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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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Sending everyone into poverty - no home no money:   How does that assist the Australian Economy?  Would the Prime Minister please explain what can be done to this ASIC REGULATORY problem?  This email address is being protected from spambots. You need JavaScript enabled to view it.        Our petition on chang.org at 830 persons ripped of and suffering regulatory corruption from white collar criminals:  Calls for Royal Commission   This is the link and thank you for support as this is sorely needed and long overdue:   https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners     Timid ASIC under fire over crackdown inconsistencies Banking and Finance Date September 6, 2014 Adele Ferguson  http://www.smh.com.au/business/banking-and-finance/timid-asic-under-fire-over-crackdown-inconsistencies-20140905-10ct4r.html "What do you have to do to get banned for life?" federal politician Tony Smith asked the corporate regulator at a parliamentary inquiry in Melbourne on Friday.  Smith was referring to a three-year banning order slapped on financial adviser Peter Holt for providing inappropriate advice to retail clients, including gearing them up with margin loans and high-risk managed investment scheme...
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  • organza
    organza says #
    Good luck in trying to get an honest answer from our PM who a little birdie has just told me has to now wear a tiny microphone in
  • setup
    setup says #
    Prime Minister, you do have the power to stand up to Asic and the banks. Prove your worth and stop this horrific suffering. Put a
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Time for ASIC to pay the Piper.  I noticed Budget set to carve up ASIC.  Should have been executed long ago.  We now need a Federal Consumer Protection Bureau with Serious Fraud Unit.  They will find a lot of data errors and deliberate wipeouts in their system as we have found over 15 years.  Many coy directors have six DOBs.   So a private concern gets the benefit of all this data but the public do not?    Certainly ASIC was wallowing the info to collect dust!  Might as well sell off all our libraries!!!!  ASIC needs to be chopped up and sold off bit by lousy bit.  Have you noticed the Prime Minister is determined to get rid of all these monoliths of uselessness, but ASIC is a cash cow.  So its a sell off of the generated $750 million per annum income.  OK SO ITS BACK TO 1950's BUYER...
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http://www.asic.gov.au/asic/asic.nsf/byheadline/04-300+No+credit+for+misleading+loan+calculators?openDocument   04-300 No credit for misleading loan calculators Thursday 16 September 2004 The Australian Securities and Investment Commission (ASIC) has acted to close down loan calculators on more than 100 websites of Australian financial institutions, including banks, credit unions, other lenders and finance brokers. The calculators suggested that using a line of credit will result in the consumer paying off their home loan more quickly. ‘Most lines of credit charge higher interest rates than standard home loans, so when you stop to think about it, it was extraordinary to suggest that paying higher interest could pay off a loan sooner’, said Mr Greg Tanzer, ASIC’s Executive Director of Consumer Protection and International Relations. The loan calculators produced a graph, comparing the time taken to pay off a standard loan with the time taken using a line of credit. However, the way the calculator was designed meant that: extra repayments were...
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ASIC blasts Commonwealth FP on YouTube     Written by Aleks VickovichMonday, 05 May 2014 http://www.ifa.com.au/news/13171-asic-blasts-commonwealth-fp-on-youtube   ASIC has called for stronger powers to take action against executives and managers in the financial advice industry, amid allegations of further wrongdoing by former CBA-aligned advisers. In a YouTube video uploaded this morning, ASIC deputy chairman Peter Kell spoke directly to the Australian public about the Commonwealth Financial Planning scandal, pre-empting an ABC TV report scheduled to air this evening.“Tonight the ABC Four Corners is doing a story on Commonwealth Financial Planning, or CFP, and the conduct of that company’s financial planners six years ago,” Mr Kell said. “I wanted to tell you what ASIC has done about CFP and the financial planning industry more generally; what CFP did six years ago was simply unacceptable.  Pete it was FRAUD......“Commonwealth financial planners were giving very poor advice to clients, driven by conflicted commission payments. This was part of a...
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  • doyla66
    doyla66 says #
    Shoulda, woulda, coulda .... when are ASIC going to start speaking plain Aussie English about exactly what is going to be differen
  • doyla66
    doyla66 says #
    Well said waiting for justice, what gives ASIC the right to protect the banking system and hierarchy from criminal intent using fr
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After reading this article yesterday, I am shaking my head with disbelief and so must the writer be doing so.  Macrobusiness is on the money here with Leith van Onselen's words of wisdom and quotes from Guy DeBelle: "In short, Australia should be wary of the unintended consequences of increased mortgage securitisation, and the re-emergence of sub-prime loans in particular. Previous episodes have led to a significant loosening of credit standards.........................." Who are the dumbo's buying these loans?  40% overseas buyers?  Really?  Income streams as an "asset" when sub prime means "little or no income...... and definitely involves FRAUD BY SERVICE CALCULATOR"  This is going to only end in tears - yet again!  Where is the Government?  Having a 12 month Easter break?  I will send this article out to all the PEPPERS, CBA and NAB victims of dodgy toxic sub prime loans we are currently looking after......................so these Mums and Dads can...
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The bank scams that have invaded Australia, are tearing families apart, destroying lives, by stroke or heart attacks around the nation, all because of a product that Bank Engineers like Medcraft & Mates. A BFCSA Members tells of the pain and family suffering, better than I could ever describe: "After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these hideous bankers and their evil secret service calculator they invented, are killing the previously happy lives of ordinary Australian families....... Observers and Readers..... Yes..... You are right...... It's the Loan Application Forms ("LAF") that destroyed us. After stepping away from the blog for several weeks after a major breakdown due to TOXIC loans....... Cause that is what they do a person....... The stress and anxiety destroys you.....these bxxxxx bankers and the...
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  • doyla66
    doyla66 says #
    If I had committed a fraud I am damn sure that I would be shown no mercy. No passing go, just straight to jail. Shouldn't it be o
  • doyla66
    doyla66 says #
    It's time to extinguish all fraudulent loans and stop the pain and suffering. We do not deserve to go through this pain and tortur
  • doyla66
    doyla66 says #
    "I don't care how much it costs the banks, that's the penalty for falsifying documents and doing the wrong thing by consumers" Ja
  • doyla66
    doyla66 says #
    What I find absolutely amusing is the fact that Mr Kirk ? from ASIC said to the senators "do you realise what this will cost the b
  • doyla66
    doyla66 says #
    It has nearly been 12 months since Nab took possession of our home. The pain is still there. The torment, the embarrassment, all
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Government designs laws to protect Consumers of superannuation products.  ASIC then waters down the effect of those laws to help out Industry mates.  See Coonan announcement 2004 and then ASIC Class Orders and complex changes = dog's breakfast.  Which dodo gave ASIC these powers? http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2004/053.htm&pageID=003&min=hlc&Year=&DocType=0   Helen Coonan Minister for Revenue and Assistant Treasurer 26 November 2001 - 17 July 2004 Media Release of 21/06/2004   C053/04  21 June 2004    EMPLOYEES TO CONTROL THEIR SUPERANNUATION The Government has successfully negotiated an agreement with the Australian Democrats to give employees the right to choose their own superannuation fund, Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said following the Prime Minister’s announcement today. “The Government announced its intentions to provide choice of funds to employees in 1996 but for eight years employees have been denied this basic right,” Senator Coonan said. “Substantial national benefits will flow from the introduction of choice...
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