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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 non enforcement of laws
  http://www.smartcompany.com.au/growth/economy/31196-angry-investors-line-up-to-sue-financial-planners-over-lmim-collapse.html# Angry investors line up to sue financial planners over LMIM collapse Thursday, 11 April 2013 A "steady stream" of investors are adding their names to what could become a Slater & Gordon class action against financial planners who recommended they invest in mortgage funds issued by collapsed Gold Coast-based fund manager and developer LM Investment Management (LMIM). Slater & Gordon had already issued legal proceedings against financial advisors on behalf of a number of those investors and says more proceedings will be issued in coming weeks. LMIM was placed into voluntary administration last month with initial reports suggesting there may be irregularities in how some of the funds operated. http://www.asic.gov.au/asic/asic.nsf/byheadline/LM+Investment+Management+Limited?openDocument On 8 August 2013 the Queensland Supreme Court appointed David Whyte of BDO as receiver of the FMIF.  Mr Whyte will effectively have control of the winding up of the FMIF. This appointment followed ASIC's intervention in court proceedings...
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Dear members One of the advantages of being medically retired is we have time to spare, it wasn't planned that way but life doesn't run according to plans.We envisaged in retirement to do the grey nomad thing and travel around Australia by towing a van, we were financially secure and owned everything. Our plans would revolve around my health but we knew if any thing happened while travelling that I would be looked after being covered by DVA. We only invested because a work colleague who was getting spotter fee's unbeknown to us, steered a broker our way, he played the old you can't help your kids physically but financially you have equity locked up in your home not working for you, and like the rest of you the rest is history we had fallen for the spiel. The internet has opened up a whole new world of information to us,...
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  • doyla66
    doyla66 says #
    Took me 3 years to figure that out and then I went back to work in finance for a short until the 1987 crash after which I fled the
  • doyla66
    doyla66 says #
    Organza, you didn't fail, they were just to thick and stubborn to learn new ways because they think they already know everything.
  • doyla66
    doyla66 says #
    Yes Neil and therein lies the real problem. The trouble with Politicians is these days (aside from Senators) they are all career
  • doyla66
    doyla66 says #
    Organza, last week Gerry Harvey was on the Richo show on Sky, he stated to Peter Reith and Richo that politicians have no idea wha
  • doyla66
    doyla66 says #
    Couldn't agree more with you Neil, I only hope Mr Abbott reads the blogs on this site because if he did he would have no alternati
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Aussies just want a fair go, so here are a few tips to ensure all Australians about to sign a Mortgage Application in 2014, are prepared enough to ask their Lender some serious questions BEFORE SIGNING.  Before you sign, tell the Mortgage Seller - these are MY RULES: 1.  Demand the Broker or Bank Manager immediately hand you two copies of Loan Application Form ("LAF") and sign both and RETAIN the second original document for your records.  Ensure the LAF is 11 pages (not the usually presented three pages).  Its a bank scam.  Refuse to hand the signed original over unless there is an ORIGINAL COPY for YOU. 2.  All prospective borrowers MUST receive a phone call from LENDER asking "How much do you earn."  If Lender does not do this after you have submitted the Loan Application Form....then cancel the LAF as a document and process and tell them the reason being "we suspect...
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  • doyla66
    doyla66 says #
    You have to be assertive and insist on your rights in all financial dealings now in Australia. This is because our regulators hav
  • Denise
    Denise says #
    Excellent spin Andrew and with all due respect you probably do not realise that the product you are selling/promoting does not sav
  • doyla66
    doyla66 says #
    I can only hope this is intended as humour, . . . . .seriously, no one is out there trying to rip their clients off, not a bank le
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ASIC hamstrung by inexperience and out-of-date regulations 20 November, 2013 Jason Spits  http://www.moneymanagement.com.au/news/financial-services/2013/asic-hamstrung-by-inexperience-out-of-date-regs In a submission (#282) to the Senate Standing Committee on Economics, Niall Coburn, a senior specialist adviser with ASIC’s enforcement directorate from 2009 to 2012, also stated the regulator is hampered by having limited skilled staff capable of handling complex cases.  Coburn, who was also the former principal lawyer in ASIC’s enforcement directorate from 1993 to 2002, stated ASIC was able to tackle investigations of medium complexity but struggled with more complex matters due to limited skilled staff being “able to deliver on these major projects”.  According to Coburn, experienced senior staffing levels at ASIC’s Enforcement Directorate have fallen to the point that there was only a handful of staff “who are capable of handling large complex investigations and who, most importantly, are able to deliver a prosecution result”.  Coburn said many at senior management level were not engaged...
