL will never get it - control needs to be removed from the banks grasp. Unfortunately while certain scumbag lawyers obtain the bulk of their fees/income servicing this cartel nothing will improve. We need our governments [state & federal] to enforce the Acts, Rules & Regulations they put in place rather than drafting adnauseum protective amendments. C'mon pollies -- it is time to wake up & see the reality of what has been happening to mainstream Australians under YOUR watch.

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