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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 Wars against Banking Consumers - historical and hysterical Senate Supp Sub # 45.1

Posted by on in ROYAL COMMISSION URGENT
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I have been a little busy this week.  I have just read ASIC's ridiculous Supp Sub 45.1  Omissions are in fact a criminal offence and ASIC excels in omissions.  In fact, if you want a good LAF, this report that took 5 luminaries two weeks to write, is a must read.   My team is busy listing the errors in law, untruths, misleading statements and unsubstantiated claims, and yes, we are listing the glaring omissions.  In fact, the ASIC document is an historical and at times hysterical attempt to cover up one of the greatest banking crimes this country has ever seen.  

So if there are only 750 of you (1200 people), why don't the lenders pay you right now and BFCSA has finished its job?  Its because the issues we have raised are TOO BIG.  ASIC has to keep all of the evidence swept under the carpet.  It continues its usual 32 pages of "we can see no evidence."  Do ASIC really believe that people will read the 45.1 report and trust ASIC or the Lenders?  It suggests Low Docs will continue but they will be different..................ah yes we can really see that working.  

ASIC's job is to keep the Genie from escaping from the bottle and, like everything they have botched in the past, this document could be their very best load of comedy codswallop ever.

When is fraud and forgery NOT fraud and forgery?  When ASIC says its not.............or when they have their obligatory regulatory blinkers on.

BFCSA members are ahead by a country mile.  ASIC occasionally win a couple of rounds, but the banking sector consumerism war is far from over.  All ASIC had to do was lift up a bank building - any building and watch the cockroaches run in all directions.  Have you noticed that all ASIC want to do is absolve the banks for any blame including for engineering the service calculator........................Do not panic, we have many more surprises.

New laws to cover up old criminal activity by lenders that wrecked so many families' dreams?  I don't think so.  I suggest you all read the ASIC 45.1 document even if its a nauseating experience.   Then write a supplementary submission (one pager - dot point) as a BFCSA Member, and quoting your Senate number.   I can assure you I will be speaking truth to Parliament on your behalf.  

Refresh your memory by reading all the documents we have loaded up to the banner on the front page BREAKING NEWS.  Do you consider this is the "no evidence" that ASIC is referring to?  ASIC call these documents "mere marketing."

Not enough evidence?  Ok, we shall load up some more, just for LAFs., as we have plenty.  I gave ASIC 220.......we have 2020..............

BTW I spent two and half hours of my valuable time explaining the fraud to the senior executive and his lawyer.....but neither get it.  Oh well..... perhaps the Senators will have a couple of questions for them......and so will those in our bank boardrooms..............

In fact, Senate supp sub # 45.1 is a lesson on how not to handle a crisis!  Particularly when that same model and crisis has been raging around the world since 2008.  So the oveseas junkets to IOSCO and other exotic boardrooms around the Globe has taught our homeland regulators nothing?

Bring on the Royal Commission into Banking and ASIC

Happy dot This email address is being protected from spambots. You need JavaScript enabled to view it.

 http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions  [Go to Page 3 and sub 45 and then 45.1]

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  • doyla66
    doyla66 Saturday, 02 November 2013

    ASIC rebuttal.

    As far as ASIC are concerned any loans entered into before the national credit act commenced are irrevelent, earlier this year ASIC contacted me as a result of Denise's meeting with Kell and during the conversation ASIC's agent kept reinterrating " but Mr Toplis it was such along time ago" ASIC get real, there are no time limits for pain and suffering . This whole sordid affair will affect everyone for the rest of our lives regardless of what outcomes of the Senate and parliamentary investigations.

  • doyla66
    doyla66 Sunday, 03 November 2013

    Asic are still harping on about how the brokers are the agents of the borrowers. Wrong, We did not pay the broker anything but they recieved an ongoing commission from the bank for the life of the loan. This make them the agent of the bank.
    If they are paid by the bank, they are the agent of the bank.
    Also, crime is crime no matter how we look at it or what excuse is given and should not be subjected to limitation of time.

  • doyla66
    doyla66 Sunday, 03 November 2013

    Ali, our Broker also did not receive any payment or commission from us. He received .5% payment/commission from Nab and ongoing as well. The Nab did not get a completed LAF from the Broker. In fact the only Broker generated paperwork was his entitlement to the Nab's payment. Nab went ahead without any LAF and orchestrated the whole corrupt deal, but noted throughout Nab paperwork which I have obtained, the Brokers input including his business plan. We never had contact with Nab throughout the whole process which incidentally was approved with a Letter of Offer in only 3 days and emailed and addressed to the Broker. We were like mushrooms if you get my gist (kept in the dark and fed on S...). Country hicks who had never had anything to do with Brokers nor Nab city branch.
    Nab must have clapped their hands when they saw us coming.!!!!! Actually no because Nab never saw us or met with us, even better for Nab, they do not have to put a face to their dirty deeds. Don't know how the Nab guy/girls can live with the guilt that they are burdened with for their crimes. Takes all kinds. !!!! Guess they have no conscience or morals for that matter. Unfortunately for them it will all be brought out into the open then they will be wishing they had not been so greedy. The web is a wonderful carrier of names.

  • doyla66
    doyla66 Sunday, 03 November 2013

    Ali,I love the simplicity,for the broker/agent/lender scenario.
    If only the legal fraternity could see it as that simple.
    By the way,I have never met the broker stated on my loan agreement,so how can he be my agent,go figure!

  • doyla66
    doyla66 Monday, 04 November 2013

    Asic refuses to accept their glaring liability to all the claims that they have recieved from these poor stressesd out suicidal people. Basically it proves that Asic has a case to answer correctly. (no excuses) They are guilty to the hilt. that's why they are endevouring to transfer the blame on to another party. When the Senators ask them a straight forward question, Asic always beats around the bush and never answers the question directly. because if they do they know they will be admitting guilt.

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