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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: Prime Minister We need your immediate intervention for urgent return of our monies from federal reserves

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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3 August 2019

The Hon Scott Morrison MP
Prime Minister
Parliament House
CANBERRA ACT 2600

Compensation Sterling First Collapse and call for Royal Commission into the Australian Securities and Investment Commission

 

Dear Prime Minister

I follow up my letter of July 13th concerning our loss of $254000 and our retirement accommodation due to the Sterling First collapse. It followed similar correspondence to ASIC chairman, Mr James Shipton, and the Federal Treasurer, the Hon. Josh Frydenberg concerning the compensation we believe we are urgently due.

Our only direct response so far has been a letter from Treasury telling us to take our claim to the Australian Financial Complaints Authority (AFCA). However, we are advised that this would be a waste of time as a history of similar complaints reveals that, for the most part, such submissions are investigated, mined for data and then dismissed.

The need is urgent as this money represents our carefully planned accommodation security, without which we face the prospect of homelessness. We are now effectively paying rent all over again to maintain the roof which we were assured was already paid in advance for up to 40 years. Similar is repeated for the 100 householders like us who trusted the scheme with false assurances of its safety. Due diligence was useless in the face of ASIC’s inaction with regard to Sterling First and its derivative companies.  Further, tonight we learn the publicly promised internal investigation by ASIC was not and will not be initiated! 

 

We repeat our appeal for your immediate intervention for urgent return of our monies from federal reserves to ourselves and all others affected by the Sterling First collapse as this is a financial disaster borne of federally preventable and arguably criminal negligence.  We also call for a Royal Commission into ASIC with a view to restoring its proper function. 

 

After a lifetime of “having a go” as Australian taxpayers, we do not think it is too little to expect that government sanctioned regulators such as ASIC do their proper work of consumer protection.  Then we can feel assured of “getting a go.”


Yours sincerely

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