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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 Prime Minister Is it Govt Policy to take advantage of Pensioners as easy prey? # 33

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Dear Mr Morrison  

Stirling Group Collapse

 This is an SOS from my wife and myself who, along with many others, have had their lives and independence destroyed by the Sterling Group collapse, aided and abetted by ASIC. The regulator callously chose to let the Sterling Group carry on for many years with their fleecing of seniors and other innocent people of their life savings, without doing what they are supposed to as corporate regulators and bring these types of businesses to justice. ASIC failed to warn the public of their findings with regards to Sterling New Life and let these criminals thrive like the plague. So ASIC, coining a phrase, turned  a blind eye, as they just let the same “cast of characters” continue setting up under an umbrella of companies to eat away at more and more unsuspecting buyers. This is criminal at the very least.

So, to put it in a nutshell, ASIC, in its role of corporate watchdog FAILED TO:

·         Warn the public that the  people of the Sterling group of companies were key people in the demise of other companies which collapsed owing millions

·         Prevent these repeat offenders from setting up further companies to rob unsuspecting consumers yet again

·         Act upon information and concerns that were raised from as early as 2015 if not before. It is disgraceful and criminal that the federal regulator ASIC shut up shop, and made the decision to keep this knowledge to themselves, WHY?

Elderly residents have again been taken advantage of and tricked into selling their homes to pay upfront $200,000- $300,000 to Sterling Rental Group for a 40 year rental lease Most of the seniors were hoping for a peaceful sunset, free from debt, and peace in the knowledge that their actions in entering these agreements would allow some respite from the usual rental agreements, where you are dictated to by landlords who can terminate your contract within weeks.  

Is it Government policy to take advantage of pensioners? Oh yes, pensioners are easy prey it seems! Even you as Treasurer, Mr Morrison, saw fit to set a Deeming rate of 3.25 per cent so that pensioners were the ones who should help to balance the budget, much higher than anything the banks paid. And OH! that’s been dropped to 3 Per cent beginning of July, WHAT A JOKE!!! We can’t even get 2% at the bank.  So the Government along with the Stirling Group has taken aim at pensioners. Many of us, due to the discrepancy between the deeming rate and bank interest, looked for an alternative and that’s how we ended up being hoodwinked.

My wife and myself downsized because of ill health, and we entered into a 40 year lease, knowing I wouldn’t last that long. However we were told that the properties were willable and the money we paid upfront was in a safe trust.  So we went ahead after consulting with accountants and a Lawyer, plus other tenants, who all said it was sound. How could they say otherwise due to the fact ASIC failed in their job as regulator to raise any red flags.  

ASIC should be made accountable and refund the money these scoundrels robbed us of and do that asap, due to the fact lots of people are suffering ill health, extreme anxiety wondering where they will rest their heads in the near future as they face eviction from their homes, even though they paid a huge sum of money upfront. Those who have fallen into this trap have lost their independence, not to mention the roof over their heads. 

Please act on this information with extreme urgency and ensure that $36 million is paid to the victims of the Sterling Group within 5 weeks.

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Guest Tuesday, 17 September 2019