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BFCSA
MORTGAGE
DISTRESS SOS

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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's BIGGEST OBSTACLE IS ASIC"

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399 Submissions and counting.....

Some very interesting reading here.  I understand that Submissions into the Performance of ASIC are still being accepted by the Committee up to 10 January 2013.

http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions

email your submission via Email:  This email address is being protected from spambots. You need JavaScript enabled to view it." style="text-align: center;">This email address is being protected from spambots. You need JavaScript enabled to view it.

EDR’s are supposed to have a Panel of Review – but that has disappeared from FOS….why?

Did ASIC say they could drop the review process?  If yes,  when?  ASIC are the licensee of the EDRs

How did that reduction in investigations assist consumers or the Lowering of investigative standards? It's a bit like the Banksters lowering lending standards.

This is not a fair and equitable system when recommendation is being now bypassed and a TAKE IT OR LEAVE IT stance has been taken by the Ombudsman.

Banks must be whooping for joy...

So everyone needs to write to Parliament about this latest twist in FOS behaviour that ASIC HAS failed to address. ASIC have meetings regularly and we are now assuming that ASIC has sanctioned this non remedy of appeal……

Even the courts have higher authorities to appeal to in case the Judge has erred on a point of law.  The Ombudsmen are saying their decisions are final and given the serious nature of the allegations of FRAUD, and given that the LOSS OF HOME is a consequence of  the EDR’s giving a wrong or even biased decision, it is imperative for it to be a fair and equitable system that an Independent Tribunal be set up to take these cases to a higher authority.

The only lawyers looking over these decisions are BANK LAWYERS and FOS employed seconded BANK LAWYERS

It’s a disgrace.  That’s the issue and we need to go hard.

Keep peddling and welcome to the New Year.  We have fought for two Inquiries for this year…..lets keep that momentum going.  The issue is not going away.

 

 

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Guest Sunday, 22 September 2019