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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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Reply to ASIC from an unsophisticated borrower

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http://www.bfcsa.com.au/index.php/entry/sophisticated-nonsense-from-broker-industry-asic-s-latest-trick

What a bunch of prize idiots ASIC are! - and their desperado lobby mates are sneaky and nasty to boot. 

The NCCP protects all, not just the consumers. It's because the financial sector has exploited the consumers to the max and been caught red handed that the industry sees the NCCP as protecting consumers while all the dirty laundry is still being collected and attended to, one grotty piece at a time.

This is another Bransgroves - blatant self interest for the "poor" accused perpetrators of large scale crime, fraud and sundry legal scams.

I'll hold Greg while you hit him for me too, Denise. 

Well there's no risk of my situation ever being termed "sophisticated" at any stage of the game - unless they've put the Loan Service Calculator over every source of income to try to turn me into a baby Packer!

Just because people have acquired (e.g. inherited, married into) some assets over a lifetime it doesn't logically follow that their field of expertise is finance. Nor that they are experienced investors who don't need protection from the greed and gross negligence of light fingered financial crooks and dirty dealing professionals who go about their business under the guise of helping single older women with their financial affairs!

I think you know the type - professional parasites. 

We know what's best for you, dear. Don't bother your pretty little head about the details, we'll look after it all for you. 

And in a blink it's all gone. 

More egocentric financial narcissism and intellectual arrogance from the "Money is God" squad. 

I might have owned a home but that doesn't equip me to fully understand a PDS, FSG or mortgage contract. 

In fact as an investor I'd still be looking first for the "how much do I get" clause before I laboured through the details because the rest is too hard to work out, not being in plain English. Of course it's designed that way for a very good reason: deceit. I wish someone responsible would review these financial documents before they're unleashed on unsuspecting consumers and the financial advisors.

Everyone needs protection from these evils. The law is for everyone. The law also prevents "victims" of scams short cutting the justice process and getting even with the perpetrators the old fashioned way. They should consider it their best friend, compared to what I'd like to do after being stuffed around by ASIC, ATO, FMA and others for many months on end, on top of the original misconduct. 

Rest assured, perpetrators: if you've broken the law you'll pay the price, one way or another. 

So just slither back into your holes and stay out of consumer rights. 

You will be very sorry if you cross me or any of my mates.

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Guest Saturday, 31 October 2020