GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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.

Visitors

Articles View Hits
632332

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Dear Mathias Cormann - ASIC Website - no warnings re known crooks

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
  • Font size: Larger Smaller
  • Hits: 130
  • 0 Comments
  • Print

7th August 2019

 The Hon Mathias Cormann MP

 

Minister for Finance

 

The Sterling Newlife Debacle

 

Dear Sir

 I have no doubt you have been briefed on the Sterling debacle, so I will not go into details here, however I would like to put forward a number of points

 

 Australians are very generous people, we are very quick to help other countries in time of disasters.  We also give generously to other countries in the form of monetary aid, examples of this is Indonesia $300 million per year, Palestinians $43million a year (despite the fact they want to kill us).   In fact Australia will spend over $4 billion dollars this year on overseas aid.

 

 I do not object to this as we are a wealthy country, however I do object to your helping others to the detriment of our own people

 

One group of people who need assistance are the Sterling Newlife retirees, of which my wife and I are among their number.  After much due diligence we invested in a life time lease in June of 2018.  One of the things I did was to go into the ASIC website to see if there were any warnings and found none.

 

 I have since discovered that ASIC had been investigating Sterling at least since 2015, they were also warned by the WA Dept of Consumer Affairs, and they still did nothing to protect people.  

 

 If ASIC had done the job they were paid to do, had put warnings on their web site and closed Sterling down, none of this would have happened.  Because ASIC were derelict in carrying out their duty causing millions of dollars in losses to retirees, the only fair thing for them to do is pay compensation to help right the wrong

 

 Mr Cormann this is not charity, it does not matter whether you are a company or a government deptif loss is caused by negligence, compensation should be paid.

 

 We need a Royal Commission into ASIC and APRA.

Yours truly

Last modified on
Rate this blog entry:

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Saturday, 21 September 2019