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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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The Australian Parliament has listened to over a decade of excuses for consistent neglect coming from ASIC Chairmen.  ASIC became a boys club almost instantly for one age old reason: CONFLICT of INTEREST. The Australian Securities and Investment Commission is attempting to serve two masters:  Banking and Finance Industry and the interests of consumer protection.  IT has failed.  ASIC continually suggests it has not enough funds and not enough powers.  Senator Coonan told the public in 2005: "ASIC has plenty of powers."  WE agree.  ASIC generates $800 million a year in fees and Treasury feeds back $400 million per annum.  Consumers have had "enough" of ASIC excuses when billions of dollars in life savings from retirees and lost homes via Low Doc Liar Loans have run rampant. Australians losing their homes and savings is of no help to the economy and its time for Parliamentarians to wake up.  Consumers have begged...
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  • Jetfighter
    Jetfighter says #
    The banksters are protected and the hardworking pensioners are ignored while their investment in Australia is stolen.
  • Duped
    Duped says #
    Couldn't agree more, ASIC on permanent holidays and says to pesky consumers to bugger off and leave us alone. A complete waste of
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http://www.icenews.is/2014/07/13/former-kaupthing-bosses-charged-with-fraud/ Former Kaupthing bosses charged with fraud Business, Finance, Iceland 10:24 am July 13, 2014   The former chief executive and chief financial officers of Kaupthing have been charged with fraud and breach of trust by Iceland’s special prosecutor. According to the indictment, Hreidar Sigurdsson and Gudny Sveinsdottir, the CEO and CFO respectively, have been charged with fraud linked to financial transactions carried out in 2007. Kaupthing Luxembourg’s managing director Magnus Gudmundsson and investor Skuli Thorvaldsson have also been charged for their roles in the alleged crimes. The North Atlantic island’s three biggest banks collapsed in 2008 amid the global financial crisis and the special prosecutor has been pursuing cases against a number of former employees of the three banks for the roles they played in the crisis. The alleged fraud is linked to a 6bn Icelandic kronor transfer from Kaupthing to Marple Holdings, which is owned by Thorvaldsson, and Kaupthing’s...
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Commonwealth Bank scandal shows why a royal commission into the big four is needed DateJuly 3, 2014 Comments 321 Read later Mike Carlton View more articles from Mike Carlton     inShare submit to reddit Email article Print   Illustration: Glen Le Lievre It took far too long, but finally the Commonwealth Bank has been dragged - screaming and kicking all the way - to admit that it ripped off thousands of customers who had sought financial advice over almost a decade. Not that the bank put it quite like that, of course. Thursday's apology from CBA chief executive Ian Narev was a masterpiece of corporate spin:  "Some people working for our Commonwealth Financial Planning and Financial Wisdom businesses [had]  failed in their primary obligation – to act in the best interests of our customers," he said smoothly. It was rather more than that.  "Some people" had gouged their clients with ruthless deceit,...
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Dear Denise,   Joe talks of being terrified and my Hubby and i know just how he feels as we are also terrified of becoming homeless. We have just been served with a default notice even though it was not us who ceased the repayments. It was a bank officer who granted a moratorium at our request in 2008 when fraud was suspected and now after all these years we are cruelly slapped with a default.   So if it was they who ceased the repayments how can that be classified as defaulting? It is not a case of defaulting it is a case of having been granted a fraudulent loan. Our loan was approved by dishonest methods and Parliament must listen to the cries of the desperate victims.   At the time of loan approval we were pensioners earning $23,000. 2 bank officers were involved in tampering with our LAF. One of the officers inflated our...
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http://www.smh.com.au/comment/smh-editorial/commbank-scandal-raises-pressure-on-murray-inquiry-20140627-zso52.html  Does anyone take D Murray and Bank Cronies seriously?   His Inquiry is a waste of taxpayers money.  This email address is being protected from spambots. You need JavaScript enabled to view it.   CommBank scandal raises pressure on Murray inquiry SMH Editorial Date  June 27, 2014 The Abbott government, the Commonwealth Bank of Australia, the whole financial services sector and the corporate watchdog are on notice. They must eradicate the remnants of cowboy culture among those who manage our money and plug yawning gaps in consumer protection measures.  A Senate committee this week made out a very strong case for a judicial inquiry or royal commission into the CBA's behaviour relating to financial planning, proposing such an inquiry could also make broader recommendations on the Australian Securities and Investments Commission and laws covering the whole sector. The case may be even stronger on July 15. That's when the government's Financial System Inquiry led by former Commonwealth Bank chief David Murray must show it...
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