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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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BFCSA Blog

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 australian banking sector
20 September 2012 Page 1 of 11 SENATE ECONOMICS REFERENCES COMMITTEEInquiry into the post-GFC banking sector Questions on Notice taken by ASIC at the public hearing on 8 August 2012 Question 1 (Hansard Ref: p. 55) Senator CAMERON: When you say ASIC will act on issues if they are raised, theevidence we had from the previous witness [Denise Brailey] was thatcorrespondence had gone to ASIC seeking some support on the FirstMac andStreetwise issues and no support was forthcoming. Is that correct? Mr Kell: I am not in a position to comment on individual matters. What I can sayis that ASIC had some complaints brought to it about low doc loans. Theseinstances have almost exclusively, from my understanding, all concerned loansmade prior to the GFC and prior to the introduction of the national consumercredit protection regime in July 2010. In some cases they involve matters where afinance broker has been charged by...
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  • doyla66
    doyla66 says #
    If the bank or broker was part of this false bankurptcy this is jailable offence. Jail those corrupt bankers & brokers.
  • doyla66
    doyla66 says #
    Lying to Parliament is a CRIMINAL OFFENCE. The liars must be prosecuted. Justice must be upheld
  • doyla66
    doyla66 says #
    ASIC just keep on being the "Willbees" who will wait until someone else gets the ball rolling before they issue any statements tha
  • doyla66
    doyla66 says #
    I have had two rejects of action from ASIC over fraud considering the fact of the statement made by the chairman of ASIC: Mr. Gre
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Pat McConnell
Justice Steven J. Rares was blunt when he handed down his judgement in the long-running class action, Wingecarribee Shire Council vs. Lehman Brothers Australia, last week. Grange Securities, a subsidiary of Lehman Brothers, had engaged in “misleading and deceptive behaviour” in promoting sub-prime derivatives…Author Pat McConnell Honorary Fellow, Macquarie University Applied Finance Centre at Macquarie University Disclosure Statement Pat McConnell does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations. The Conversation provides independent analysis and commentary from academics and researchers. We are funded by CSIRO, Melbourne, Monash, RMIT, UTS, UWA, Canberra, CDU, Deakin, Flinders, Griffith, La Trobe, Murdoch, QUT, Swinburne, UniSA, UTAS, UWS and VU. Articles by This Author 18 September 2012 Protecting taxpayers from systemic risk should be at the heart of APRA changes 13 September 2012 Debunking the myth of...
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  • doyla66
    doyla66 says #
    Do financial planners need more education about financial products and/or is there a requirement for them to have continuing profe
  • doyla66
    doyla66 says #
    Judge Rakoff: "regulator's policy of settling by allowing[banks]to neither admit nor deny allegations “did not satisfy the law”. H
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Thankyou to Denise and all BFCSA members, workers, staff, committee, friends and supporters around the world! A special thankyou to Denise for her assistance and ideas in this post. She is one very special person.   It's time for a "big push" to get our voices heard in Canberra :) PLEASE GET YOUR PENS OUT - IT'S LETTER WRITING TIME! - BIG TIME THIS TIME! The Australian Senate Inquiry into Post GFC Banking is due to issue a report on 31st October (less than three weeks away). The report will be a public document viewable on the Senate website. Now is a very good time to lobby politicians from the hearings if you want changes made as they will be discussing and preparing the report over the next few days/weeks: Please pass the word on to everyone you know. A non-partisan solution (minus the politics) is needed. Please encourage the Senators...
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  • doyla66
    doyla66 says #
    I hope they are too, Honesty. Our Senators and other politicians have a unique opportunity to get a feel for the borrowers' situa
  • doyla66
    doyla66 says #
    Lisa this is a well informed written piece, hopefully the Senators and all Politicians are reading these blogs.
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Posted by on in ROYAL COMMISSION URGENT
"Where is the best place to hide a secret?  Right under people's noses!"   It is an old but true joke, unfortunately even more valid today...  I began my own fight with my bank late last year, scared and alone, feeling like I was the proverbial David battling GOLIATH.  I researched, asked questions of my bank’s ‘customer service’ people and was embarrassed to tell family and friends what was going on, thinking, "How could I have got myself into this mess!" Then I discovered the first signs of fraud in my documentation... I suddenly realised with  a shock, that my mortgage had been sold off into a mortgage pool years ago, was converted from a loan into an investment portfolio on the stock market, all on the back of my 'promise to pay' my mortgage off.  This unknown change in my mortgage status was simply moving my hard-earned capital and cash...
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  • doyla66
    doyla66 says #
    What is CRIMINAL INTENT? The intent to commit a crime: malice, as evidenced by a criminal act; an intent to deprive or defraud the
  • doyla66
    doyla66 says #
    A wonderful post, STM. Thankyou for sharing your story. I share your sense of Breach of Trust - I can't understand how they can b
  • doyla66
    doyla66 says #
    This is so well written! Please send this letter to every Member of Parliament, every radio and television station, every newspape
  • doyla66
    doyla66 says #
    I agree with Gaby. STM, you really should send your story out. It's very well written
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