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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: Questions in Camera ought to be banned if we are ever to end the SECRET BANKER BUSINESS

Posted by on in ROYAL COMMISSION URGENT
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We had a few pertinent questions to ask the Senate.  We sent those questions to the Senators.   Not one question was asked.  Instead messages to say "they will be asked in Camera."

There has to be more transparency if we are ever going to enjoy TRUST and CONFIDENCE in the marketplace and particularly relating to consumer protection.  

Small businesses have been screwed by banks.  Consumer Mums and Dads have been robbed of their life savings in systemic rorting and fraud and forgery that has been going on for more than two decades.

The greatest lie was being perpetrated by the regulator Australian Securities and Investment Commission ("ASIC").  No questions should be asked IN CAMERA.  The public have paid dearly for the regulatory neglect we have all experienced or heard about the past few years.  TRUTH is bubbling to the service and the long suffering public have a right to know what is happening in the world of high finance from the BIG END OF TOWN.

Put simply, ASIC was running a bankers' protection racket.  The BIG Banking Cartel are running products with money - but not real money - thin air $.  Medcraft has been running "securitised products that are far from the word "secure."  Now Medcraft has become Caesar of all the Banks.

This is not the time to be asking timid questions in camera or even asking is Ms Brailey right when she says....................................  We have the proof of what happened by gathering 1200 people from all states under one umbrella, despite clones trying to set up similar to infiltrate the ranks or opportunistic efforts to make money from the victims.  You always find those in any society.  What we have achieved is no mean feat.  

Collectively, those who have power now are those with documentation to show the massive fraud engineered by our own BIG FOUR BANKS.

What do we do about this?  We insist that all the Q & A that occurred in camera be made public, otherwise Parliament has been tainted with cover up processes to the detriment of the public.   

There is only one result for the Senate: Recommendation of a Royal Commission into the Banking sector.

There can only be one remedy for ASIC fiasco....have consumer protection separated from ASIC and a new Protection Unit aided by SERIOUS FRAUD UNIT.

There can only be one outcome for banking industry: ban the use of intermediaries - BANKS are  LIABLE FOR THEIR AGENCIES

There can only be one oputcome for Caesar: to be investigated and charged with treason.

There can be only one outcome for any political party that refuses to do the right thing by consumers: political oblivion.

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  • doyla66
    doyla66 Saturday, 12 April 2014

    It's unlikely that the Banking industry will EVER recover the trust of Australians

    We insist that all the Q & A that occurred in camera be made public, otherwise Parliament has been tainted with cover up processes to the detriment of the public.

    Agree!
    What possible reason could they have for in camera (or off camera) discussions? Tears?
    Even Sean Butler had the courage to cry in public. He didn't ask for an in camera chat to manage his feelings of deep anguish and loss at the deliberate and shocking destruction of his business and his life.
    This Secret Banker business is right.... but it's the worst kept secret in history by now.
    Anything that anyone ever wanted to know about securitised credit in Australia can be found on the Internet: BFCSA, Facebook, Twitter.... and many other sites around the world. So long as people know where to look they're in with a chance.
    ASIC have been inextricably tied up with the ups and downs of securitised financial products - and Banks. They have plenty of tales to sell but clearly are wondering which side of their bread is buttered and who by ... and whether they will keep their jobs as usual, despite the antipathy to their style and methods.
    Were ASIC wanting to ensure is that they're not asked too many unscripted questions and can tell the Senate when they've gone too far or been too rough in public?
    If that's the case then this Inquiry is staged revelation - part fact finding, part show - and being seen to do something about the problem.
    But some Senators are frustrated by this restraint - we can see they want to shake some sense into ASIC or vent their feelings. After all people turn to their Senators for support when things go wrong, especially ASIC sized things in the last few years. They get to see the individual suffering and losses and then translate that to the big picture of government. How impotent must they feel when they can't get ASIC in line to even see what's important, let alone act appropriately. Well every one is getting picture - ASIC and consumer protection and consumer complaints handling are never going to work. What next?

  • doyla66
    doyla66 Saturday, 12 April 2014

    A camera chat does nothing more than allude to guilt and cover-up and it sucks in my view that they allow this. However one might find a few juicy things revealed in this link where you can read the submissions to the Financial Inquiry (aside from the secret ones of course). Just 76 loaded yet I have read around 200 were received so keep on eye on the site
    http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2013/financial-system-inquiry-tor

  • doyla66
    doyla66 Saturday, 12 April 2014

    One of ASIC's reasons for in camera with the Senators is they don't want to be named and shamed. Look at the protests Greg Tanzer put to the chair Senator Bishop about James Wheeldon using parliamentary privelege to name past and present and now senior ASIC people. Both Medcraft and Tanzer went to lengths to say how dedicated and hard working their people are and the detrimental effect all the adverse publicity especially Jame's Wheeldon's is having. I think they're all scared of having all their shortcomings exposed publicly and to be named also threatens and exposes individuals for their lack of professionalism and knowledge of the industry that they're supposed to be the gate keepers of BUT with positions of power also comes responsibility and when your dealing with the lives of thousands of Australian's and when you drop the ball and let all the bad industry players flog toxic products unchecked a little bad press is nothing compared to the heartache, stress, humiliation and financial ruin inflicted upon us. We in our hour of need went to you for help and advice and you failed us, we would all gladly swap positions for a bit of bad press if we could be restored to our former positions. Bad press is a little price to pay for accountability, in some countries and regimes you would be put against a wall and shot so what I'm saying is toughen up buttercup and take your medicine.

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