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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: Senate Inquiry into ASIC on overload. Hundreds and Hundreds of submissions yet to be cleared. Tally to date 137

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There are hundreds and hundreds of submissions waiting to be "cleared" for publication, including mine.  Most of the submissions are regarding victims of bank fraud that ASIC had powers to address and contain and then irradiate.  ASIC failed on all levels and that is why the public collective cry for ASIC to be pulled down and rebuilt.  Spare a thought for staff at the Senate who have been lumbered with the greatest dump of submissions of discontent ever waged against a regulator.   This Inquiry is long over due and the submissions received are the proof.  The BFCA Submission has been received but may take several weeks to be loaded up on to the website.

The very name ASIC implies "security in investment" and their role has been to ensure markets are not permeated with fraud and forgery and thereby instilling CONSUMER CONFIDENCE across the banking an finance industries.  Trouble, is the bodies are piling up.

To ignore the problem is to CONDONE THE PRACTICE and that is precisely what ASIC is doing.  But ASICKERS simply do not get it!!!  They think this is all my fault.  They are probably trying to dig up some dirt as we speak.  They will spend more time and trouble investigating myself and members than they will trying to catch the villains of Lo Doc Lending - the Bankers.....their luncheon mates.    This was a grand protection racket - how could the banks' dirty laundry stay hidden for so long? 

The Senate Inquiry will be the start of the revelations and lead to a proper Royal Commission into Banking.  The number of submissions will undoubtedly touch a record for Australia.  So well done to all those who made this possible.

Well done to Anne Lampe for having the courage to blow a golden whistle.     This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Tuesday, 22 October 2013

    If as ASIC say they do a great job at regulating and investigating, then they will have the proof.
    Most of us have had the ground pulled from beneath us because "ASIC has done such a great job"

    When banks approve loan after loan without checking, to people who struggle to understand financial matters and rely on
    banks or brokers for help, then clearly something bad is amiss. To be lied to and convinced that everything is legal and
    above board when it's not, by people in positions of trust, is beyond disgusting.

  • doyla66
    doyla66 Tuesday, 22 October 2013

    This enquiry will give all of us back our faith in human nature. We have all been pushed and shoved from pillar to post by bureaucratic mismanagement and dubious and fraudulent bankers. To lose our home after 42 years through the Nab's predatory lending practices is like losing a family member. The hurt does not go away. Our home now sits empty and in disarray with grass over 1 metre high. Nab continue to abuse us with no remorse for their fraudulent tactics. Nab's vindictiveness continues for what. ? Nab will not recover the alleged loan amount, nor will the eventual sale price even cover the Solicitors costs. Nab would rather see our home rot and fall to pieces rather than admit the fraud which they instigated in 2007. Nab now look more and more foolish.!!!!

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Guest Monday, 16 December 2019