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BFCSA: Banks and Spruikers stole your home & money and ASIC failed to assist you? Here is what you do.......

Posted by on in Consumers Fight Back
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Would you like to blow the Australian Securities and Investment Commission ("ASIC") out of the consumer protection arena?  

Here is what you do.............................

The most IMPORTANT THING RIGHT NOW…..the most important one page you will ever write:

A “submission” is a one or two page letter to the Senate Committee.  Pleases write a submission to the SENATE INQUIRY INTO PERFORMANCE OF ASIC.

If you just write why you think ASIC should be banned as consumer protector……………..TELL THEM YOUR STORY and why being left with a barrel of debt is not good for the Economy....................why losing your home is not good for the housing market..................why financial ruin is not good for your family and why ASIC knew what was happening 10 years ago yet failed to protect consumers.

If consumers had been warned of the Low Doc Mortgage scandal, the promissory note scandals, two tiered marketing scandals, Managed Investment Scheme scandals, Creating Wealth and Spruiker scandals, the Solicitor Mortgage scandals, finance broker scandals the SUB PRIME LOAN scandal and the CDO product bank scandals, et al, they would never have signed on the dotted line.


Then place YES submission SENT in the address bar of an email and please email direct:      This email address is being protected from spambots. You need JavaScript enabled to view it.


This is the WEB LINK

The email YOU SEND TO: This email address is being protected from spambots. You need JavaScript enabled to view it.;

Senators Williams, Cormann, Eggleston, and Cameron are on stand-by to read your grievances with ASIC.

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  • doyla66
    doyla66 Monday, 22 July 2013

    Renewal & Restoration: (

    Thanks Denise; just a simple 1-2 page submission to Committee will save our health, our dignity & our home-many others homes, investments, retirement funds et al.... collectively, ASIC's decade long reign of duplicitous terror on consumers "will burn" and rightfully be replaced by a genuinely independent National Consumer Protection Unit-Bureau, which shall rise as a worthy, well funded consumer advocate, --never another ASIC phoenix--consumer-pretender. ...send this to Senators, and we all win.. bank$ters lose.. do-not pass go.. do-not collect $200 million dollars! ----sending senate submission now.

  • doyla66
    doyla66 Monday, 22 July 2013

    ASIC grim reaper of consumers

    So right ... no spectre of an ASIC phoenix rising from the ashes of ASIC or any of its previous incarnations.
    Consumer Protection needed urgently - fresh, new, different, real.
    Without the conflict of purpose that is plaguing ASIC, the invisible saboteur of the life savings of all Australian consumers.
    ASIC complaints department is the grim reaper of consumers, harvesting our information and destroying our hope of assistance and compensation in our losses.
    Cut off the consumer protection arm of ASIC and the funding. Start again with what the Australian people want - NOT what suits government, Banks, big business, crooks, crims, scammers and every other trading partner on the planet!
    Our money pays for our consumer protection now through BFCSA - and through our taxes ASIC.
    Give the consumer protection development job and the funding to BFCSA and see the difference!

  • doyla66
    doyla66 Monday, 22 July 2013

    (ASIC) FOS can mine that data & very quickly identify whether there are trends or issues that amount to systemic matters:

    Lisa; professor says co-regulatory approach of FOS & ASIC where ASIC oversees FOS & has intervening powers is a successful-model while FOS manages day-to-day complaints.

    She says the Australian approach is much more flexible and responsive than the British model, which is regulated solely by a government-appointed body.

    One criticism of the ombudsman service is that it is missing the opportunity to provide consumers with transparent and useful information about complaints-handling processes.

    Under the present reporting system, FOS does not identify or release any specific data on disputes that involve systemic issues or serious misconduct and the University of SA's Waye recommends that FOS should make more of this information available.

    " Many people drop out of the FOS complaints process because of frustration with this process and confusion over the legal complexities," says the NSW managing principal of law firm Maurice Blackburn, Ben Slade.

    Moreover, conflicted ~ Vicki Waye, a professor of law at the University of South Australia says--

    a: " it's got access to data through all its individual complaints so FOS can mine that data and very quickly identify whether there are trends or issues that amount to systemic matters; and

    b: because there is a good relationship of trust between FOS and its members, it is much easier for FOS itself to get access to any information it needs and to try and resolve the issues quickly and in a way that will be satisfactory to the regulator [ASIC] should it scrutinise the issue.''

    Chairwoman of Choice, Jenni Mack -- a board member of FOS -- "says this illustrates the consumer group's support of FOS in its endeavour to deliver swift and inexpensive resolution of consumer disputes."

    ''FOS is there to step in when banks are breaking the rules and because of this banks are regulating themselves much better than they were in the past … banks are more aware of the way they should be dealing with consumers - their customers,'' says Financial counsellor Linda Sterling-Levis, at CCA Financial Counselling Service

    Read more:

  • doyla66
    doyla66 Monday, 22 July 2013

    The ASIC FOS connection is good in theory.
    In practice if ASIC have quick access to this information what are they doing with it?
    What's stopping ASIC taking a fraud loan case to court?
    Why did ASIC say no sign of systemic loan fraud?
    = old fashioned public service egos ? ie. lack of ASIC "ownership" of the discovery and the solution provision
    If we waiting for ASIC to go through the processes we'd all be very old before anything happened, based on their previous and repeated track record.
    Thus conflict of interest at ASIC and we're the collateral damage of 'caveat emptor'?
    Not good enough, Kevin Rudd, Tony Abbott, ASIC, APRA and all the rest who were supposedly responsible for "consumer protection"! So what are they going to do about it now?

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