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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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Fos's rules are a detriment to us gaining freedom!

Posted by on in Corrupt Regulators
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With a crime of this magnitude, there should never be rules and regulations that prevent fraudulent documents from being investigated. Why is the claim amount more important than the actual fraud? how do they rationalize this. At least examine the illegalities within the complaint before giving us the heartless flick. These positions attract a certain type of person - yes one who lacks integrity.These rules are obviously set up by the banks to protect themselves  - it also gives them the liscence to run riot and rob us blind and get away with it - it stands out like a red beacon. So why can't the regulators see it?? I say they can see it very clearly as they were in favour of it in the setting up stages. (money talks) This is why our letters asking for help are met with a white wash every time.

Their scheming self amusing little game is coming to an end - their fun is nearly over and it's very soon our turn to laugh!!

 

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  • doyla66
    doyla66 Tuesday, 25 September 2012

    Ali, if they reject our complaints or are unwilling to have our disputes on their books we can challenge that, as I understand it. Denise knows more about that than I do, of course. I never take what an EDR or a regulator or a solicitor says first at face value. I always challenge if I don't agree with the answer and even if I do I get as much information around their decision as I possibly can.
    From what I've been reading in the media and in cases I've studied the Law is almost being rewritten around us on a daily basis - at least that's how I think of it as a non-lawyer.
    I imagine BFCSA members as a brave band of warriors going through a dark valley. When we entered the valley we were going on facts, evidence and faith in the light up ahead. As we walk on the conflict rages above and around us. When we emerge at the other end of the valley we will discover a new land, as the world we left behind has come to accept what we knew and know to be true. Thus we will be redeemed and set free from our shackles, easily and automatically. And, of course, we celebrate our victory over the darkness. :D

  • doyla66
    doyla66 Tuesday, 25 September 2012

    Hi Lisa, we have already challenged Fos's decision to close our file several times as it was initially closed 6 months ago. Fos say they do not have jurisdiction to consider our dispute because of their claim limit. The last letter sent to them requesting a reconsideration to have our file reopened on the basis of the real hard positive evidence of criminality that has been presented to them, was 4 months ago and we have heard nothing since, not even a acknowledgement. I am hesitant to do any stirring as our lender has been very quiet so it's difficult to know what to do for the best without jeopardizing our chance of success. We are saying, "At least examine the illegalities before writing us off"

  • doyla66
    doyla66 Tuesday, 25 September 2012

    FOS also closed our file. Anna Neesham from FOS told us that they would not base their decision on fraud. One of the most shocking things about this is that the Financial Ombudsman Service (FOS) -who are supposed to protect the public from illegal or unethical banking practices - has disturbingly decided that : even though the bank may have known that the documentation was false - THE BANK WAS ENTITLED TO RELY ON THAT FALSE DOCUMENTATION!
    The FOS are blatantly biased in favour of the Banks. They have ignored key documentary evidence & overlooked much of the fraudulent information.
    My wife and I even discussed the possibility of 2 of the FOS investigating officials being bribed, such was our level of disbelief at the way they were constantly trying to justify the Bank's actions!
    At one stage, they stated that they knew that the income details had been falsified as we were receiving Family Assistance so therefore could not have been earning the income stated on the loan application, and were suggesting that the Bank should enter into a settlement conference, and were waiting for the Bank to respond. The next letter we had from the ombudsman was the final decision - in favour of the bank!
    Even more sinister the ombudsman also put in a clause stating that : if we accept the decision that we were to agree not to take any further action against the bank! This is how they try to protect the Banks, they are certainly not protecting the public against this fraud.

  • doyla66
    doyla66 Wednesday, 26 September 2012

    Yes - a shocking state of affairs. We are all being severely neglected and hope that the Senate will deliver it's recommendation next week in favour of the victims.

  • doyla66
    doyla66 Thursday, 27 September 2012

    FOS really is mis-named - it is NOT an Ombudsman Service at all! It is an Organisation about Obstruction & Obfuscation! Those fossils at FOS only know the obligatory sounds of how to go oooOOOOO ;) when they strike difficulty!

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