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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: Senate submissions, an eye opener to where all parties stand.

Posted by on in Australian Parliament
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Dear Members 

The depth and breadth of the Senate submissions so far is quite astounding.  As you would expect the bulk are aggrieved borrowers and investors who through the failings of ASIC to do the very job they were created to do, failed dismally which resulted in many borrowers facing financial ruin.

There is a huge cross section of Australian society involved, everyone from senior legal university academics, various law firms, business leaders, state and federal government agencies, banks, brokers, consumer groups and of course the multitude of victims and the list just keeps getting bigger.

There are definite patterns forming, as expected all state and federal agencies have circled their wagons and given ASIC the thumbs up to protect their public service brothers and sisters.  The legal fraternity seem to favour them as well.  I suppose whilst ASIC exists there will be plenty of work for them. Its quite obvious  some submissions want to placate ASIC and not rock the boat. Its obvious the ones that benefit from the regulators lack of conviction by the way they state they are happy with the status quo.

I have read all the submissions to get an insight into how others interpret the dilemma we all face. At times while reading the victims statements I have to stop and take a deep breath  before continuing to read about the inhumanity these poor souls have had to endure. I have stated in previous blogs that we should have victim impact statements read out at the hearings to try to get the message across to Greg Medcraft and his minions.

This man has moved amongst the upper echelons of money and power for too long.  Many of the problems the world faces are of his and his high flyer bankster mates making, and thanks to Wayne Swan, he has gone from law breaker to law maker and has the hide to hold court over the victims he and his mates created.

The good Senators will have their work cut out for them.  Some of the submissions are quite lengthy especially the bureaucratic government ones and there will be the pro- ASIC pile, then the victims pile, but there are some powerful ones in there.

Members, luckily there are some caring community leaders out there who have taken the time and effort to make the government aware of the suffering the people are under as a result of the banksters and their followers greed and ASIC's lethargy.

A rural G.P ( submission 232) and a chemist have put in submissions stating the devastation and break down of families these bankster orchestrated loans have caused. There's none of ASIC's or the banksters b/s about everything being rosey, its the factual truth of what happens when the government watch dog lets the greedy and malevolent banksters off the chain.

I look forward to the hearings. Thanks Neil T.

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  • doyla66
    doyla66 Wednesday, 06 November 2013

    Duped

    So right Neil there have been submissions that are heartbreaking and we know full well that we are in similar positions, some worse off, some better off and some who have obviously lost everything years ago and haven't the energy to go further. I noticed sub. 232 and it sounds as if this guy wants to shake up the corrupt system big time. Welcome Australia sub. 230 was very good too, even stating laws to which ASIC has failed. Can't wait for the Senators to start this inquiry they may very well say, hell - this is bigger than what we anticipated, call for a Royal Commission Now!!!!!

  • doyla66
    doyla66 Wednesday, 06 November 2013

    Duped

    You're also right in that the ones who have the most to gain from ASIC are putting in subs. that are pathetic. You wouldn't expect anything else and from people with nothing to lose and everything to gain from them. It's funny how they stick together like sh## to a blanket. I think the Senators will see through them pretty quick.

  • doyla66
    doyla66 Wednesday, 06 November 2013

    Good post, Neil.
    Dead right about pandering to the legendary ASIC egos! That's in their formal professional capacity. I wonder what they really think as private Australian individuals. If they haven't had to endure what we've been through in such a seriously faulty regulatory environment they would have no concept of what it does to human beings, their families, their communities, their businesses and all those who depend on the borrower or the investor to have a watchdog permanently on leave!
    I hope ASIC is reduced to a Business Licencing Bureau and all complaints taken from under their jurisdiction and supervision. Clearly ASIC have failed on non-bank lending supervision and have taken out FOS' teeth so there is no disciplinary action against their members for misconduct in the process of a dispute.
    Senators, please straighten out ASIC asap: having a negligent corporate regulator is an invitation to commit crime.
    The Law applies to all Australians and all Australian businesses: no exceptions for the big end of town. And Fraud is still a crime. Apparently ASIC can't even recognise documentary evidence and is reluctant to investigate anything that looks like more work. If staff have left ASIC or taken extended leave that's because of the poor management practices in the top echelons. ASIC needs a right royal shake up IMHO - the sooner the better for all Australians.

  • doyla66
    doyla66 Thursday, 07 November 2013

    Great promise shown with the Senate Committee Hearing

    The Senate Committee Hearing into ASIC is going gang busters with some awesome submissions and some absolute dribble " sorry banks/finance and other assorted government departments who have to put in glaringly wonderful assessments of ASIC to save their own skin--- we do understand you are compelled to love them". We are seeing a broard spectrum of complaints as expected but the main issue still is the behaviour of our crooked Banking and Finance Industry and the lack of applying law by our chief regulator.
    So many submissions point to repeat after repeat of the same outlandish behaviour by our BANKS but their is "no systemic problem" what an absolute crock of sh#t. I just hope that our Senate is honest and will take an open view of what has been a broadening problem WITH DIRE CONSEQUENCES if it is not reigned in. I hope for everybody's sake that the Senate will rule that the perpetrators of the Bank and Finance Broker Scheme/Model can and will be charged to the full letter of the LAW.
    The biggest concern however is the lack of action being taken by our newly elect Treasurer Mr Joe Hockey, its the 61st day today since the Liberal/Coalition win and the silence has become deafening on the "root and branch investigation". My greatest fear is that we the public may have been done over again by a smoke and mirrors trick. Has Joe done the old drag in the punters, pinch some votes with a rope a dope and then as its "a minority" that understand what he was proposing to do with his investigation you just chuck it out as there is not that many of them to worry about. I really hope that is not the case Joe you are battling with a growing arm of unrest and if swept under the carpet this movement will only get stronger as the numbers are undoubtably going to rise. This problem is going to go into another phase if it is not stopped right now and parameters placed on our Banking Industry as to their lending procedures as our housing industry begins to ramp up. The dirty loans WILL resurface as or BANKS are predators (they have not really ever gone away to be truthful) and left uncontrolled will circle like vultures to get every last picking of a boyant market, like every vermin/pest they must be culled when they become uncontrollable. The time is now so Joe if you are really going to do something meaningful bring out your big guns.

  • doyla66
    doyla66 Thursday, 07 November 2013

    Some of the submissions are just so flowery and frilled up, it appears ASIC are Gods's gift to the world. What world I'm not sure of, but I do know it is not my world and I suspect all the BFCSA members think the same. The Senators are certainly well educated and will be able to see through these lavish overdone submissions. These flowery submissions will not fool them. Of course the big boys are in favour of ASIC. They have no alternative but to side with them. ASIc have allowed the banksters to get a away with fraud and now it is time that the guilt and corruption within the Lenders organisation and ASIC stops. Lies, cheating etc always have a way with catching up with all and now it is the Lenders and ASIC's turn. Go Senators!!!!!

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