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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's sub zero Performance
ASIC admits scrutinising Senate Inquiry submissions 20 November, 2013 Mike Taylor 2 comments http://www.moneymanagement.com.au/news/financial-services/2013/asic-admits-critical-senate-inquiry-submissions The Australian Securities and Investments Commission (ASIC) has revealed that it has examined all the submissions lodged with a Senate Inquiry into its operations, many of which have been highly critical of the regulator.  ASIC chairman Greg Medcraft has told a Senate Estimates Committee hearing that the regulator had examined the submissions in a bid to understand any complaints about its performance and to identify “how we can do a better job”.  The Senate Inquiry into the operations and performance of ASIC has received close to 300 submissions, a number of which have been kept confidential and many of which have been highly critical of ASIC’s performance.  Medcraft told today’s Senate Estimates Committee that ASIC had provided the Senate Inquiry with three submissions, the most recent of which had included a proposal for a national financial adviser exam aimed at...
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  • doyla66
    doyla66 says #
    Mr Medcraft... there is karma and we can only hope it's your time to feel the pain you ignored of so many innocent Australians. Wh
  • doyla66
    doyla66 says #
    The only qualification Greg Medcraft needed to lead ASIC was that he was a mate of former Treasurer Wayne Swan, another case of jo
  • doyla66
    doyla66 says #
    How pathetic is Mr. Medcraft. I mean to say he is as FOOLISH as Nab's gangsters
  • doyla66
    doyla66 says #
    Mr Medcraft: Why does ASIC NOT enquire (acquiesce) to the obvious "irregular" concentration of legal services provided thru one(!)
  • doyla66
    doyla66 says #
    A national financial advisor exam( great idea Greg well worth 900k you are paid - what about an Asic and bank executives honesty
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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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Ever tire of hearing ASIC willbee's?  See how many times ASIC executives answered the Senators questions In Parliament with: "we will be."  Remember ASIC's bleating in 2004 "we will be getting tough with wealth creation spruikers."  Their idea of 'tough' and using Enforceable Undertakings is not the public's idea of getting tough and applying the law.  ASIC have power over criminal law and remedies, so why is it that those tools are rarely if ever used?   What's an EU?  Its a piece of paper signed by the crook and signed by ASIC Executives stating "ASIC agrees to shred the complaint, wipe the slate clean, drop the mention of misleading and deceptive and/or fraud and forgery and all is forgiven.  Criminal agrees to stand in the naughty corner and never transgress in the future."  Problem solved and, the victims can all go home....if they have one to go to.  Everyone happy.  Done...
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  • Denise
    Denise says #
    Dear Mr Munchenberg and other dumbo's at the ABA. Our sub prime lending cartel is everyone's business and everything to do with t
  • doyla66
    doyla66 says #
    ASIC - "do as we say, not do as we do" eh? The rules obviously don't apply to ASIC! ASIC are corrupt, incompetent at Law governanc
  • doyla66
    doyla66 says #
    Remember when the ASIC Inquiry was announced and the ABA said, well that's nothing to do with the Banks? Are the ABA and Munchenb
  • doyla66
    doyla66 says #
    Yeh, ASIC are certainly consistent!!!! Just fob us off with "GO TO FOS" we cannot help. That is consistent alright. All 3 compla
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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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I have lost count of the number of 80+ year old pensioners, who owned their own homes three years ago, yet were talked into $400,000 loans for "six months with try it and see" and, now they face life on the streets.  Only 64% of these loans were arranged by Brokers.  The rest were arranged by bank managers - directly with the banks - no brokers involved.   18% of toxic loans are FULL DOCS....PRIME LOANS  Parliament needs to be encouraged to TAKE A BIG LOOK at these dirty lending practices. This blatant criminal activities are abhorrent in motive and breath-taking in size of creative engineering of faulty mortgage products.  Banks created a $100 Billion market especially designed to target ARIPs (asset ricvh and income poor). Bring on the Royal Commission into the Banks before any more loans are written!  This email address is being protected from spambots. You need JavaScript enabled to view it. We have a monstrous sub prime problem in Australia.  All...
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  • Denise
    Denise says #
    Yes indeed Lisa....anything to get out of doing a modicum of work. This is the first Inquiry every called for by the Senators int
  • doyla66
    doyla66 says #
    How did ASIC gain the "right" to decriminalise fraud? or was that another one of their tactics for avoiding real work and just a t
  • Denise
    Denise says #
    Why did ASIC circa 1998, immediately decide to DECRIMINALISE fraud? Why did ASIC deem criminal activity to be acceptable and targ
  • Denise
    Denise says #
    ASIC ignored all those whose first language is other than Australian. Older persons was clearly written in emails from banks to b
  • doyla66
    doyla66 says #
    How dare they take advantage of the elderly in such a disgusting manner to make themselves rich! How dare they take advantage to s
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