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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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Some of these Managed Investment Scams would have had what appeared to be the ASIC seal of approval: AFSL or Australian Financial Services Licence.  Some had staff with ASIC approved qualifications as well e.g. RG46. Yes, I've dealt with one of those qualified slick investment salesmen - they were still slick salesmen, nothing changed with the training. Some Financial Planners may have had licences, although the ABC program said they didn't. ASIC tells consumers to look for the AFSL, which implies that these companies are better than the others without the ASIC qualification. All these licences should mean there's an insurance cover or a representative body with insurance for mistakes made by the holders. But are these insurances sufficient to cover the losses? Are they like the FOS situation, limited on payouts? This whole area of financial consumer protection needs a really good going through so in future consumers (and financial...
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