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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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Subscribe to this list via RSS Blog posts tagged in Senate Inquiry into ASIC
In 2009 I spoke with FOS again and they told me they were starting to use Maladministration in Lending to deal with issues I had raised.  We told Members to state “Maladministration in Lending on all complaints where the loan was unaffordable from day one, in line with S 25.1 of the Bankers Code.”  This was pre the new NCCP  laws......why?  We had the old laws to protect consumers from predatory lending and bad lending practices such as forgery and fraud on Loan Application Forms, and Unconcionable Conduct 2001 and Maladministration in lending, and asset lending etc....................................plenty of LAWS for ASIC to play with and for FOS to use: an arsenal of weaponry against the banks and their dodgy lending products. Banks had breached the Code at all levels of approval of loans.  Most of these loans ought to have been rejected...............................hence the complaints.  Most 30 year loans would by necessity  of structure implode within 3-5 years.  But these products made...
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  • doyla66
    doyla66 says #
    Yes Duped. They doubtless want everybody with an existing mortgage to re-finance so they can recyle the loan when implosion date
  • doyla66
    doyla66 says #
    As per the banksters guide into how to rip the borrower off organza. I'm sure that the banks want you to get refinanced because in
  • doyla66
    doyla66 says #
    What FOS told you Never Give Up is exactly what my bank manager told me when I went in to tell him I was intending to sell (before
  • doyla66
    doyla66 says #
    So if that's the case why are FOS pushing me to sell and take the bank 'offer' and haven't bothered asking me if I can afford a lo
  • doyla66
    doyla66 says #
    Time to start calling ASIC the good ship Titanic I think this is just the tip of the iceberg. Wonder what other rules they are no
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Dear members It really disturbs me to see how many younger people with families are coming to the site. I know there was no age barrier as long as you had a mortgage and a bit of equity in the home for the banksters agents to target us. Our dodgy broker( A former bankster employee) went it alone once he realised how much money could be made by being the bankster front man. In hindsight the thing that annoys me is a large proportion of the borrowers worked menial jobs in a poultry processing plant on base wages and never entertained the thought of investing because they thought it was beyond their means. Our broker had an ace up his sleeve, he had an insider who knew everybody inside the plant and she did the initial spruiking to convince people they could invest. Of course she was getting commission on everyone...
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Dear members One of the advantages of being medically retired is we have time to spare, it wasn't planned that way but life doesn't run according to plans.We envisaged in retirement to do the grey nomad thing and travel around Australia by towing a van, we were financially secure and owned everything. Our plans would revolve around my health but we knew if any thing happened while travelling that I would be looked after being covered by DVA. We only invested because a work colleague who was getting spotter fee's unbeknown to us, steered a broker our way, he played the old you can't help your kids physically but financially you have equity locked up in your home not working for you, and like the rest of you the rest is history we had fallen for the spiel. The internet has opened up a whole new world of information to us,...
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  • doyla66
    doyla66 says #
    Took me 3 years to figure that out and then I went back to work in finance for a short until the 1987 crash after which I fled the
  • doyla66
    doyla66 says #
    Organza, you didn't fail, they were just to thick and stubborn to learn new ways because they think they already know everything.
  • doyla66
    doyla66 says #
    Yes Neil and therein lies the real problem. The trouble with Politicians is these days (aside from Senators) they are all career
  • doyla66
    doyla66 says #
    Organza, last week Gerry Harvey was on the Richo show on Sky, he stated to Peter Reith and Richo that politicians have no idea wha
  • doyla66
    doyla66 says #
    Couldn't agree more with you Neil, I only hope Mr Abbott reads the blogs on this site because if he did he would have no alternati
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BFCSA have lobbied long and hard for an Inquiry into ASIC, calling for one in 2001 as RECA.  Greg Medcraft Chairman of Australian Securities and Investment Commission, and also Chairman of IOSCO (International Org of Security Chiefs) has hit back at his critics of which our members are staunch by experience in their criticism of ASIC.   In fairness, we are happy to record Mr Medcraft's views of his own leadership and staff.  We do note however, that a boast of recovering $345 million, is embarrassing as over $400 million was lost in Westpoint, which ASIC sat on like a Mother Hen and did nothing for five years until its collapse.  It also fails to quantify the absolute losses ASIC has recorded as being well over $80 Billion, whilst ASIC slept.   Medcraft boasts that ASIC has banned 168 people in 3 years.....no LENDERS MENTIONED.   No criminal charges to assist in...
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  • doyla66
    doyla66 says #
    Mr Medcraft must be really silly to boast about stats like that without doing the sums... (well done Denise!!) What a joke! No won
  • doyla66
    doyla66 says #
    Just running for cover it appears. Imagine giving out terrible percentages like that. I think Mr. Medcraft would be ashamed of h
  • doyla66
    doyla66 says #
    ROFLMAO ASIC! We've said it before and we'll say it again: ASIC did it - we just reported it No extra effort required: just writ
  • Denise
    Denise says #
    5 elite ASIC staffers were given the task of compiling the "close to zero %" results for ASIC in their three submissions to Parlia
  • doyla66
    doyla66 says #
    In another similiar article -'We see cyber crime as a key risk not only to the markets we regulate but to the stability of the glo
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Treasurer Joe Hockey is not the only one with a close family member ripped off by Banks.  There are others.  We are planning a big contingent of people to Canberra in November.  Every victim will want to be front row to hear Australian Securities and Investment Commission's lame duck excuses for seeing all and doing nothing.    BFCSA voices will inspire the timid and embarrassed to also come forward.  Anyone wish to arrange a bus from Sydney?  Talk to me.  Dates have not been set as yet.  We will keep you posted.   Meanwhile FOS (Financial Ombudsman's Service) is closing files where loans were arranged in 2006 or earlier.  Statute of Limitations can only apply from when people "were aware of the affability issue."    FOS would not be able to get away with such nonsense in a court of law, but then this is a game to assist Banks.....................   Statute of Limitations for...
