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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; Golden Goose ASIC is cash Cow for Treasury

Posted by on in Corrupt Regulators
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ASIC just simply does as its told whilst Treasury continually state it acts autonomously.  What can we say?  WE are the end users of the system and know the truth of the matter.  Have a read of last years ASIC Annual Reports tabled in Parliament.  I do not have time.  It will show that ASIC receive over $700 million in funds from corporate directors, companies etc, generated by fees and also outrageous search fees - worst in the world.

Its a Milking Machine in the banking and finance sector.  Treasury then "allocate a budget" for ASIC.  All revenue flows to Treasury as a CASH COW, then say average $400 million is fed back to ASIC to run six useless offices and do very little for the idea of consumer protection.  Our claims are evidenced by the escalating losses in the billions of dollars in the mortgage loans scandal by pensioners and low income families and also retirees trapped in the diabolical NON BANK LENDING SECTOR in Managed Investment Schemes which a prudent regulator would have rejected immediately the Prospectus was registered with ASIC.

Two disturbing facts emerge:

1.  Losses show Consumer Protection is a myth.  

2.  The Non Bank sector is wide open to abuse.

3.  The regulators at ASIC are asleep at the wheel and,  

4.  TREASURY PROFITS FROM FRAUD by extracting $300 million per annum

5.  Consumers ought to have been the beneficiaries of a FIDELITY FUND regarding fraud in the banking and finance sector, had ASIC and Treasury taken our past advice by transferring every dollar of the $300 million Cash Cow POOL into a benefit for Consumer Protection.

Had that occurred there would now be $3.6 Billion in payouts for the aggrieved over the past 12 years AND with those sorts of payouts ASIC could have easily identified who the real culprits were that were promoting dud financial products and profiting from a giant fraud.

This would include victims of Westpoint, Banksia, Opes Prime, Storm, ACR, Fincorp, BACF, Trio, Trilogy, Provident, LM Investments and a host of other dodgy MIS scams and tens of thousands of victims of Bankster LOW DOC LOAN Fraud.

Consumers are left with no funds to defend themselves or fight back and the bandits escape with the loot.

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

 

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  • Denise
    Denise Saturday, 09 March 2013

    Ah yes, 526 hits world wide in past 24 hours and FLAG list of countries is growing as others "catch on" to the truth down under. [email protected]

  • doyla66
    doyla66 Saturday, 09 March 2013

    Prime Minister, please set up a Consumer fund ASAP

    "Consumers are left with no funds to defend themselves or fight back and the bandits escape with the loot."
    All our regulators are proving to be "toothless tigers" against the bandits..

  • doyla66
    doyla66 Saturday, 09 March 2013

    This Australian banking scam is going around the world quicker than a dose of gastro in a chinese takeaway.

    Family & friends in the UK, America and NZ are already aware of how the banks are defrauding everyone!

    Prime Minister, for Gods sake, get a grip on this serious banking fraud. There is NO regulation! ASIC are an absolute joke!

  • doyla66
    doyla66 Sunday, 10 March 2013

    Prime Minister Gillard, why can't you see or why won't you see the mess and the fraud involved in our bank and finance institutions?
    Are you not recieving our letters and emails for some reason? or are you just plain ignoring us - which is it - we have a right to know.

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Guest Saturday, 14 December 2019