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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 says ROYAL COMMISSION

How does this work? Medcraft is paid in excess of $800K per year for running a ridiculously stupid and self indulged regulator called the Australian Securities and Investment Commission.  ASIC is so appalling in its role as Consumer Protector that billions of hard earned dollars have been lost in scams and now bank scams for years.  ASIC "controls and licences" financial planners and must oversee that financial products being sold to an unsuspecting public are based upon FAIRNESS and is keen to point out CONFIDENCE and TRUST are vital in the murky world of Banking and Finance.  Our Consumer Group mushroomed from the ashes, years ago, of POOR FINANCIAL ADVICE and lacklustre performance of ASIC.  This resulted in the need for a consumer group to collectively do ASIC's job for them by exposing bad practices int eh finance industry.  

First RECA Inc and then BFCSA Inc....the members have brought to light case after case.....and then lobbied and achieved 15 Inquiries including the recent Senate Inquiry into the Performance of ASIC and BFCSA Members and older RECA Members sent a large slice of the 470 submissions ( a record number) to the Senate to complain about the regulator's indifference to consumer protection and most importantly lobbied loudly for recommendation for ROYAL COMMISSION into the entire debacle.  

Medcraft's performance/manner on the stand was uncaring, arrogant, misleading Parliamentarians and generally not telling the "whole truth."  

NOW Muddled Medcraft HAS COME OUT BLAMING ALL THOSE WHO TRUSTED HIS SYSTEM!!!!!!!!!  He also gob smacks the consumers he betrayed by suggesting the system of banking and finance is safe and the products are of a good standard, but if they collapse and cause loss of savings, loss of homes - a FINANCIAL WIPEOUT its the consumers fault for choosing to buy the TOXIC PRODUCTS from his own licencees and manufactured by Bankers!!!!  He says he has 30 staff.  His Annual Reports show he has 313 investigators so what were those bods doing in their ample spare time?

 This email address is being protected from spambots. You need JavaScript enabled to view it.  Tell me your story......................

Medcraft has the idea what TRUTH means it can be bent if necessary - exactly what the Chief Bankers practice daily.  Yet Gregory Medcraft is also head of IOSCO:  "International Order of I don't know what I am doing".....sorry.............International Order of Security Chiefs Org.   www.iosco.org

READ ON - there is more - much more

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At long last.  Well done to all these hard working Senators and particularly to Chairman Sen. Mark Bishop.   Yet the BIG issue is ALL FOUR MAJOR BANKS IN AUSTRALIA were acting as a cartel and doing the same thing.....dirty deeds in banking using agents to sell faulty products to benefit the players and not the customers.  The Senate Recommendation is only the start.  BFCSA want to see the Federal Government agree to a full blown ROYAL COMMISSION into ANZ, WESTPAC, NAB and CBA.  This email address is being protected from spambots. You need JavaScript enabled to view it. We also want to hear from people that have taken out mortgages since 2010......................................So far 50 persons have contacted us and guess what - the same allegations of FRAUD and FORGERY exist.  85% of all TOXIC LOANS are with the FOUR MAJOR BANKS.  http://www.smh.com.au/business/banking-and-finance/commonwealth-bank-facing-royal-commission-call-after-senate-financial-planning-inquiry-20140625-3asy6.html  Commonwealth Bank facing royal commission call after Senate financial planning inquiry   Banking and Finance   Date June 26, 2014 Adele Ferguson and...
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