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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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Subscribe to this list via RSS Blog posts tagged in ASIC exempted bankers
Anybody up for a spot of fraud? How about some forgery for good measure? Doctoring the odd file perhaps?  14 April 2014 SMH  http://m.smh.com.au/business/a-ban-is-no-deterrent-for-bad-behaviour-20140411-36ih9.html   That's the ticket. Be a hero among your peers. Beam with delight as you win cash bonuses and the prized Sales Legend of the Month Award for flogging the most high-fee product to unwitting retirees. Don't worry, you won't be prosecuted. There is one rule, though, you have to work for a big bank. No point being a 16-year-old schoolgirl trying to pull off an April Fools' prank. You should be warned there is a chance that you may get a ban. A lot has to go wrong though. First, there would need to be a stubborn bunch of whistleblowers prepared to sacrifice their careers, do the wrong thing and dob you in. Even then the odds are stacked in your favour. When the whistleblowers go...
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  • doyla66
    doyla66 says #
    Michael West is about the only media indentity who has the guts and will power to tell Australian citisens how bad and corrupt the
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  http://actuaries.asn.au/Library/1400%20Langton-Wickham.pdf     5th Financial Services Forum  Renovating the Financial System  13 and 14 May 2010 Sydney   Current Issues:Super Benefit Projections,Web-calculators and Fee Disclosure Benefit Projections Working Group  (printed) Benefit projections Web calculators Fees and costs Olden days ISC circulars 2003ish FSR advice / Calculators withdrawn 2004 IAAust Guidance 2005 Web calculator class order 05/1122 July 2008 ASIC consultation paper 101 April 2009 IAAust GN revised 2009 July 2009 Intra fund advice class order (09/210) Oct 2009  ASIC consultation paper 122 / Draft RegulatoryGuide Jan 2010 Australian Govt Actuary consultation April 2010 Cooper –suggested compulsory projections as part of MySuper     Benefit Projections -proposed ASIC rules (CP122)   • Printed Statements (not calculators) • Voluntary not mandatory • Relief from advice requirements Corp Law • Once a year with Benefit statements • Doesn’t apply to DB(?), SMSFs, ERFs • Prescribed assumptions • Some standard disclosure eg: • today’sdollars...
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  • doyla66
    doyla66 says #
    Denise, I think rigging the game is the equivalent of Bank risk management. Certainly in investing, which includes property buying
  • Denise
    Denise says #
    Yes Transformer. Exactly like rigging the horse race - setting the outcome prior to race finish and then running home with the pr
  • doyla66
    doyla66 says #
    These could be questions for the Financial Inquiry, if anyone there gave a hoot about consumers .... If Banks can predict the perf
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Ah YES....get tough DUMB ASIC (dumb or corrupt - take your pick)..................brokers have no training, nor licence to give FINANCIAL STRATEGIES, nor to check credit apps!!!!!   The only reason they were employed was to save the bank from liability and have brokers blamed for something they clearly did not understand.  This banking scandal is now oozing out of the building in ASIC Melbourne....wake up you guys....we are on to you but your nightmare is just beginning.   There will be a judgement day for all those who engineered the plot to blame brokers for dirty toxic lending practices INTERNAL TO BANKS.  Smaller Lenders in order to compete had to use THE SAME SERVICEABILITY CALCULATOR - all in SECRET.    Our members will stop short of calling you swine.....we can leave that to another BLOG.  ASIC knows it can only hit on the obligatory ten brokers a year (I think that's...
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  • doyla66
    doyla66 says #
    Nothing like doing some fast learning to work out an enigma. When I asked my bank manager for a copy of my LAF I was told (in pan
  • doyla66
    doyla66 says #
    When you think about it, EVERY loan involved the use of the Loan Service Calculator that altered the original borrower's data in a
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