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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: Gatekeeper Greg Medcraft's first speech June 2011

Posted by on in Australian Securities & Investment Commission
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http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/News-from-the-regulator-FOS-speech-2-June-2011.pdf/$file/News-from-the-regulator-FOS-speech-2-June-2011.pdf

Has the Chairman's determination to talk to Industry - not to pesky Consumers - affected you and the financial security of your own personal family life?

Have your say:  Senate Inquiry into Performance of ASIC   send submissions to This email address is being protected from spambots. You need JavaScript enabled to view it.

Email us if you have done so "YES SUBM SENT"  This email address is being protected from spambots. You need JavaScript enabled to view it.

So did the Chairman shovel all the complaints off to the EDR's, preferring to have lunch with Industry bods?  He admits he is the Gatekeeper but failed to address the issue of bank fraud.  Is that what happened?

The Senators would love to hear from you.

Were your loans faulty products?  Why do you think that?  Should ASIC have alerted you with the information they were sitting on?

ASIC KNEW of Low Doc and Full Doc Loan Fraud in  2003.  Could that knowledge have helped save your family from financial ruin had you known then?

Has this catastrophe affected other extended members of your family?

Is ASIC the right regulator to look after Consumer Protection interests?  How would you rate ASIC's performance the past 14 years?

Should Medcraft be ordered to attend the Senate Inquiry this time?

 

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Comments

  • doyla66
    doyla66 Saturday, 27 July 2013

    I have lost my home because of the gatekeepers fraudulent tactics. Yep you got it, same as everyone. ASIC real interested originally then the usual letter go to the EDR. NAB's - FRAUD, FRAUD, FRAUD, dished up on plate for them. Same as FOS, Nab's FRAUD, FRAUD, FRAUD dished up for them to.

  • doyla66
    doyla66 Saturday, 27 July 2013

    Re ASIC = USELESS:

    ASIC's role to actively oversee EDR's and to exercise it's power to intervene, where appropriate, of course does nothing, but condone & assist these bank$ter consructed "EDR schemes" designed to defeat the consumers rights, and people like me and you NaBbed Nanna, who then have to carefully peel back this "trickery" employed by EDR's to otherwise confuse the consumer and other genuinely interested people with insight into these matters.

  • doyla66
    doyla66 Tuesday, 30 July 2013

    ASIC has known about the crack in the system we fell through. Did they do anything about it? You gotta be kidding! ASIC do anything, fix anthing, chase anything? (Well apart from their own pay packets & self-aggrandisement) How long had they known about this crack in the system? From my phone calls to them, they knew about it for a very, very long time & were quite dismissive of the predicament we were placed in.
    If this useless toothless watchdog wasn't going to put anything forward to get the crack repaired, then who the bloody hell was? Is seems no-one is interested & is more than happy to let families or small business fall through this crack! The banksters & their hangers-on crooks are more than happy for that crack in the system to remain because it is to their direct benefit to not have to deal with a pesky regulator. ASIC = Useless. Totally. Completely. Absolutely useless & a massive waste of public funds.

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Guest Wednesday, 18 September 2019