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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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Posted by on in Dumb ASIC
399 Submissions and counting..... Some very interesting reading here.  I understand that Submissions into the Performance of ASIC are still being accepted by the Committee up to 10 January 2013. http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions email your submission via Email:  This email address is being protected from spambots. You need JavaScript enabled to view it. EDR’s are supposed to have a Panel of Review – but that has disappeared from FOS….why? Did ASIC say they could drop the review process?  If yes,  when?  ASIC are the licensee of the EDRs How did that reduction in investigations assist consumers or the Lowering of investigative standards? It's a bit like the Banksters lowering lending standards. This is not a fair and equitable system when recommendation is being now bypassed and a TAKE IT OR LEAVE IT stance has been taken by the Ombudsman. Banks must be whooping for joy... So everyone needs to write to Parliament about this latest twist in FOS behaviour that ASIC HAS failed to address. ASIC have meetings...
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    Supporting evidence at the end of this link http://www.spankyourbank.com.au/commonwealth-bank-of-australia-top-twenty-shareholders HSBC is the number one shareholder in all the big four banks. Who are HSBC?? https://en.wikipedia.org/wiki/HSBC  https://en.wikipedia.org/wiki/The_Hongkong_and_Shanghai_Banking_Corporation HSBC Custody Nominees (Australia) Limited is listed as the number one shareholder for all of the Big Four Banks. It is a wholly owned subsidiary of HSBC Holdings Plc - You Know... HSBCBANK - Yes, that's right... HSBC Bank owns more than 10% of all of the big Four.   http://www.spankyourbank.com.au/hsbc-custody-nominees-australia-limited   2012 HSBC CUSTODY NOMINEES (Aust) LTD shareholding in COMMONWEALTH BANK grossed about AU$736,000,000.00 from dividends. It is clearly a supply/demand issue. AUSTRALIA is rich, survived the GFC, pouring resources into China, money filters back through the Aussie banks to London to prop up ailing banks in other parts of the world.   The "Big Four Banks" are just fronts to send the money out of the country.   MORTGAGE holders are inconvenient...
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  • doyla66
    doyla66 says #
    I can see what you mean, Mort. They appear to have sucked China into the global money chain. China being China they did it bigger
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