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.
Keith Walton must love his job. His bank is ripping off ordinary Mums and Dads - disabled pensioners - and then hounding them into the grave for any debt left over. No Justice for those whom ASIC has ignored. I have seen some of Keith's handiwork and its not a pretty sight.
Where is THE FAIR GO we have been promised? Why not send me your story and we will BLOG it for the world to see what is going on in Australia right now.
From a Member:
In May we were forced to sell our home of 15yrs or be evicted....we found a buyer who lived near us & bought it for an investment property & we are still able to continue living here & renting for as long as we want....for months while the bank was taking us to court to evict us, we lived in fear, with nowhere...
THE ATM FIGHTBACK CAMPAIGN: Now everyone can fight back - why not a few sticky notes on ATMs: whenever you visit an ATM, stick this message on the side: MORTGAGE HOLDERS Ask your bank for your copy of faxed LOAN APPLICATION FORM. See if there is FRAUD? There will be. If yes visit www.bfcsa.com.au and we will tell you what to do next.
The point is we have less than 25 licensed banks here and a number of non bank HIGH RISK unregulated lenders. There are millions of us as mortgage holders. We have the numbers to demand change: change of bad banking practices; change of regulatory laziness. We can effect change. If there is a note re bill posting, we warn the first bright regulator try to take action against BFCSA: do you really want to hang BFCSA for posting warnings when you have allowed licensed banks to deliberately target...
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...