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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: What ASIC needs is not Money. It needs Brains & Integrity

Posted by on in Corrupt Regulators
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So the IMF believes that ASIC needs more money?  It has received over $4 Billion during the past decade to run the biggest monolith of uselessness this country has ever had the experience to tolerate.

I have road tested ASIC at Chairman level for the past 14 years.  Trust me, not ASIC, that ASIC officers have known of toxic lending for the past 2 decades including under the current regime and under the old ASC.

What ASIC needs is a change in attitude and an extermination of old school buyer beware thinking.  Laws are in place that extinguished buyer beware ideology decades ago.  We have Consumer Protection laws.  ASIC decriminalized that which parliament legislated against criminal activity.  

One of our older journalists pointed this out a decade ago, and another in 1996.    ASIC continued to be empowered by law to take action against fraudsters, misleading and deceptive conduct but still only prosecuted around 10 - 20 people a year for minor misdemeanors (eg $60,000 missing from trust account.)  Their Chairmen adopted disclosure policy: "ya gotta tell the truth to customers guys...":  If ya don't, I am not sure what we will do next...."

The truth is that hundreds of thousands of decent Australians have lost faith in the financial services sector, lost faith in mortgages, lost faith in the banking sector both ADI's and Non ADI's alike.  Our banking system is a Dog's Breakfast.

Bad Faith has become the norm and we are BACK TO BUYER BEWARE by default.....due to ASIC doing nothing of substance to curtail the Bankster dominated activities and control.

The good faith translated in ordinary Aussies, Mums and Dads, families, hard-workers all of them, losing the fruits of a life-time of hard yakka.  The losses have tallied into the Billions of Dollars and could well surge ahead into the final realization we are a  nation of bankrupts.

Billions of Dollars have gone missing on ASIC's 14 year REIGN OF ERROR.  APRA is the Prudential regulator.  Those luminaries with a few more brains, still watched the carnage and only woke up to the fact that the banksters may be lying to APRA shortly after I advised Parliament of the key indicator of evidence that default figures to APRA have been fudged by the Banksters.

APRA duly wrote a letter to all the Major Banks and asked: "is what Ms Brailey is saying true?"

May I respectfully remind the Treasurer Wayne Swan and Finance Minister Bill Shorten: "Come on chaps, this is not my job!  This is your job to demand ASIC and APRA tell you the truth."

ASIC and APRA combined do not need more funds thrown at them.  ASIC received an extra $100 million from Treasury a few weeks ago.

Throw $100 million our way and I can assure you we will clean up this industry a lot faster than any of theses monoliths of uselessness are doing.

ASIC was not fulfilling its role as the Consumer Protection watchdog.  It failed abysmally, evidenced by those losses and a Royal Commission is needed to get to the bottom of whether ASIC has been corrupted by the Banksters as the evidence suggests.

Our members do not care whether Ms Gillard saw a letter 17 years ago.  We do care about cleaning up a corrupt industry known as the Australian Banking Sector.  The Opposition needs to get hold of some REAL issues and start assisting BFCSA in getting this message out there, lest the entire nation is swallowed up in our own GFC, which has yet to reveal the extent of the damage down under.

There will be a flow on effect for both major parties.  Most people now know someone who has been caught in the Australian Mortgage Scandal.  Smaller Agencies have been advising their Members of Parliament of this "phenomena" for years.  So do we run the entire nation into the ground and pretend the elephant isn't in the room?

I cannot remember in our Parliamentary history where the two major parties ignored the ripple down effect of hundreds of thousands of families simultaneously facing losing their homes and forced to sleep in tents and old caravans for shelter.

You can only imagine how they will vote.  Watch for the findings of the Senate Inquiry - Banking Post GFC on November 28th.  Notice how the Terms of Reference were restricted to post GFC, when our own Australian Mortgage Scandal originated in the late 1990's.

You will know soon who to vote for......the Party with the greatest integrity and courage to swing out there on a limb and say enough is enough: ROYAL COMMISSION INTO BANKING SECTOR - Wide Terms of Reference.

ASIC has had pots of money and only served to prove their incompetence or if proven their corruption.  ASIC needs a new set of brains and integrity and needs to undo the damage and build on consumer trust: a tall order indeed.

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  • doyla66
    doyla66 Friday, 23 November 2012

    Mountains of evidence & advice on Evil Bankster practices.....all ignored....or shredded!! See post:
    History Repeats ---- APRA, ASIC, ACCC, Goverments --- Still all asleep at the regulatory wheel!!

  • doyla66
    doyla66 Friday, 23 November 2012

    ASIC has been totally corrupted by the banks. The head of ASIC is an ex-banker himself! The Mafia bosses themselves could take lessons & learn from them the way ASIC has covered up this systemic corruption!

    ASIC has, by their negligence & malfeasance condoned this criminal action.

    Criminal action needs to be taken against the banks AND ASIC executives.

  • doyla66
    doyla66 Friday, 23 November 2012

    ASIC Head - a dummy Bankster Mafia

    Still smiling at your post Wayne. What's ours? Bankster . . . . . :D

  • doyla66
    doyla66 Friday, 23 November 2012

    Great post, Denise, and so true. Loss of trust. Relative silence on both sides of the house with masses of political capital going begging. What is going on? What are they waiting for? Santa Claus or the end of the Mayan Calendar or what?
    4 Billion to ASIC - and an additional $100 million recently - for what?
    What a slap in the face to those who do a whole chunk of the work of ASIC unpaid and to those who have been systematically neglected by ASIC over MIS investment fraud complaints and borrower's bank abuse complaints?
    More Broker busts because ASIC won't take any notice of thousands of consumer complaints about Banks for a wide variety of reasons?
    Further support for the CBA's media campaigns and protection for Banks?
    Why are we waiting?

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