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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: Senators to be let loose on complaints against ASIC's Criminal Negligence

Posted by on in Consumers Fight Back
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What a great day for all consumers of mortgages across Australia.

No wonder Steven Munchenberg is "confident the banks are not involved in the Inquiry"  The ABA has been obviously given assurances........  it's the bank influenced uplifting Terms of Reference that could be a worry for consumers.  However BFCSA members will send a record number of submissions ever received by Parliament in the past.

The performance of the Australian Securities and Investments Commission

Terms of Reference

The performance of the Australian Securities and Investments Commission (ASIC), with particular reference to: 
(a) ASIC's enabling legislation, and whether there are any barriers preventing ASIC from fulfilling its legislative responsibilities and obligations; 
(b) the accountability framework to which ASIC is subject, and whether this needs to be strengthened; 
(c) the workings of ASIC's collaboration, and working relationships, with other regulators and law enforcement bodies; 
(d) ASIC's complaints management policies and practices; 
(e) the protections afforded by ASIC to corporate and private whistleblowers; and 
(f) any related matters.

It's a performance test..........."were there any barriers"  ASIC invent barriers.....lots of them.  It is no crime to invent barriers or be a bit lazy.  But it is criminal intent to permit crimes to be committed against CONSUMERS, under ASIC's watch, and say nothing to the Public or the parliament.  The Parliament deserves to know the awful truth about the regulators.

It's not a crime to be a non performer.   Let the Games Begin.  Let the senators loose on the public service and then bring on the Royal Commission in to Banking.  And on we charge........................

Most people do not know how to make use of Parliament to bring across serious problems within the Public Service.  ASIC needs a thorough clean out as it has not served the public well at all.   So many consumers who have used ASIC's so called "services" have been woefully disappointed.  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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  • doyla66
    doyla66 Friday, 21 June 2013

    momentum is building and the "natives are restless"... happy that the more professional journos out there are starting to get their "teeth into the mortgage and investor rip off scandals"

  • doyla66
    doyla66 Friday, 21 June 2013

    Bank$ster propaganda

    Change, I concur, "momentum" is everything & bank$ters worst nightmare, hence PR attempting to monopolise "letters-to-editor". Today, in SMH, it appears most letters published disseminated from professional "authors" (PR people).

    -- We need to learn that "trade" and tweak our "letters-to-editor" to pass muster - for example, the editor slants towards previous days "article of flavour" such as, ("Abbott, the thinking persons prime minister smh.com.au , June 20) on that specific day, submitted early same day for viewing following day 50-100 -150-200 words and no more...etc

    and the ASIC story relegated to 8lines --SMH June21 - p23, responding to ASIC article 20 June, 2013, and titled:

    "Senate Hypocrisy"
    "It is a bit rich of some Senators to suggest that the Labour government has played a role in allowing ASIC to become a "kangaroo court" when the Senate itself assumes the same role in the conduct of its own committee hearings. ("Senate to launch enquiry into ASIC", June 20) AG Cherrybrook

  • doyla66
    doyla66 Friday, 21 June 2013

    ASIC's complaints management policies and practices;

    We have a lot to say here!

  • doyla66
    doyla66 Saturday, 22 June 2013

    No more flick letters - we're on ASICs tail and the Senate will see the results

    There will be so many complaints over ASICs mishandling of our complaints.
    At last count I have four, possibly six, submissions to come depending on how well ASIC lift their game over the next few months.
    I'm looking forward to our discussing real time business commonsense, procedures, Law and other finer details with ASIC opinion makers, unless ASIC happen to get it right on this, their second chance, to clean up the crime scenes in a law abiding and professional manner. :)

  • doyla66
    doyla66 Saturday, 22 June 2013

    The banks were counting on us asking ASIC for help. ASIC was ready and had it organized with
    their fob off letters, complain to AFP or FOS or anyone else you can think of,knowing darn well
    what the response would be from all of them. They all must be in cahoots with one another.

    The response from all of them was the same SHOVE OFF !

  • doyla66
    doyla66 Sunday, 23 June 2013

    What on earth were ASIC thinking - they know what deceptive and misleading conduct is, also fraud, forgery, uttering. They totally lost the plot when they decided to treat fraud in lending, loan fraud and loan serviceability fraud (plus insurance fraud and securitisation fraud/misclassification investment rorting) as DISPUTES! Why weren't all fraud cases referred with ASICs assistance and blessing to the police?
    I've read many past cases of investment misconduct ie. D&M conduct ie. fraud. ASIC knew how to do those cases for the ripped off investor. What happened to them?
    ASIC will hopefully provide an answer to the Senators on this and other mysteries as to how ASIC lost the plot on law enforcement and left consumers vulnerable and out in the cold in the process.
    It's just amazing what's happened to Australia - how did so many get conned into this game, now approaching the end game? It's sickening and frightful.

  • doyla66
    doyla66 Sunday, 23 June 2013

    I would love to have been a fly on the wall in the offices of ASIC after the grilling by Senator Williams. Wonder what will happen now. Will they suddenly distance themselves from the banking institutions? Who will jump ship to save their own necks? It seems to be the norm for these low lifes. I am looking forward to their house of cards come falling down. Bring them down Senators

  • doyla66
    doyla66 Monday, 24 June 2013

    I was thinking the same thing, Jean. As mad as it sounds it would not surprise me if Kell said to his staff "that went well" and after the second round with a Senator "I'm glad they understand who is in charge here".
    If the Senators have enough submissions on Loan Fraud and our situation will they grill ASIC management to get them to let something slip about the Banks and how the Banks ensure compliance from ASIC?
    Much same things happened in the US and here, not surprisingly. If we follow what's coming out of the investigators and whistleblowers in the US, we have clues as to what was going on here and what to look for next ...

  • doyla66
    doyla66 Tuesday, 25 June 2013

    ms mariam

    ASIC doesn't really care about the consumer they just refer complaints onto FOS and COSL who in turn just side with the banks and brokers. They can see the obvious fraud but they won't hold anyone accountable. This whole complaints process is just a formality it is obvious who ASIC FOS and COSL will side with in the end. 8 years of complaining and closing case after case gives us insight into the failures of these government bodies that are only here for show and taking everyones tax money

  • doyla66
    doyla66 Thursday, 11 July 2013

    That's the impression I have as well. ASIC FOS and COSL are just a formality. Like the judge will say "did you try to resolve the dispute other ways like mediation, IDR, EDR"? Yes, your honour. Good - tick the box - carry on.
    I got the impression from the Bank that's how they saw it as well - to them FOS was a waste of time that extended the problem time before they could take the property or get us to sell it. The Bank staff didn't have a real commitment to working in with their Representative and she almost apologised for the fact that we might all come up with a solution but there was no guarantee that the Bank would agree at all. I gathered she was having a very hard time with them. Sometimes she was really good and showed her skill and maturity in her ability to handle discussions with us, other times she sounded like she was reading a script the Bank gave her and was totally different, tough and unfeeling.
    The Bank was Bank West but the negotiator/Rep was from the mediation section in CBA.
    I wonder if we should mention our FOS and COSL experiences in our submission to the Senate Inquiry.

  • doyla66
    doyla66 Tuesday, 16 July 2013

    WOW 999 HITS on this blog as at 11 am EST... and counting :)

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