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  • Denise
    Denise says #
    Hi Anton. It was his Mother in Law. If the bubble bursts yes Shareholders have been given fudged figures as to the true exposure
  • doyla66
    doyla66 says #
    I would like to say firstly great information for anyone new reading these blogs well written by everybody involved. I have a few
  • doyla66
    doyla66 says #
    Victims face loosing everything all because Fos can't or won't look at cases after or before a certain date or because they exceed
  • doyla66
    doyla66 says #
    FOS are stooges, even if you send them evidence, the banks just have to tell FOS it was a mistake or misunderstood as they did in
  • doyla66
    doyla66 says #
    Well said, Denise and Nanna. That's what's going on. We can see it all as we peel away the layers of the complex fraud. ASIC tal
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Not True!  But it should be and here is why.  Coles and Woollies have been predatory in their behaviour in pushing down the prices paid to farmers and then boast "cheaper" products but The Bully Boys C&W profit continues to climb!  We sold off our utilities, we are selling off our farms and squeezing farmers out of a decent living, we have sold off all our viable income streams and permitted TELSTRA to gouge everyone.  We have ignored small business cries for understanding and we have ZERO INCOME STREAMS LEFT.  The "lucky for some country" is what we have become.  Can we all now wake up and smell the roses.  Politicians are not on your side.......................but they do run our country.  Its the majority of we the people that need to become more vocal and active in campaigning for better decisions to be made.  Both sides of the political divide have...
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  • doyla66
    doyla66 says #
    Stopping the big multi nationals is essential from taking over our country. Ejecting more Gov resources into encouraging and helpi
  • doyla66
    doyla66 says #
    EXACTLY. I hope Joe Hockey is reading this
  • doyla66
    doyla66 says #
    The Pollies can stop Coles and Woolies from squeezing the farmers dry. They have the power to allow the farmers to make a reasonab
  • doyla66
    doyla66 says #
    What is with this country, why do we keep selling out. Is it not time POLLIES for us to go back to the drawing board the last 2 el
  • doyla66
    doyla66 says #
    Joe, please establish a new consumer financial protection agency to focus directly on consumers; truly protect families from unfai
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YOUR SUBMISSION TO THE SENATE INQUIRY is vital.  If you ignore this Inquiry there will be no reason to hold a Royal Commission into the Banking Sector.  Then the banks will move in with a united rush! Please email This email address is being protected from spambots. You need JavaScript enabled to view it. “YES SENT Submission” in address bar and email to us.  We are counting heads. Rate ASIC’s Performance on what if they had investigated all those cases they did receive and as a result ASIC gave public warnings – would you have been aware of the dangers and not fallen into the mess you are all in right now?  Senators want to know how you feel about that. Eg:  If you were travelling on a highway and the bridge had collapsed and there was no warning “Bridge Collapse – STOP IMMEDIATELY “ and you continued around the bend and over the cliff into 200m ravine…..would your family be upset? If Government KNEW...
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Senator blasts ‘snail’s pace’ ASIC ban Written by Aleks Vickovich  Wednesday, 17 July 2013   Source: http://www.ifa.com.au/news/12113-senator-blasts-snail-s-pace-adviser-ban ASIC’s banning of a former Bell Potter adviser convicted of deceptive conduct in April is proof the corporate regulator is reacting too slowly to cases of wrongdoing, says a coalition Senator. The Australian Securities and Investments Commission (ASIC) issued a statement yesterday indicating it had issued former Bell Potter Securities client adviser Lawson Stuart Donald with a permanent ban from financial services, following his conviction for dishonest conduct in the Sydney District Court on April 26. Speaking to ifa, NSW Nationals Senator John Williams – who was instrumental in forcing a parliamentary inquiry into the Commonwealth Financial Planning affair – said the three-month time frame between Mr Donald’s conviction and ban confirms his concerns about ASIC’s ability to monitor wrongdoing in the financial advice industry. “ASIC has got the power to ban people immediately,...
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  • doyla66
    doyla66 says #
    ASIC wants an extention!! So do the banks, they are always asking for extentions with FOS and each time they are granted. What is
  • doyla66
    doyla66 says #
    It's a miracle they did anything, how the hell did they get off their rear ends. I suppose they must be seen to do something after
  • doyla66
    doyla66 says #
    Senator Williams' reaction is consistent with any ordinary Australian's expectations. The ban should be almost automatic with conv
  • doyla66
    doyla66 says #
    It just proves what Asic is all about. They have the power to force action immediately but choose not to. Asic is supposed to inve
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