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.
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.
This comment from Ali is also worth a BLOG:
The Pollies can stop Coles and Woolies from squeezing the farmers dry. They have the power to allow the farmers to make a reasonable profit. If this action continues all the small to medium farmers will walk off their land causing more hardship on the rural industry and bringing more burden to the Government. Coles and Woolies will keep on squeezing the farmers dry for the sake of selfish bigger profits. Once this action reaches saturation point, retail prices will soar and the public will suffer.
For this principle we rarely shop at these stores. The bulk of our shopping is done at independent and small privately owned businesses. If no-one shopped at Woolies or Coles for ten days the Government would sit bolt upright..........................think about it.
I agree Ali, Farmers are being squeezed out of existence and usually their enemy/friend worry...
Senators push to grill ASIC over failure to heed warnings
DateJune 11, 2013
Read later
Adele Ferguson, Chris Vedelago
Zoom in on this story. Explore all there is to know.
Greens
Australian Securities and Investments Commission
Senate
Christine Milne
inShare
Pin It
submit to reddit
Email article
Print
Reprints & permissions
Need for inquiry: John Williams. Photo: Supplied
The Australian Securities and Investments Commission could face a government inquiry into its regulation of the financial services industry after revelations the corporate watchdog ignored whistleblowers' warnings about misconduct inside the Commonwealth Bank.
The call for an inquiry comes after a Fairfax Media investigation found ASIC waited 16 months to formally investigate tip-offs about improprieties inside CBA's financial planning division that put the life savings of thousands of clients at risk.
CBA has so far paid out $36.4 million in compensation to 725 victims who received ''inappropriate advice'' from seven financial...
The only reason ASIC can claim it clawed back $23 million is due to lobbyists like myself and others. I spoke to Greg Tanzer, Darren McShane (dDir of Enfocrement and Errol Hoopman (ASIC Barrister) about Westpoint 15 July 2001 in Commissioner Tanzer's Brisbane Offices. I flew to see him on my meager budget. ASIC has a BIG budget of $400 million plus a year and the Treasurer generously threw another $100 million at the ASIC PROBLEM end of last year. Splashes of extra Mega Cash has not improved ASIC's performance. They should try my budget.
BFCSA has achieved what a $1 billion regulatory system could not achieve. All on song: AOFM, ASIC, APRA, RBA and Federal Treasury told porky pies to Parliament: "We see no systemic issues in banking." Five wise monkeys...see our cartoon corner.
We will set up an ASIC METER so you the public can vote IF you...
Missing pieces in a low-doc lending trail that shattered lives
Date June 3, 2013
(2)
Michael West
Business columnist
It was 9am Monday, on a late February day this year, when Denise Brailey arrived at the offices of the Australian Securities and Investments Commission in Perth for a meeting with Victorian Commissioner Warren Day and lawyer Robert Allen.
Allen and Day had flown from Melbourne to find out what information Brailey, a veteran campaigner for victims of financial fraud, had about the banks and their low-doc loans. Brailey claimed to have the last bits of the jigsaw puzzle which would prove that mortgage brokers were acting as agents of the banks in foisting loans on customers who could not afford them. Though interest rates had fallen to historic lows, there were family homes on the line, lives ruined.
This $57 billion, low-doc loan sector required urgent investigation, said Brailey, who...
This comment from Ali is also worth a BLOG:
The Pollies can stop Coles and Woolies from squeezing the farmers dry. They have the power to allow the farmers to make a reasonable profit. If this action continues all the small to medium farmers will walk off their land causing more hardship on the rural industry and bringing more burden to the Government. Coles and Woolies will keep on squeezing the farmers dry for the sake of selfish bigger profits. Once this action reaches saturation point, retail prices will soar and the public will suffer.
For this principle we rarely shop at these stores. The bulk of our shopping is done at independent and small privately owned businesses. If no-one shopped at Woolies or Coles for ten days the Government would sit bolt upright..........................think about it.
I agree Ali, Farmers are being squeezed out of existence and usually their enemy/friend worry...
The average Australian knows that Consumer protection is wildly flouted. Standing up to these bullies in power is a must. They con
