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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 Members writing to MPs re widespread looting of decent citizens by Australian Banks

Posted by on in POLITICS & PARLIAMENT
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Hi Adam

Thank you for taking the time to respond to my email..

There are so many Australians that have lost their homes to the banks.  These people are victims of Bank Fraud and there is no authority in this country that will stand up for hardworking Australians to make the banks accountable for their predatory lending tactics.  In years to come, historians will laugh at us and our economies for allowing this to happen without recourse.  Shame on the banks for stealing the lives of honest hardworking people.

I’m hoping the outcome of the ASIC review includes compensation for victims of bank fraud including members of the BFCSA who have provided indisputable evidence of the widespread fraud with yet no avail.  To these victims, Australia is not the lucky country whilst the banks remain unaccountable for fraudulent documentation.

Best of Luck Adam.

Sincerely

Rocco.


On 5/8/13 3:00 PM, "Adam Bandt MP" <This email address is being protected from spambots. You need JavaScript enabled to view it.> wrote:
  
   
  
Dear Rocco,

Thank you for writing to the Greens regarding the recent revelations of ASIC’s failure to fulfil its legislative responsibilities and obligations. I apologise if there has been a delay in getting back to you, we have received an overwhelming amount of emails on this issue from people like you.
I am the Greens spokesperson on Banking and I agree with you on the importance of proper oversight of corporate regulation. The issues that you raise are important. Because The Greens share your concern about the performance of ASIC, our Leader Christine Milne joined with Senators Williams and Cameron to move that the Senate establish an inquiry into the performance of the Australian Securities and Investments Commission (ASIC). The terms of reference of the inquiry include the accountability framework to which ASIC is subject and whether this needs to be strengthened and ASIC’s complaints management policies and practices. The Senate voted unanimously in support of the motion to refer these matters to the Economics Reference Committee for inquiry and report by 31 March 2014.

Adam Bandt
Federal Member for Melbourne
Deputy Leader of the Australian Greens

 

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Comments

  • doyla66
    doyla66 Tuesday, 06 August 2013

    BFCSA supports in-lieu of A-SIC excuse-- a 'stand-alone' Consumer Financial Protection Bureau:-

    Will Adams-Team-Green be 'the' catalyst to create inaugural effective Consumer Financial Protection Bureau alongside BFCSA? --to take over from a criminally-incompetent ASIC, guilty of endorsing a malfeasance policy to the extreme distress of consumers -- and (CFPB) to be fully-funded to proactively participate at the 'coal face' of consumer prevention & protection measures.

  • doyla66
    doyla66 Tuesday, 06 August 2013

    When a home is lost due to the bank's criminal activeties, compensation should be paid to the value of current prices of the home that they were evicted from. The victim deserves to be put back in the position they were in before being given the deceptive loan.
    In all fairness, the outcome of the Inquiry into Asic should be in the victims favour.

  • doyla66
    doyla66 Tuesday, 06 August 2013

    Do Senators have enough experience to understand how badly ASIC have treated us?

    I wonder if Adam and others understand much of how ASIC works/doesn't work. I guess that's some of what we're telling them.
    The present ASIC is completely unworkable from the perspective of consumers.
    Add to this my conclusion, at this stage, that government permitted ASIC and others to play pretend and sent good people to hospital and worse, stressing them beyond belief, for the sake of the almighty Banks and "the economy" ... my tolerance for political solutions and "let's patch up what we have" by people who have not endured the existing system first hand as a frightened and bewildered consumer is at ground zero.
    Add to this my reading of Kell's comments as to why ASIC acted to help the CBA investment victims... can this man tell truth from fiction? So many people know that. And yet ASIC are claim jumping again to take the credit for their initiative and response.
    My thinking is usually conservative and anti waste ie. how can we repair or reuse what we have.
    When it comes to ASIC from personal experience, reading of the experiences of others, research and commonsense observations there is no way that ASIC can do consumer complaints as well as look after the markets and companies that cause these problems.
    It's not fixable. It can't be fire walled to fix it. It's a long standing cultural issue within ASIC and Govt. I will not settle for second best from any politician on this issue. Fix ASIC now - not bit by bit, inquiry after inquiry. It's a matter of parliamentary integrity as much as lawful conduct by any government. They can't permit ASIC to continue on as they have.
    ASIC have admitted they don't do individual cases. I've experienced repeated episodes of their dishonest answers. I can just imagine what they're doing with the individual loan fraud cases. I hope for all the borrowers' sakes ASIC prove me wrong.
    So they can probably reuse some of the staff, offices and furniture but they can't leave the structure and function the way it is. Full stop. Non negotiable.
    And compensation should be paid to those who have suffered this system and the lying, coverups in the flick letters - both from ASIC and from the offending parties who distorted our borrowing capabilities, tampered with our loan documents, abused us on the phone and harassed us for real money and put many of us through the worst nightmare situation we have ever experienced.
    The Australian Government owe it to us for weathering their Bank regulation policies and so do the Banks.
    This alone is a basis for a Royal Commission into Banking and Finance.
    And they know it.

  • Denise
    Denise Wednesday, 07 August 2013

    Senators will not understand what is going on if only 50 people respond! It is no use 1200 people saying Denise can do it all for us. [email protected]

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