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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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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.

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BFCSA: Evidence for ASIC to be Open Book for Everyone to Read

Posted by on in ROYAL COMMISSION URGENT
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Dear Chairman of Australian Securities and Investment Commission

Mr Gregory Medcraft

You already have these documents and in many cases, have had for a long, long time.  You've done nothing with them except as part of not doing your job, fobbing people off to the Police. The Police can’t get the borrowers money back or compensate, but if you regulated the industry like the Act says, you could recover funds.

And by the way, which part of  “… loan applications from over 400 people … not one of them is a clean document …”  don’t you understand ? Or is it that you don’t want to understand ?

Treasury tell the Senate they haven’t seen any systemic issues. That’s because they take advice from ASIC and ASIC don’t think some thousands of falsified loan applications across a hundred or more brokers and 36 lenders, falls short of systematic fraud!!!

The reasons are clear as to why we refuse to send ASIC our evidence.

1.   ASIC has had the documents requested for a long, long time.

2.   Consumers remain  unprotected and neglected by virtue of ASIC's repeated efforts to hide systemic issues

3.   ASIC gives no guarantees it will investigate every case...it merely admits to "assessment" which means decisions made to send back form letters telling consumers to take legal action, knowing that 99.9% of consumers, once fleeced have funds for lengthy court battles.

4.   ASIC's inaction clearly shows a solid record of protecting the interests of the industry that harbors the culprits.

5.   We do not TRUST ASIC to investigate our Member's cases, given our experiences and input over 14 year period.

 

Yes,  BFCSA will present ALL evidence via the internet in the name of open and accountable consumer action.

We are not secretive like the banking and finance regulators and their bankster mates……………We will bring all documentation out in the open as it should have been two decades ago.  

Our Members and that of fore-runner RECA (Inc) are sick  of providing evidence to ASIC, at our expense for the past 14 years only to have ASIC luminaries tell us: we have looked at Ms B’s evidence, gone over with fine tooth comb and nothing there, no substance"….same as the 400 letters……same as Streetwise, Westpoint and dozens of other letters….no public interest……………………” 

The 20th December letter is a CLASSIC ASIC BAIT letter with copy of 28 Aug attached

ASIC is on hols until 2nd January.  Our Corporate Cop is exhausted.  If it was a fireman it would be charged for lighting fires.....ARSON.  ASIC grants licenses to an industry that ASIC knows is fleecing the public, whereby huge losses will occur.  It fails to warn vulnerable consumers of high risk investments.

We will be loading up the emails on the website re banks to brokers – very shortly.  There has been massive man hours of work in preparing the material, sequence etc.  

I will then as a courtesy, suggest that ASIC Officers read the website.  I will then upload every stupid response letter ASIC Chairmen and minders etc have ever written to me regarding serious consumer issues.

We have no secrets.

Let the regulatory wars begin…………………..If we win, ASIC will be dismantled and demolished in its present form.  We shall be accountable to consumers, not to suspect regulators.

Members will then have their turn to send further letters to ASIC letting them know: "its too late.....trust has left the building"

One cannot barter with crooks, secret meetings, fraudsters and their mates.   I am an old hand at this and will come out guns blazing.  We are the PEAK CONSUMER BODY and ASIC will just have to get used to grass roots warfare.  Same as 2004/5.

Wait until the legal opinions start to surface.  Arranging now.  ASIC know what’s coming we have all been down this road before.  I am still there, but the old guard at ASIC has left via the nearest exits and the chairman is about to make his run………………………..back to the US.

Our members are taking control of regulatory neglect and pushing for giant reforms in the are of consumer protection.  The markets thrive on consumer confidence including the banking and finance sector.  

Banks, Non Banks and Planners alike have killed the trust factor.  Yet it is sustained regulatory neglect over almost two decades that is the root cause of a slide in consumer confidence in banking and finance products.  ASIC was directly in charge of Market Stability and Consumer Confidence.

There is no point in responding to ASIC.  In effect they are saying: "you show us the evidence and we will deny we received it or it has little significance."

We need the evidence to be made public so the world can see what truth really was in terms of Banking and Finance in Australia.

These are stories of corruption on a grand scale and every reason why we must intensify calls for a ROYAL COMMISSION INTO BANKING AND FINANCE and also APRA/ASIC REGULATORY NEGLECT.

 

 

Denise L Brailey

 

President of BFCSA (Inc)

www.bfcsa.com.au

This email address is being protected from spambots. You need JavaScript enabled to view it.

Mob: 0401 642 344

 

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Comments

  • doyla66
    doyla66 Saturday, 29 December 2012

    Well said and well put Denise. You have mirrored in a such polite way the thoughts and feelings of Aussie battlers who have been stung by the banks and abandoned by ASIC; most would say what you have said but in a multicoloured way.

  • doyla66
    doyla66 Sunday, 30 December 2012

    I believe that Medcraft, Greg Hackett, Warren Day & other executives should be investigated for corruption and prosecuted. They are deliberately protecting the banks by refusing to take action on thousands of genuine complaints of fraudulent action by the banks. SYSTEMIC FRAUD is rampant in the Australian financial industries, yet ASIC constantly deny it. WHY? - Because they are totally corrupt!


    NOTE: These are ASIC standard FOB OFF lines taken from ASICs replies to me from 2009 - 2012 when I sent in my Formal Complaints against the CBA & Mortgage Choice Brokers.

    "ASIC will not be taking any further action."

    "There is insufficient evidence to investigate the matter."
    NOTE: At this stage I had not sent them any of my fraudulent LAFs & they did not ask for any evidence - yet they still waffled on about insufficient evidence!

    "Credit is not defined as a financial product under the corporations act."

    "Anyone dealing in or advising on credit is not required to hold an Australian financial services licence."

    " The issues you have raised appear to fall outside of ASICs jurisdiction."

    From : Lan To. ASIC Stakeholder services.



    " Your complaint should be referred to the Western Australian Capital Territory regulator."

    " Oops, sorry, I should have referred you to the Qld Office of Fair Trading instead."

    " FOS is the place you need to take your complaint to."

    "ASIC does not generally act on behalf of individual complaints."

    "These enquiries have been unable to gather sufficient information."

    "I confirm ASICs determination not to take further regulatory action."

    "Credit providers have not been subject to 'responsible lending' obligations."

    From: Greg Hackett. ASIC Stakeholder services.



    "ASICs enquiries did not reveal sufficient evidence."
    NOTE : THEY DID NOT REVIEW OR INVESTIGATE ANY DOCUMENTARY EVIDENCE.

    "You can complain to the Commonwealth Ombudsman, PO Box K825, Haymarket, NSW 1240."

    From : Warren Day. ASIC Senior Executive. Stakeholder services. Dec. 2010.

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