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.
ASIC’s problem, as Paul Barry indicated in his excellent article on Storm Financial (‘In the Eye of the Storm’, February 2011), is that the regulator is far too compliant and process-driven at the top, rather than being proactive and bold enough to get out there in the financial marketplace, look at what advisory firms are up to, and take action to nip in the bud schemes where rogue advisers play dangerous games with investors’ hard-earned retirement savings. ASIC should shut rogue advisers down and take away their licence to give advice before – and not after – they inflict catastrophic damage on investors.
Read on .... http://www.themonthly.com.au/letters/anne-lampe
EDITOR: ASIC needs to start the long overdue into the Banks that were freely handing out the money for "pensioners" to invest their homes into dodgy investments. The buck stops with the Banks. NO dollars no purchase and ASIC knew that a decade ago....
Rae Wilson | 5th September 2012 7:00 PM
"IF PEOPLE who lost their homes in the Storm Financial collapse had instead lost them in a bushfire, would the government reaction have been different?"
Sunshine Coast police officer Sean McArdle, who was among 3000 clients who lost more than $3.5 billion when share markets fell in 2008, told a large crowd of victims at Redcliffe on Tuesday night he had no doubt the nationwide response would be "like nothing we've ever seen before".
But he said this "tragedy" was not treated with the same compassion and victims, many small-time mum and dad investors with little understanding of the financial industry, instead had been viewed as greedy.
Sydney law firm Levitt Robinson is running a class action against the Commonwealth Bank and Macquarie Bank for about 650 Storm victims.
The action will run alongside the Australian Securities and Investments Commission case which...
Thanks Andy for your last few posts. You highlighted exactly why I think the Storm Case would be interesting to follow and see the outcome. I am not following it see whether it was a credit link provider to Storm and based on an unmanaged invesment scheme. But rather the document fraud and breaches of banking code that is alledged. Of recent we have had High court ruling successes in this area, but now ASIC is actually taking two bankers court about it. ASIC success in this area I believe will open the door to further investigation in this area and maybe will help bring round that Royal commission.
The Storm Case is not just about a failed scheme and poor people being rorted a significant amount of money - it is actually two/three court cases being held at once. (hence why the trial is 3 months). Asic are suing not...
That's what I've been wondering, Gaby. I find the indifference to the suffering of others evidenced in Australia quite incredible.
