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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 Sub Prime Liar Loans Scandal caused by a corrupt ASIC

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Australian consumers of mortgages, whether FULL DOC or LOW DOC are far better off without any regulator at all, than trust ASIC.    Reliance on ASIC caused consumers to believe there was regulatory industry oversight, enforcement of law, corporate policing.  When the full extent of this scandal is revealed, it will rock the nation and cause thought-provoking economists to gasp.  Had ASIC placed a massive sign on each of the buildings as a serious warning to consumers, no-one would have even thought to TRUST A BANKER.  ASIC is breaching a very old REGULATION called: PASSING OFF.  ASIC is passing itself off as a consumer protector when it clearly is protecting its Bank Buddies.  Slight case of "Malfeasance in public office."

In the interest of Consumer Protection the sign ought to read:   "ASIC PROTECT BANKS......NOT CONSUMERS.....please be warned."

In order for ASIC to continue its historical DO NOTHING POLICY, now in its 16th disgraceful year, it simply needed to pass on its duties of complaint handling to the two External Dispute Resolution Services, and to licence two EDR's.  One was Credit Ombudsman Service Limited ("COSL") and the other the Financial Ombudsman's Service ("FOS").  Our Members (1200 people) have been road testing ASIC, FOS and COSL.  

All three are protecting bank interests and not the consumer.  All three have regulatory powers and none of those powers are being used. Example:  Determinations and Recommendations are made by the EDR's and yet they assisted the banks in demanding consumers send in their current financial records WHY?  FOS and COSL sent those private details onto the banks and lenders.  Consumers demanded they received from the banks (in fair and equitable arrangement) their full copies of their files.  These same documents were supposed to be copied and given to customers as a requirement in law, at point of signing the application but, the consumer did not receive at that critical time.

How can the Credit and Banking Ombudsmen make a proper determination with most of the customer file missing?  

Banks demanded the "financials" and people handed over as FOS and COSL had asked.  THEN CAME THE STING:  Banks said all documents LAFs, Service Calculators and ICW worksheets and IF Verification stat decs were "internal and confidential."  In law they are discoverable, BUT, banks said no deal and in many cases ANZ, Westpac, CBA and NAB said: "files are missing."  Brokers reported they were told by banks and aggregators to start shredding!!!!  Just like the good ole US of A.

What did ASIC do about this disgraceful affair?  "We do not handle consumer complaints"....we know that!!!!!

What did FOS do:  "we have powers to demand documents be produced but cannot use those powers" WHY?  "Ask ASIC..."  We will be!

What did COSL do: "We are the same as the above...ask ASIC."

So just WHOM is protecting consumers or at least looking after consumer interests in the finance sector?   BFCSA.

What did the Federal Government do?  Two Porters cracked their knuckles.

Were consumers told this, warned of this when they signed up for a mortgage FULL DOC or LOW DOC?   Nope!

Surely, consumers are better protected by telling them before they sign: "there are no regulators, no protection."

We are back to BUYER BEWARE OF THE BAD BAD BANKER... and the Big Bad Wolves of the financial planning industry."

Its a FRAUD to suggest consumers are protected when clearly they are not.  Its called PASSING OFF.

So how will consumers react to this $57 Billion fraud?  WATCH THIS SPACE..............all will be revealed in a major way.  

Australian Federal Police say: "we have been ordered to do nothing." [WTE]

How can the Credit and Banking Ombudsmen make a proper determination with most of the customer file missing?  

That's why we need a Royal Commission into the Banking Sector and we will be keeping up the pressure until both Political Parties unite and agree.......

We are in the trenches and waiting for the signal...............................we have limitless ammunition and ready to fire...........

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  • doyla66
    doyla66 Friday, 31 May 2013

    Greg Medcraft at the helm, no wonder!! Plenty of blogs here about his past history! Can't wait to read the Sydney Morning Herald article tomorrow!!

  • doyla66
    doyla66 Friday, 31 May 2013

    Send them all to jail for the theft of our properties, pain and suffering compensation should be
    awarded to all of us.
    Medcraft and his cohorts should be horse whipped within an inch of their lives!

  • doyla66
    doyla66 Friday, 31 May 2013

    ASIC's , FOS's and COSL's castle is about to crumble. The regulator and EDR's have been playing a one sided game and who is making the rules. The EDR's are under the control of hopeless ASIC and all three are looking after their bankster mates. There is also severe conflict of interest in their boards so no wonder the poor consumer gets the run around and told to go away we are not going to help fight this fraud and corruption. Dismantle all three of them, start again with independent personel and we might get something that resembles fairness. Surely if someone comes along with falsified and misleading information plastered all over their loan application forms and the banks are responsible it's a crime, well BFCSA members say their are thousands of families, and FRAUD on a grand scale. A ROYAL COMMISSION with extra wide terms of reference into the banking and financial industry is what this country needs with great urgency.

  • doyla66
    doyla66 Friday, 31 May 2013

    What chance does the Australian borrower stand with this type of fraudulent behaviour from supposedly trustworthy organisations....ASIC the protectors, yes protectors of banks.... what a laugh!...and what shame on Australian banking!
    Absolute shame is what it is. Shame on our once beautiful country...a country of freedom... with an economy considered one of the best in the world.
    Shame on the banking sector and shame on ASIC for watching and even condoning this....the ripping off and destruction of
    Australian citizens!

