BFCSA Blog

I saw this title in my inbox this morning so went to have a read of the story, "Watchdog dodges real issue of complex products". Firstly, there is no surprises about the toothless "watchdog" missing real issues, especially the complex ones. We've all seen how they miss even the most simplest of issues like those foundational documents, the LAF's or the supporting documents like the service calculators. Simple, basic documents that someone without bookkeeping or accounting knowledge understands are required. Yet the likes of ASIC, FOS & COSL are afraid to request or demand these. We all know why. It upsets their merry-go-round of free bankster lunches! After all, they do have to keep their pals on-side. This report has me wondering what the heck they really do? Is it an educational report to teach you how to understand these particular complex products? Is it a warning document? What is ASIC...

Often when you tell people your story and plight with the banks or to the media- they comment - but you signed the papers. My next question to them is - so you think it is okay that fraud has been committed and that the Banks are profiting from it? Are you saying that the banks are above the law and should not be accountable to the rules set by the law of this country.  No matter which way you look at it - a crime has been commited and it needs to be investigated. Isn't that why we have laws for?  Crime is crime. No sugar coating of it or exceptions. When put that way to most people - they understand better and agree - if fraud has been committed - it needs to be investigated. So if you speak to the media - make sure you ask that question. Remain focused...