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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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The good ship ASIC has just struck an iceberg called BFCSA and no lifeboats

Posted by on in Australian Securities & Investment Commission
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Well, well, boys and girls it looks like after many tireless years of Denise's and BFCSA persistence we have struck a raw nerve at ASIC. To rate a supplement to ASIC's submission to the Senate means they are finally hearing what we are all saying.

To start compiling a list of counter claims to all our evidence reeks of desperation to save their own sorry skins. To use time as an excuse is preposterous by stating the falsehood that a lot of our members were PRE all these new regulations so that must deem them to be not appropriate, you do not put time limitations on a crime as if the passing of time wipes the slate clean.

One of the most obvious pontificating ASIC statements is the complete onus on the brokers for the loans and LAF's, they are completely exonerating the banks and show where their allegiance lies. To state they offered guidance and courses of action is absolute b/s, it was always the standard FOB OF: "GO AND SEEK legal advice."  They kenw we had no money for lawyers!

From now until the Senate hearings, ASIC will be combing this website looking for anything to discredit  Denise and BFCSA members, they will dig deep to get any blogs or statements to brand us as radicals but we are just normal Aussie mum and dads who were taken advantage of by people and banks we were taught to trust. We thought we we're getting expert advice and were charged accordingly, yes folks everyone got on the gravy train to drain the poor old asset rich, cash poor victims known by banks as ARIPS.....short for RIP Offs

A great percentage of people didn't go looking for these loans, they were targeted by the banks and their henchmen, they deliberately sought people out to channel the equity from their homes to enhance their retirement prospects as a pretext.

Well ASIC, its too late and the truth will prevail and guess what? I've been reading all the Senate submissions and BFCSA members are just a fraction of people who have reams of evidence detailing all your failings so if ASIC are going to lodge a supplement to every submission detailing your non compliance you better hire extra staff to reply to all the submissions.

I sincerely hope the public gallery at the Senate hearing can accommodate a lot of people because I am so looking forward to the public grilling of ASIC's top dogs and see how they try to explain us away, it wont be our day in court but certainly the next best thing, the more ASIC dismisses us the stronger we get.

All Steeped in Corruption - that's how we see ASIC.   Thanks Neil T.

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  • doyla66
    doyla66 Saturday, 02 November 2013

    Well said Neil. Like you I will be ready, willing and able to attend the Senate enquiry to support Denise and other BFCSA members. It is a very long trip from country Victoria, but have it marked on the calender.
    ASIC will need to sharpen up if they think they have the right answers. We know as do ASIC know that predatory lending has been and is still running rampant. I cringe every time I see a lenders ads on the TV. How can they blatantly pat themselves on the back like that.
    Do you think that they absolutely have no conscience.?? I don't think so, maybe just a little bit is buried deep down and I would be extremely concerned if I were ASIC.

  • doyla66
    doyla66 Saturday, 02 November 2013

    Yes Neil it's going to be a day of entertainment, a day when the truth will prevail and a day of history making. We are nothing to them just a faceless being.The banks should be made to face us all one by one in a private meeting over a cup of coffee for one hour so we can tell them what they have done to us and our families and let them hear of the suffering we have had to endure and if 1 hour doesn't make an impression we can easily make it 2 hours. Then we would see if they have a shred of decency in their body.
    We are going to force Asic to tell the truth.

  • doyla66
    doyla66 Tuesday, 05 November 2013

    Fancy ASIC singling BFCSA out for such special attention! All those other complaints and we get the ASIC red carpet treatment?
    What a shame they couldn't have acted so speedily on all the whistleblower reports, on the genuine complaints about companies under their sightless gaze, on all the growing pile of fraud complaints against lenders!
    Clearly writing reports, replies, retorts, justifications, speeches and media releases are ASICs forte!
    None of those tasks warrant incomes like their senior people are paid. Nor for that matter does doing lunch with Banksters!
    Who does their job reviews?
    Why were ASIC permitted to continue on doing the wrong thing?
    Couldn't anyone come up with an alternative?
    Was "serial neglect of consumer complaints" actually in their job description?
    Or couldn't those with eyes to see get the political numbers to roll the wrongdoers in ASIC right out of the game?
    Will some body with real management teeth supervise ASIC in future and put them on a short leash?
    Anyway, BFCSA must have finally gotten ASICs attention!
    How long did it take to write our special submission, ASIC?
    What did that cost taxpayers?
    What else could you have been doing of real use to consumers instead of protecting your patch and your egos?
    How much more time and money are you going to waste on digging for the dirt on BFCSA members who only exist to serve Australian consumers?
    This is accountability, something that Australians everywhere are wising up to as apparently lacking in the supervision of ASIC Inc who are, in reality, employed by every Australian to serve Australians first and foremost.
    All this and more will no doubt come to light, if certain senators can persuade ASIC to face the music. The old rules no longer apply - ASIC and Banks seem to be a little slow in catching on. They could be in for a long winter out in the cold ...

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