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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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Compensation

Posted by on in Consumer Protection Disaster
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Could everyone read this and give feedback,its very interesting and could relate to all of us!

http://www.clrg.info/2011/08/are-you-in-line-for-compensation/

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  • doyla66
    doyla66 Tuesday, 14 August 2012

    I have wondered and am ever hopeful xx

  • doyla66
    doyla66 Tuesday, 14 August 2012

    agree very interesting.

  • doyla66
    doyla66 Tuesday, 14 August 2012

    So if ASIC don't do there job properly?

    and we take them to task does that mean we get compensated?

  • doyla66
    doyla66 Tuesday, 14 August 2012

    Hi Accountable, Yes, in theory.

  • doyla66
    doyla66 Tuesday, 14 August 2012

    If all else fails I'm hoping to take my ASIC complaints through the Administrative Appeals Tribunal with a view to getting compensation for ASICs failure to respond in anything like a timely manner to my many letters relating to two separate cases. I would expect compensation for my losses. How to calculate those losses has been the challenge in the past. The irony is that one of the issues was my 3 attempts to get ASIC to assist me with the calculation of the losses in one of my FOS cases. The company is now being liquidated (thanks ASIC), the FOS case closed without resolution and has now gone to the liquidators! That one is worth pursuing IMHO.
    Sloppy public service work is not a valid excuse for my going without while they get paid to ignore me.

    As to whether we can ascribe our mortgage losses to the failure of the regulatory authorities to implement the Law correctly, I believe this is worth pursuing. The system is set up so that a significant number of similar cases should trigger a change in policy. Thus a group of similar cases applying at the same time to the AAT, for instance, should trigger some sort of reaction.

    The biggest challenge at this time would be determining who was responsible for the failure of the banking system to implement what looks like a "voluntary" code of practice, adopted from the variations to the Australian Consumer Law, UCCC and then NCCP Act as I understand it. Any legal eagles want to refresh my memory on how it works?

    If the culprit was ASIC... ASIC have indemnification warnings on their site, whatever that means. I can't see how AAT would work if ASIC indemnified itself.

    Could it be APRA who are responsible for bank conduct and compliance? Lending is an issue of prudential regulation.

    I have the impression that no one had the job of enforcing the Law but the judiciary.

    It could also be worthwhile putting this question past the Australian Ombudsman. Maybe he knows whose job it was?

  • doyla66
    doyla66 Tuesday, 14 August 2012

    i think we all need to do whatever it takes...i want my life back and my health so anythings worth a shot!!!

  • doyla66
    doyla66 Wednesday, 15 August 2012

    Hi nevergiveuphope, That's how I'm seeing my situation as well. My life and my health. Between banks and fraud investment my life was stripped down to survival basics. That's the unfairness - the banks & the fund manager don't have to deal with this. I do.
    To get some focus on what I want I'm calling this phase "follow the yellow brick road" to remind myself every day to take one more step toward retrieving what money I can by writing a letter, a submission, an article, follow up correspondence, even if I don't feel like it. I do what I can to help myself as I can't afford a solicitor to do it for me. What a rotten time to find out that ASIC aren't "really" handling complaints.

  • doyla66
    doyla66 Wednesday, 15 August 2012

    Me too nevergiveuphope, I'm with you

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