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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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MY COMMENT  This email address is being protected from spambots. You need JavaScript enabled to view it.  APRA has ordered LAZY/CORRUPT ASIC to take a "Bo Peep at TOXIC LENDING!" The moment of truth is bubbling (at last) to the surface.  BFCSA has been gathering victims of unaffordable loans together for years and complaining to three Chairmen of ASIC re these Interest Only 30 year loans sold to pensioner and low income families.  BFCSA have, with assistance from an economist and editor, been explaining the impact for the banking sector to four Inquiries this year.  ASIC read my February report and evidence in chief in Senate Inquiry into ASIC.  Medcraft in denial.  Now after Sept figures they claim they want to give surveillance next year?  Where is the Consumer Protection?  ASIC is conflicted in protecting big end of town with the interests of Mums and Dads left in a closed file - for years.  BFCSA subs to Murray, Fawcett and recently Dastyari Inquiries explain in...
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  • Wayne
    Wayne says #
    Yer....jabaajaabbjarginyabadabadooooooooooo yep that's what we need to focus on, Now wheres my glasses? ASIC= a blind man on a ga
  • organza
    organza says #
    “Compliance with responsible lending laws is a key focus for ASIC???
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http://www.apra.gov.au/super/documents/guidance-audit-report-derivatives-final.pdf   Ref No: Audit Report 2009/10 21 December 2010 Guidance: Superannuation trustee obligations when using derivatives In response to general enquiries, the following additional guidance is provided to Trustees who use Derivatives. Prior to the introduction of the Superannuation Safety Amendment Act 2004 (SSFA), Superannuation Circular II-D-7 Derivatives i set out the requirements for APRA- regulated Trustees (including Pooled Superannuation Trusts (PSTs) to have a Derivative Risk Statement (DRS) in place which detailed the use of derivatives in the fund(s) and the manner in which the risk of such use was managed.   Subsequently, specific requirements were set out in the SSFA detailing how a Trustee should manage risk, and in particular, the risks to the investment strategy relevant to the fund and the risks to the fund’s financial position.   Section 29P of the Superannuation Industry (Supervision) Act 1993 requires a Trustee to manage its risks through the mechanism...
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