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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: Mindnumbingly Muddled Medcraft blames everyone but SELF for TOXIC Financial Advice

Posted by on in ROYAL COMMISSION URGENT
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How does this work? Medcraft is paid in excess of $800K per year for running a ridiculously stupid and self indulged regulator called the Australian Securities and Investment Commission.  ASIC is so appalling in its role as Consumer Protector that billions of hard earned dollars have been lost in scams and now bank scams for years.  ASIC "controls and licences" financial planners and must oversee that financial products being sold to an unsuspecting public are based upon FAIRNESS and is keen to point out CONFIDENCE and TRUST are vital in the murky world of Banking and Finance.  Our Consumer Group mushroomed from the ashes, years ago, of POOR FINANCIAL ADVICE and lacklustre performance of ASIC.  This resulted in the need for a consumer group to collectively do ASIC's job for them by exposing bad practices int eh finance industry.  

First RECA Inc and then BFCSA Inc....the members have brought to light case after case.....and then lobbied and achieved 15 Inquiries including the recent Senate Inquiry into the Performance of ASIC and BFCSA Members and older RECA Members sent a large slice of the 470 submissions ( a record number) to the Senate to complain about the regulator's indifference to consumer protection and most importantly lobbied loudly for recommendation for ROYAL COMMISSION into the entire debacle.  

Medcraft's performance/manner on the stand was uncaring, arrogant, misleading Parliamentarians and generally not telling the "whole truth."  

NOW Muddled Medcraft HAS COME OUT BLAMING ALL THOSE WHO TRUSTED HIS SYSTEM!!!!!!!!!  He also gob smacks the consumers he betrayed by suggesting the system of banking and finance is safe and the products are of a good standard, but if they collapse and cause loss of savings, loss of homes - a FINANCIAL WIPEOUT its the consumers fault for choosing to buy the TOXIC PRODUCTS from his own licencees and manufactured by Bankers!!!!  He says he has 30 staff.  His Annual Reports show he has 313 investigators so what were those bods doing in their ample spare time?

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

Medcraft has the idea what TRUTH means it can be bent if necessary - exactly what the Chief Bankers practice daily.  Yet Gregory Medcraft is also head of IOSCO:  "International Order of I don't know what I am doing".....sorry.............International Order of Security Chiefs Org.   www.iosco.org

READ ON - there is more - much more

http://www.moneymanagement.com.au/news/asic-turns-tables-on-consumers-dealer-groups-1

ASIC turns tables on consumers, dealer groups

1 July, 2014

Addressing a media conference in relation to the fallout of the recent Commonwealth Financial Planning-related ASIC inquiry, the regulator’s chairman, Greg Medcraft, stressed the onus is on other stakeholders, not just ASIC, to lift standards within the industry.

“It’s really a message to the financial advice profession, they themselves have got to think about how they win the trust and confidence of all Australians,” he said.

“We have 30 staff looking to monitor over 40,000 financial planners, so we need, at the end of the day, consumers to take care when they’re dealing with financial advisers and secondly, we need those that are licensees to make sure that they supervise the financial planners that come under them.”

Medcraft said financial advice should be sought by half of Australians, instead of around a fifth, and blamed public perception of the industry for the lag.

“The fact that only one in five Australians goes to a financial adviser, I think, is a testament in itself,” he said.

“We actually need advice we can trust because with superannuation it doesn’t guarantee an outcome and you need to have good financial advice or you need to equally make sure that you get an education and you access good advice,” he said.

 

 

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Guest Tuesday, 17 September 2019