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  • doyla66
    doyla66 says #
    ASIC's excuse of UNSKILLED is not our the public's fault who rely on the integrity and skills with ASIC. We are the ones who suffe
  • doyla66
    doyla66 says #
    It's not only the regulations that are out of date at ASIC. It's high time they got on the page that strategic enforcements and t
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FIRSTMAC  3 May 2007    BDM to  broker “For LOW DOCS in LVR band 70 to 80%, if declared income is greater than $50,000, the ABN needs to be registered for GST. For NO DOC loan LVR 70% or less: NO GST registration required. For Max True:  100% loans with no LMI payable by the client: $50,000 loans to $1 million. X Value: Splits available Max LVR 97%” FIRSTMAC    17 Sept 2008    BDM to  broker “Invitation to Comm Broker Training”   “Our generous HomeRun08 servicing calculator allows for neg gearing on Lo Doc.” “100% loans – no LMI payable by borrower” “PAYG LoDoc  No Commission reductions.” JUMBO Lo Docs up to $2.5 Million”   GE MONEY   3 May 2006   BDM to all brokers Paid defaults > 2 years ignored.  Under $500 ignored Max Loan size $2.5 million   GE MONEY  7  May 2007   BDM to all brokers Low Doc and No Doc 12...
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ASIC is mischievously misguiding Parliament and the Senators re Public Calculators.....BFCSA are speaking of Internal Serviceability Calculators that ASIC permitted banks to use to assess loans and banks refuse to hand over copies to the victims.  ASIC permitted Banks to give the Brokers the Passwords.  We have copies of passwords for most banks (see Breaking News documents above).  ASIC has failed to mention the discussions that took place in 2005 re internal bank secret serviceability calculators.  Do not fret - we have copies.  THE TWO CALCULATORS are totally different and ASIC is attempting to mislead the Senators before they appear at the Inquiry.  But they did admit in 2005: ‘However, ASIC is also aware that calculators can mislead consumers if they are not designed responsibly. ' YES INDEED "mislead borrowers in $57 Billion worth of TOXIC LOANS and 18% toxic FULL docs of the $1.28 Trillion mortgage market IR 05-64 ASIC releases policy on calculatorsTuesday 20 December 2005ASIC has released its...
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  • doyla66
    doyla66 says #
    Thankyou, Denise. I hope all relevant Senators are on the page with the existence of the second calculator and the fact that both
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There are hundreds and hundreds of submissions waiting to be "cleared" for publication, including mine.  Most of the submissions are regarding victims of bank fraud that ASIC had powers to address and contain and then irradiate.  ASIC failed on all levels and that is why the public collective cry for ASIC to be pulled down and rebuilt.  Spare a thought for staff at the Senate who have been lumbered with the greatest dump of submissions of discontent ever waged against a regulator.   This Inquiry is long over due and the submissions received are the proof.  The BFCA Submission has been received but may take several weeks to be loaded up on to the website. The very name ASIC implies "security in investment" and their role has been to ensure markets are not permeated with fraud and forgery and thereby instilling CONSUMER CONFIDENCE across the banking an finance industries.  Trouble, is the bodies are...
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  • doyla66
    doyla66 says #
    This enquiry will give all of us back our faith in human nature. We have all been pushed and shoved from pillar to post by bureauc
  • doyla66
    doyla66 says #
    If as ASIC say they do a great job at regulating and investigating, then they will have the proof. Most of us have had the ground
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We need to topple these bankers before they steal all assets/homes they can lay their hands on.  The Banks have pricked the Bubble and refinancing has stopped, which means TOP UPS have to be hidden for a short while.   The new NCCP laws do have the UNJUST CONTRACTS provisions that NSW had for over 30 years.  If you were from NSW you were protected from Banks for 30 years.  ASIC forgot to tell the public that fact!!!  How many bankers did the Corporate Fluffy Duck Cop prosecute?  Zero!   Government is blamed for allowing Brokers who are untrained and unlicensed to give financial advice, untrained to use bank strategies  provided with devious bank stationery and bank Manager teachers to ascertain whether your loan is affordable....something Brokers are not permitted or qualified in law to do so.  Yet Government permits the charade to continue and why the overly expensive broker model...
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  • doyla66
    doyla66 says #
    Thanks Denise, I too was not aware of Paul Clithero being in bed with these low lifes. I was under the impression he was helping w
  • doyla66
    doyla66 says #
    Ohhhhhhhh so Paul Clithero is not the nice helpful person i naively thought he was. Thanks Denise for revealing his true image. I
  • doyla66
    doyla66 says #
    You are dead right Lisa that's exactly what my broker did, but I was unaware at the time.
  • doyla66
    doyla66 says #
    You are completely correct Denise, Brokers cannot approve a loan and cannot provide funding, the engineers behind the Brokers are
  • doyla66
    doyla66 says #
    I was wondering why instead of having LAF with one figure for the loan, it was split on two forms. Now I Know ,this was done witho
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