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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: Australian Bank Engineers Manufacture Faulty Products then Rewarded Mega Bonuses

Posted by on in Corruption Exposed
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Australian Manufacturers know that if they manufacture faulty products, laws are in place to ensure Manufacturers must make good and repair or replace the faulty item.  Consumers must be protected from faulty goods and services.

Manufacturers know they cannot "pass-off" something as trustworthy brand name knowing links in the chain are severed.  Manufacturers also know they cannot hand out "false and misleading" literature to entice unwary customers into purchasing faulty goods.  Nor can they engage in "misleading and deceptive" conduct.  Time to write to the Australian Competition and Consumer Commission ("ACCC").

Australian Banks have been manufacturing a financial product (Low Docs, No Docs and Full Docs) that Bankers knew for 15 years, was not only fraudulent but contravened all of the ACCC's list of criminal behaviour.   Our federal Governments have turned a systemic "blind eye" to sub prime mortgages for almost two decades.    

How does the probability fo over 100,000 - 200,000 families losing their homes and living in tents and caravans - in areas of no employment, benefit our relatively small economy?

That is precisely what has happened and was covered up in the United States of America.  American Bank Robbers also own one third of our Major Banks.  Is anyone awake to this?  Am I a lone Voice?

Our Bank Engineers manufactured and crafted a diabolical system of deception whereby loans were offered to vulnerable people including the elderly.

What does that say about our culture?  That's the elderly are fair game?  That young people with no deposit for a home are targeted and fair game?

Very simple remedy here:  Banks MUST place the customer back in a position as if they had never dealt with the Bankers or their Agents.  Banks must then wear the loss and we hope charges are laid against the top level executives responsible for the multi-levelled fraud.

So let us fully understand the Government's position on this:  Manufacturers will be prosecuted by ACCC, but "lay off the banks?"  Under whose law, whose direction and from whose Army?

I think its time the Government called on these Bank General's to lay down their weapons.  Abuse of the vulnerable, the elderly and young families with small children, just starting out in life, must be dealt with via a Royal Commission - immediately   

Every day the Prime Minister delays taking action, turns her back on these people, is one step closer for banks to achieve their aims: own every asset/home in Australia.

ASIC say: "Yes Banks are Engineers (of the fraudulent sub standard sub-prime mortgages) but its just a bit of marketing....."

People out there need a Voice.     We have < 0.1% of the population in charge of our financial welfare.  Bankers to fat with fees to be punished?

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  • Denise
    Denise Monday, 20 May 2013

    Australian Government needs to instruct the Australian Federal Police to start demanding documents from the Major Banks, and assist those affected by this monstrous sub prime bank scandal. There has to be a fully equipped Royal Commission and wide Terms of Reference. [email protected]

    Reply Cancel
  • doyla66
    doyla66 Tuesday, 21 May 2013

    ING: "(1st)hand of fraud"

    AFP's mandate must investigate ING's "direct" role in producing on ING letterhead a document to close FOS "hardship file". I hold the origianl "incompleted" document, which ING took an FOS draft copy, then fraudulently manipulated / completed to then purport as being a true copy of "original", by "adding & deleting" various items -- and subsequently furnishing the corrupted "version" to FOS ---to complete the "forge & utter" process. You can only keep your powder dry for so long?

  • doyla66
    doyla66 Tuesday, 21 May 2013

    Recent comment from BFCSA Facebook

    "B Ennett Ian - Denise, you have written a very good analogy of the Low Doc lending practices. This is very similar to my thinking. The Banks went on a lending frenzy until the financial musical chairs music stopped playing, we now call the GFC. The question is,,,, does a Corporation’s policy have more weight than the law of this land? Is loose lending practices of not doing basic due diligence just the security of a personal homes as security considered prudent and responsible?? The Low Doc Loan product has crossed the fine line to Asset Lending principles. Clearly a socially irresponsible business practice."

    Reply Cancel
  • doyla66
    doyla66 Tuesday, 21 May 2013

    Consumer law infringements - AFS Industry infringements to numerous to prosecute?

    Just imagine the head of Holden cars being given a huge media worthy bonuses for selling faulty cars - then waiting for people to complain before agreeing to secret deals with those they can't brush off or convince that it was the buyer's fault for buying a Holden! The ACCC would have something to say! There might even be a Royal Commission into Faulty Car Coverups?
    Why doesn't this principal apply to faulty financial products?
    Would someone in either the Government or the Opposition like to explain that now?
    What's the difference?
    Instead we have an alternate dispute resolution system that is largely funded by the Australian Financial Services Industry and seems reluctant to use the Ombudsman powers to gain access to documents (our documents, our data) which AFS members can just decide will not be provided - mostly because that information could and would incriminate their members and might lead to multi billion dollar profit banks losing a little of their "loot". Barely a dent on their bottom line. In the meantime their reputations are sinking in the murky waters of loan fraud while they wail about their "image". The AFS Industry has too many rotten apples and left to ASIC, FOS, COSL and the parliament it will stay that way!
    I wonder why?
    Is it possible that there were concessions granted to Banks during the GFC "negotiations"/bailout and/or as part of their "essential services" status and/or as part of the creation and passing of the UCCC, ACCC and ACL and amendments? It's starting to look like there's some sort of deal with "our" banks as they are still ignoring aspects of the Australian Law on lending.
    Could it be something to do with the high proportion of US ownership?
    Or part of the deal that permitted such large overseas ownership of what were formerly our banks?
    Do Australia Inc, ASIC Inc and all the rest of the US registered entities come under US Law or Australian Law?
    Can we get access to any of this information under FOI?
    Or are secret deals with Banks kept hidden from Australian citizens as it would not be "in the national interest" to reveal this?
    Finally ... AGL were fined $1.5 million as their representatives were telling people "we're not trying to sell you anything" or similar.
    How many people have ever sought financial advice and then found themselves on the receiving end of a soft sales pitch designed to convince them to borrow money, release the equity in their home, invest in real estate/shares/financial products? Isn't that selling? Were you told "we're not trying to sell you anything... but just have a look at this ... blah blah blah" ...
    If AGL grabbed headlines for this consumer misconduct ... how about the consumer misconduct and misrepresentation of information and covert fraudulent practices we and thousands of other Aussies and Kiwis have been subjected to?
    Once again, why the different deal?
    Note to all Aussie pollies, I do intend to get answers to my questions.

  • doyla66
    doyla66 Wednesday, 22 January 2014

    I'm trying to get to the templates to send them out again, but my user name and number don't work. My email says invalid, I've just said to Cba to stop taking payment's from account till this gets sorted. Kit Hildebrandt 10517 thanks Denise

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