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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: Dear Mr Albanese, ASIC need to be investigated by a senate committee as they were derelict in their duty

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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20th August 2019

 

The Hon Mr Albanese MP

PO Box 6022

House of Representatives

:arliament House

Canberra ACT 2600

 

Dear Mr Albanese

 

we need your help in the Sterling fiasco

 

Denise Brailey has written to you a  very concise and informed letter, which spells out our predicament in detail. 

 Put briefly we lent monies to Sterling in 2018 and the interest we received would pay our rent for the rest of our lives

 However unbeknown to us ASIC had received complaints about this company as far back as 2015 and continued to turn a blind eye to their activities.  Sterling continued to take funds from unsuspecting retirees and use them in whatever way they saw fit, thus snubbing their noses at the law of the land

 

 Mr Albanese ASIC need to be investigated by a senate committee as they were derelict in their duty and caused many people to lose their life savings and a roof over their heads.

 

 

We are also seeking compensation as ASIC could have, but did not prevent this loss

 

If ASIC had acted when concerns were first raised and shut Sterling down none of this would have happened and the misery inflicted on hundreds of people would have been averted.

 

yours sincerely

 

PJ

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Guest Sunday, 08 December 2019