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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: Work until you DIE and still in DEBT... the banksters are counting on it. SLAVES ARE US

Posted by on in ROYAL COMMISSION URGENT
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Dear Members

Just when things were starting to look promising comes the shocking news of David Murray's appointment to head up the investigation into the banksters. All the prominent experts who went to the time and trouble of putting in submissions to the Senate outlining ASIC's and the banksters failings and malpractice must be palpable on learning this.

To add insult to injury comes the news that the Productivity Committee is going to recommend raising the retiring age to seventy! Good God how in hell can the low income and manual workers survive until that age?    I am still in shock from when the retiring age was raised to sixty seven by a Labor government without barely a whisper, no howls of discontent, or massive strikes by the unions.  No siree, because those in power from the government to the union officials will be retired young and on many lurks and perks as well as their generous pensions, bugger the poor worker.

For the last two decades people have been trying to do the right thing and be self funded retiree's, BUT because we have had various successive governments who would not heed the warning signs and a corrupt regulator, these people are now destitute and on welfare because the banksters, brokers and lawyers were left to run rampant and change the rules. Denise's files are now full with these peoples names, ours as well. For over twenty years she has been warning of whats going on but those in power just put it in the too hard basket.

NOW is the time for action. ASIC either has to be gutted and rebuilt from scratch with qualified people or scrapped. The banksters, lawyers and liquidators have to be made accountable and face the consequences of their actions. Consumers must get a fair and honest authority to go to when in trouble.

The government is trying to work out how to support the baby boomers now and into the future.  Well first and foremost the important thing is they have to put in safeguards to protect superannuation. The projected trillions of dollars is just too big a temptation for all the worlds banksters, charlatans and ponzi scheme originators to resist. With all the self managed retirement funds now its just too risky and alot are doomed to fail and then the government has to support you in your dotage. If you reach retirement with you super intact then where do you park it ? Once you collect it, the banksters and all the other shady entities will want a piece of it.

The government should let the people not have to worry about their money in retirement.  There should be safe government backed bonds where the government can use the money for infrastructure for example and pay interest back at market rates, just like the old war bonds, that way the retiree gets a safe place to bank their money plus an interest return and the government gets access to a large pool of money onshore, without being indebted to overseas interests.  BUT no we will be left exposed so every crook in the world can have a go at us. Thanks Neil T.

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  • doyla66
    doyla66 Friday, 22 November 2013

    I'm with you Neil. Retire at 70, just not sure that is going to work.!!!!! The Government are so far behind in their thinking and planning. The lack of funding for Retiree,s should have been attended to years and years ago. This is not unexpected nor new. Why do we all have to work forever to fund our own retirements. Taxes have been paid all our working lives, it seems. You don't suppose this is a plot so that we all work ourselves to death before we get to seventy.!!!!! Problem solved for the Government. That might be the PLAN. Kill us all off!!!!! I am still the nasty old Nanna with the warped sense of humour.

  • doyla66
    doyla66 Friday, 22 November 2013

    So they are planning to lift pension age to 70 and in return give Pensioners and extra $5 per week. Wow that is so kind of them, Should we feel grateful for their generosity?? There is no doubt we are taken for complete fools. They can give themselves a nice big healthy pay rise yet they have the cheek and ordassity to insult pensioners with a measly $5 pension rise.
    They want to get out of paying the extra 5 yrs in pensions whilst enticing the average Australian to take out more expensive Superannuation so they (the people) can retire at their prefered age. All the taxes we pay during the years of our working life combined with a small to medium Super should be enough to provide us with a comfortable retirement.

  • doyla66
    doyla66 Friday, 22 November 2013

    Well written article, Neil. This issues is double edged sword. I've yet to see the advantages ring true for anyone other than government and banks. Regardless of this notional change, it does not necessarily reflect the capacity of an individual to enjoy full employment to 70 years and beyond.
    In the "contracting" of a "borrower" to a 30 year legally binding mortgage agreement serious consideration must be given as to their capacity to earn and "repay" the "borrowing". Maybe any Bank or Broker attempting to do this with a client over the age of 35 should have to complete additional paperwork showing depth of understanding by the client of how they intend to meet their obligations to the credit provider for this entire period.
    And like the present "people's justice" of EDRs like FOS, it may look like a good idea in theory but be unworkable for too many to be practical. Only time will tell.
    This site is rich with examples of the failure of Banks and Brokers to fulfill their legal licensing obligations to "borrowers" and the frightful consequences for "borrowers" and their families, as their homes, businesses and farms have been stolen through this exploitative, unregulated financial disaster area under the "supervision" of ASIC. Dereliction as to duty of care occurred within ASIC, Govt, and Banks - their lawyers should pay lots of attention. Even FOS and other EDRs have a duty of care to all parties to a dispute, especially the vulnerable, elderly, disabled, disadvantaged and those who lack capacity in other ways. My personal view is that the FOS system is far too difficult for the average citizen: access to suitably trained advocates and intermediaries must be considered, paid for by Government. With the family home or farm at risk, and all the attendant stress borrowers quite rightly might be reluctant to entrust the job of FOS "intermediary" to a neighbour or friend - or even a grandchild studying Law. Only lawyers would ever consider conducting a dispute at EDR/FOS as "simple" or even "fair". Beware "unjust advantage"!

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