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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: "New" NCCP Laws are useless - Fraud continues

Posted by on in Corruption Exposed
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The Low Doc Loan scam is set to escalate.  Australian Securities and Investment Commission ("ASIC") could have stopped this Tsunami of financial misery,dead in its tracks in 2003.  ASIC knew the model and the role of the banks in approving such dastardly loans.  These mortgages were designed by clever Bank Engineers to present as 30 years loans, but geared to self implode in less than seven years.  The Banksters involved were simply after BIG business and were prepared to sacrifice ethics, honesty and compassion for the sake of their own fat retirement obsessions.    These Bankers were/are criminals, engaging in criminal work in splendid fashion and protected by the regulators as "Too Big To Fail."    The moral compass had been thrown out of the top floor window in the late nineties.  

All ASIC had to do was ensure that every page of the Loan Application Form was signed and no loan could be approved unless initials were on all instances of alterations, AND copies of the document file (with attachments of ID etc and broker notes and service calculator forms) be given to the customer at the point of signing.  That there be no sign ups in the home ought to have been mandatory....and for the spruiking of customers to be outlawed.  

ASIC did very little indeed and evidenced by the loss of an average of $550,000 per person/couple and over 200,000 families likely affected.  ASIC licences two External Dispute Resolution Services.  Each of these institutions receive approximately $5000 per cases investigated, paid by the banks.  At the estimated rate of 300 complaints against Australian banks and lenders per week, it all adds up.  But whatever the figure the annual reports suggest FOS collect around $34 million a year, for deeming the complaints be treated as "disputes" despite prolific evidence of bank fraud and criminal intent by top level bank executives.

ASIC licences the EDR's as a solution for ASIC to say it doesn't really handle complaints - we know that!  ASIC sets the limit of the complaint compensation at a measly $280,000, knowing the average loan is $550,000.  In fact FOS loves to take a $420,000 complaint, rejig the figures (as the bank masters do).  FOS rejig the figures to say $507,000 and then bleat: "your complaint falls outside of our Terms of Reference."  This scenario has happened too many times to be of a coincidence.  We will upload the proof shortly.

COSL say: Its fraud so we cannot help you....we do disputes.  Consumers are simply getting the runaround.  So where are the State Attorneys General in all of this?  These are your constituents who are being fobbed off by an incompetent Federal Government.

Then the corker of a revelation this week:  A couple walk into a bank and ask for a loan.  They then (using BFCSA advice) asked for a copy of the Loan Application Form they had just signed and the bank state:  "We can only give you a copy two weeks after the loan is approved and settled.   Whats more the documents were only three pages when it should be eleven.  We know its  a scam!!!!

ASIC is back on Mogadon and FOS and COSL could not care less because banks are very happy .........  Just who is protecting consumers?  Yes we really do need a ROYAL COMMISSION into Banking and Finance with a Sydney Harbour type broad Terms of Reference to flush out the LIQs, Lawyers, developers and all other industry maggots.                                               This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Tuesday, 04 June 2013

    Why is the banking code of conduct like an old boys club? The authorities ( not ASIC) should lay down the rules and make it compulsary for all lenders to abide by said rules or face huge fines. Every lender should be required by law to be signatories or face being banned as financial traders.
    Does any other country have strict laws to protect consumers and force the banks to abide by a regulated code of conduct? If this is the case maybe we should consider adopting something similar.
    How many of the seven deadly sins have the banks committed? Greed, avarice, gluttony and the list goes on.

  • doyla66
    doyla66 Wednesday, 05 June 2013

    ASICs overseers have not been strong enough. 2003. This is totally unacceptable.
    What we need in Australia is mandatory regulation. Cause and effect.
    No more sweetheart deals, "plea bargains" (thankyou, Judge Rakoff) or kid glove handling for the bad boys of business and the criminal banks.
    The gloves are off at BFCSA and in the media.
    The blinkers are coming off iin ASIC and government.
    And, according to the Sydney Morning Herald, voters are taking their baseball bats to the ballot box.

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