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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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Dear Prime Minister

Posted by on in Corrupt Regulators
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Dear Prime Minister,

I have lost my home to the bank.  At the time the case went to court, we attempted to bring to the attention of the court issues relating to malpractice and fraud that we suffered at the hands of the bank.  The bank's lawyers were intent on making sure we didn't get a hearing, so moved the court for summary judgement against us.  The judge was only too happy to oblige.

We've since learned that that's par for the course.  In fact, an Australian ex-banker writes that potentially unconscionable or fraudulent practice (by banks) are "ultimately condoned by the courts".  He's right on the money.

However, some of these issues are now getting into the public arena.  The issues coming to light substantiate some of our claims, and reinforce the fact that we have suffered injustice at the hands of of our 'justice' system.  More issues are yet to be made known.

I am now a member of the BFCSA, a Consumer advocate group whose President is Denise Brailey.  On August 8th 2012, Denise presented evidence at a Senate Enquiry in Canberra re fraud by banks in relation to mortgage lending.  I hope you were listening.

Because we were aware of the bank fraud and non-disclosure that we had been subjected to, we communicated with the Victorian Attorney General, the State Police, the Federal Police, the banking ombudsman, ASIC, APRA, ACCC,the Police Commissioner, the Victorian Premier, and two others.

However, if I was given the courtesy of a reply, it was always a fob off.  The State Police told me 'it's a federal matter'.  The Federal Police told me, 'it's a state matter'.    The Victorian Attorney General told me it wasn't in his job description.  

Talk about passing the buck.

But the number one fob off came from ASIC.  They told me that ASIC only deal with matters of 'national significance'.  What!?  Bank fraud in the mortgage industry ISN'T a matter of national significance?

ASIC is a head without a brain; a body without a heart.  No-one listened.  No-one cared.  They bleat for more funding but their results do not justify such waste of public monies.

As one Doctor of Political Economy here in Australia wrote, "The public image of the Australian regulatory system is that the rule of law prevails.  The ACCC, ASIC, APRA, and so on, are the public face of this public image.  The public image in this domain is a lie."

The BFCSA has achieved far more for the financial consumer than ASIC, and have done it with very little money.  While ASIC spends money on refurbishing their offices and on lunches with their banking mates, the BFCSA are surpassing them with results.

How about you throw just 0.2% of the $500,000,000 ASIC budget to the BFCSA. ASIC won't miss that million - but with that paltry sum, the BFCSA would multiply its effectiveness.

Here's the address to send the money - just so we can be sure it gets there:   BFCSA(Inc)   PO Box 75. Dowerin  WA    6461

Yours Faithfully,

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  • doyla66
    doyla66 Sunday, 19 August 2012

    Bravo Susan!!!!!!!!

  • Denise
    Denise Sunday, 19 August 2012

    Well said Susan and thanks to both you and your sister for their support in Canberra. There are at least 100,000 who have been scammed in the same manner yet they are paying monthly payments via Buffer Loans and the scam has yet to rear its ugly head in those cases.
    All very worrying. So many rural people also caught up in our sub prime problem.
    [email protected]

  • doyla66
    doyla66 Sunday, 19 August 2012

    Excellent letter, Susan. Thankyou so much for writing and posting this. I have learned a lot from reading it.

    I'm circulating it so Australians, Kiwis and the rest of the world can see what happens in our "well regulated" banking and financial system. Not to mention our fair and honest legal system. You and many others have been subjected to the right royal runaround. State Police to Federal Police - it's like "Keystone Cops" meets "Yes Minister".
    Fraud is fraud, and the law should be applied equally across all citizens without fear or favour. This should occur regardless of how much the bank pays for its litigation team or whether it's before or after lunch time for the judge! It's the judge's job to factor in the disadvantages that an impoverished borrower faces and act accordingly. Fortunately many of our Supreme Court judges are fairer than yours was.

    How big is the list now, Denise, of the many, many Australians who know that the Law is not applied equally or fairly with respect to the fraud in lending evidence presented, denied or dismissed as not relevant or denied at Law by the plaintiff's lawyers? I'm getting the impression that Australian courts are a very good place to stay OUT of, unless you're a lawyer or a bank. This account of top to bottom incompetence in our regulatory and judicial systems is shattering and appalling to all Australians.

  • doyla66
    doyla66 Sunday, 19 August 2012

    You have been through so much and I was so honored to have spent time with you both in Canberra. You are an inspiration to us all and your trials will not have been in vain. A true warrior spirit. Much love, Vera

  • doyla66
    doyla66 Sunday, 19 August 2012

    Excellent letter Susan.

  • doyla66
    doyla66 Sunday, 19 August 2012

    Susan, I love women like you, real inspiration to the millions of others who are conned by the banks. Looking back to Joan of Ark, it is women like you who are the true movers and shakers.

  • doyla66
    doyla66 Sunday, 19 August 2012

    Thank you so much writting excellent letter Susan.

  • doyla66
    doyla66 Sunday, 19 August 2012

    Appeal Court QLD (2010): trial-able issues must now go to trial(always!)Justice Chesterman(QC) re City Pacific v . . unfortunately you were denied natural justice(the banks masterplan on all us aggrieved borrowers) just appalling court decision really > thru BFCSA I hope you'll get them on the 'back-end' to try to repair some of the horrid bankster damage:

  • doyla66
    doyla66 Monday, 20 August 2012

    Bless you Susan. Great letter. May justice come soon.

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