  • doyla66
    doyla66 Friday, 31 May 2013

    I do hope the SMH story has some teeth seeing there is a FEDERAL election soon, so the next few months will be very important to have this loans scandal in everyone's face.
    So.
    I wait with bated breath.
    http://www.careerprofessionals.com.au/Graphic/small%20shit%20HitsTheFan.jpg
    http://rulingcatsanddogs.com/contents/desktop/800/cat-holding-breath.jpg

  • doyla66
    doyla66 Friday, 31 May 2013

    "An anonymous source said ASIC's internal complaint system was useless and the human resources team unsupportive, and that time wasting and mistakes had led to instances where markets ''operated without the appropriate regulatory oversight'', although without negative consequences.

    ''The team is very small, there is nowhere to run. Retaliation is subtle and difficult to prove. Even conclusions to bullying complaints can be written in such a way as to not bind the agency. You will never get an apology,'' the source said.

    But a spokesman said ASIC was ''supremely confident the markets are being properly and efficiently monitored by a team of highly engaged and satisfied professionals''.

    The earlier complaint was ''found to be without substance'', and the worker was warned more unsubstantiated complaints ''could be viewed as vexatious behaviour''.

    The spokesman said overall the 2012 survey results ''were very pleasing'' and better than the rest of the federal public service.

    ''People reporting bullying and harassment in ASIC has dropped from 2010 and 2011 and is below the [Australian Public Sector] state of the service report,'' he said.

    But the Community and Public Sector Union's deputy national president, Alistair Waters, said ASIC has had a culture of bullying and harassment in the past.

    Read more: http://www.smh.com.au/business/asic-accused-of-failing-to-end-bullying-20130526-2n576.html#ixzz2UsdFaI5Q

  • doyla66
    doyla66 Friday, 31 May 2013

    ASIC untouchable

    When we first got on the no doc, low doc, full doc merry go round in 2007 we bombarded Canberra with letters and phone calls pleading for help, all we got was the run around from one authority to another stating it wasn't their duristiction and during one conversation with a senior public servant I mentioned ASIC was involved in our financial downfall and he stated that in Canberra ASIC are referred to as the "UNTOUCHABLES" and its a waste of time trying to take them on. ASIC think they are like an impregnable castle but after articles like the SMH one the cracks will start to appear and the walls will come tumbling down like the walls of Jerico.

  • doyla66
    doyla66 Friday, 31 May 2013

    Long overdue Royal Commission into Banking needed to dig out the rot and corruption at ASIC

    Thankyou, Denise, for spelling it out so clearly. You are absolutely right about the situation.
    My journey into the regulatory wilderness started 2 years ago. With a failed investment, due to malpractice by a qualified fund manager, and the imminent destruction of everything I had worked so hard for I went hunting for the right place to start getting answers.
    The usual shopping list followed: FOS, ACCC, Fair Trading and eventually ASIC.
    It is noteworthy that despite my multiple attempts to fit my cases into the FOS jurisdictions they never suggested ASIC. Same for the ACCC, who did direct me to the Australian Laws about gambling and "pseudo-investments".
    Fair Trading said take legal action.
    None of them read the detail of my submissions properly - especially the part that showed I had been wiped out financially by this investment. This is a very common thread that runs through all our stories. So is the lack of support and encouragement encountered by people in financial distress.
    Eventually I put my detailed complaints submission and evidence to ASIC and, based on what I had read on their site, placed my faith in their serious complaints handling. After some initial replies my case disappeared into the black hole. Then nothing. I kept sending in regular updates on the case I had against the company. Nothing but read receipts. In desperation I even tried threatening ASIC, just to get a reaction.
    A little voice inside me whispered the word "corruption" - after all ASIC knew the company key personal from other complaints. Surely not? Not ASIC?
    It was the better part of a year later when I guess the way to get a response from ASIC. All that time wasted. All that additional suffering at the hands of Banks while I was trying to get answers from ASIC.
    I was not the criminal but I did the time and I lost so much more due to ASICs failure to even live up to their Charter of Service - let alone provide the level of action actually needed to remedy my case in a timely manner.
    It is quite understandable that so many Australians are negative about ASIC!
    It is also no surprise that consumers want to write letters of abuse to ASIC, ranting about their frustration of dealing with the cold granite wall of indifference and inconsequence that has been ASIC for far too long.
    I do contribute to paying their rent - I do matter. I intend to show ASIC and the Govt that, one way or another.

    ASIC then supervises FOS and COSL - why on earth are there two different EDRs for the same types of cases? More frustration, more obstruction to justice, more expense, more bureaucratic idiocy and inefficiency! Why???

    I have done the rounds of the "help" framework in the Australian financial system - and unfortunately "researched" it for over 2 years through my correspondence with many others.
    The real "help" is not there. There is no intention to provide it or it would have been done already.
    ASIC is not meeting the needs and the demands of the complainants. It is a waste of time.
    Dealing with ASIC is an exercise in frustration and adds to the distress of those in trouble.
    There is no sense of genuine care at ASIC. They do what they can (???)
    Complainants feel like they're the "pains" who caused the problem.
    In summing up their determination, where the company was banned for 5 years, information received from ASIC was incorrect - including suggesting the complainant try FOS, when ASIC already knew ASIC had driven the AFSL company into bankruptcy and it was already with the liquidators!
    Generally front line staff were nice and even sympathetic - but they lacked the power or authority to do anything about the problem.
    We've all had our patience and tolerance tested beyond belief by ASIC and those in government who permit this Fraud Regulator to continue to draw down on the Budget!
    We're paying for this - everyday in many ways. Why??

    I hold ASIC accountable for the degeneration of my financial situation and the destruction of the life that I had build myself, as a law abiding tax payer. It's about time more of us did this, IMHO. ASIC, government and all staff need to get a grip on what it actually costs both individuals and this country while they "pass off", hide the file for a while and go to lunch. Their negligence in dealing quickly and appropriately with suspicious financial operators is legendary. It's no joke - and the bill at what remains of "my place" is mounting daily, with interest.

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