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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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BFCSA: SENATORS Williams, Cormann, Cameron and Milne INQUIRY INTO ASIC

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TO ALL MEMBERS AND THEIR FRIENDS AND FAMILIES and the wider long suffering Public

Please send urgent message out:

 

Senator John Williams (NATs)

Senator Doug Cameron (LAB)

Senator  Mathias Cormann (LIBS)

Senator Christine Milne (Greens)

 Where are all the other Senators that belong to the House of Review – OUR SENATE?

 

It is vital that every BFCSA MEMBER WRITE to the above SENATORS via LETTER OR EMAIL and tell them your views:-

 

BFCSA MEMBERS DEMAND AN URGENT INQUIRY INTO THE AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION

The Inquiry to commence immediately and why......... ASIC was sitting on an enormous SUB PRIME LENDING scandal....WHY?

 

Why did ASIC ignore FULL DOC AND LOW DOC Sub Prime Lending Products for so long?  Why did ASIC fail to protect Consumers?  

Why did ASIC ignore illegal Managed Investment Schemes and fail to protect retirees from predatory selling practices?

Why did ASIC fail to protect consumers from predatory wealth creation seminars and spruikers and shonky developers?

Why did ASIC fail to protect consumers from obvious and known repeat offenders and lawyer operators from the old Solicitor Mortgage Scandals?

Why did ASIC fail to join the dots linking all of the above scams to the Banks at the highest level of our Banking System?

 

ASIC were at all times,  in full knowledge that vulnerable Mum and Dad Consumers were the intended targets of the Australian  banking and finance system:  The stitch 'em up with debt plan!

WHY DID ASIC IGNORE THE OBVIOUS BANK GREED AND APPALLING ENGINEERING OF FAULTY FINANCIAL PRODUCTS AND SERVICES?

There needs to be a Royal Commission into the Banking Sector.  In the meantime to ensure the Royal Commission becomes the main focus, we agree the Senate needs to first look into the reasons why ASIC failed the entire nations and wrecked small businesses in the process.

 

Please use your voices and pens to tell the Senators why ASIC is utterly responsible for bad lending activity and why they failed to brief the Treasurer/s. 

 

ASIC failed to highlight CONSEQUENCES of Sub Prime Lending in AUSTRALIA during the past 10 years.

Please write four lines upon why you think your loss occurred because our lazy corrupt regulators were supposed to be the Consumer Protector

 

That Terms of Reference be such that Senators call for Chairman Medcraft and his Commissioners to be suspended pending the outcome of the Inquiry.

Powerful Terms  to ensure ASIC is forced to hand over all relevant documentation required by Senators

Powerful Terms to ensure ASIC is compelled to answer questions on that day and NO QUESTIONS ON NOTICE CAPER.

That ASIC be specifically asked why they knew the BANKS WERE THE ENGINEERS OF SUB PRIME LENDING IN AUSTRALIA

How long ASIC has known of this fact?

That ASIC be questioned on how long it KNEW that sub-prime loans were being approved by SKIPPY THE COMPUTER and that the Service Calculator was the instrument to fudge income figures based upon tax incentives and accounting add backs etc.

Why ASIC suggested 1% loans toxic when it must have known 18% of FULL DOCS were arranged by Bank Managers and Bank Officers across all banks and non bank lenders and NO BROKER involved at all.

Why ASIC continued for years to send FLICK LETTERS instead of conducting proper investigations to international standards, and why it lied to the public in saying it

 

“we investigate every matter….”  Why at other times ASIC stated it does not deal with Consumer Complaints.

Why it ignored the calls from consumers that 30 year loans were engineered to implode within 7 years – proof of fraudulent intent. 

 

Why ASIC continued for long period of time to LIE TO PARLIAMENT in previous questions and why it continued, to the detriment of consumers – and as consumer “protector” to favour the banks and ignore consumer complaints such as the 100 written complaints with documents attached and 60 complaints without documents but describing the key issues and LIST of discrepancies of fraud on Loan Application Forms within those letters dated July 2012 and addressed to the Chairman of ASIC Mr Medcraft.

 

Most importantly why ASIC misled Parliament at every turn on 8th August 2012.

 

ASIC has never acted as the Consumer Protector from day one.  Phil Hanratty Critique of the ASIC proposed structure 1997 suggested ASIC could be conflicted in serving Two Masters.  ASIC became immediately conflicted in 1998 and was being dictated to by powerful Bankers. Serving Corporations and Big Bank Institutions’ interests is every reason why that same agency cannot serve the interest of Consumers.

 

The staggering losses of homes, losses of separation and retirements, loss of dignity and loss of savings and for others who were left in a sea of debt without a life-raft needs to be addressed as a matter of National importance.  How ASIC policy of driving people into poverty will assist the economy is beyond the comprehension of most average Australians.  Our forces fought for our freedoms – use those forces, rise out of the trenches and do not let those men and women down.

 

 

"READY TO DO BATTLE"

 

Denise L Brailey

 

President of BFCSA (Inc)

Banking and Finance Consumers Support Association (Inc)

www.bfcsa.com.au

This email address is being protected from spambots. You need JavaScript enabled to view it.

Mob: 0401 642 344

 

 

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Comments

  • doyla66
    doyla66 Monday, 17 June 2013

    I hope everyone is sending in their letters. No point just a few people doing it,
    that's not going to have much of an impact. The letter doesn't have to be professional,
    mine aren't. A simple letter wanting ASIC investigated for allowing this to happen by ALL BFCSA members.
    The Senators are pretty much aware of what's happened, we just need to push the issue so that
    ASIC and the banks can be jailed for corruption.

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