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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: TRIO CAPITAL VICTIM: "We were under impression ASIC were the regulators responsible for confidence!!!"

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DEFRAUDED TRUSTEE LODGES ASIC COMPLAINT   Written by Richard Mayo Thursday, 12 December 2013 

 

An SMSF trustee who lost $110,000 in the collapse of Trio Capital has written to the Senate complaining about the corporate regulator’s failure to prevent the fraud.

In a formal submission to the Senate inquiry into the performance of ASIC, Mrs Kay Gal said the money from her SMSF had been invested through Tarrants Financial Services, a Wollongong-based financial planning firm now in liquidation.

“As a victim of the Trio Capital fraud we were under the impression that ASIC were the financial regulators and were [supposed] to create confidence in the marketplace,” Ms Gal wrote in the submission.

“Giving a licence to an alleged fraudster to handle Australian superannuation money betrayed our confidence,” she added.

“We respectfully request your intervention and assistance in granting us compensation for the money that was stolen.”

In April 2011, the government announced it would pay $55 million in compensation to victims of the Trio Collapse under a scheme available only to APRA-regulated funds.

As ASIC confirmed in its release on the compensation arrangements, some 285 SMSFs would not be compensated, of which Ms Gal is one.

 

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  • doyla66
    doyla66 Sunday, 09 February 2014

    We have all been conned the Government said invest for your future. We did and with ASIC Licenced companies and now no one is responsible

    Can someone out there tell me how it works. The Government tells us invest, invest, invest if you want a quality retirement as the pension will not support you and in fact may not even exist in the form we know it today. So many of us did, generally the responsible ones that took on board what was being told to us, now look at the mess that it has left us in. Weather it be Trio, Banksia or the many other "INVESTMENT COMPANIES" that have collapsed, they have all been licenced and registered under ASIC's banner. I and I would suppose everybody else who has been stung by a Financial Management Company or a Property Investment Company have done their homework carried out their due diligence, dotted I's and crossed T's. But lets face it if the company you are investing with is not working with your (The Customers) best interest at heart and their LENDING or INVESTING standards are not up to scratch or policed properly by the overseeing body appointed then your money is not protected. If our Government is not being seen to tighten their policy or close loopholes in investment companies walking away scot free after the gross misuse of its citizens hard earned funds then people will not keep investing and that cannot be good for our economy. We all would like to see tightening of policy across all forms of financial institutions from our Big 4 Banks to the Cash Converters down the road but we are constantly seeing the collapse of or the defrauding of customers by finance, lending and investment based companies.
    It is high time there be tighter guidelines being put in place when registering Banks through to Brokers remember these companies are being trusted to handle not only peoples MONEY but their FUTURE and even more importantly their LIVES.

  • Denise
    Denise Sunday, 09 February 2014

    Exactly Scotty, There are powerful laws available to ASIC but no Policing, no Enforcement of Law. Tanzer says this week: "we continue to Monitor" That's all ASIC ever does is monitor - whatever that means. Do nothing and get paid very well indeed denise @bfcsa.com.au

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