BFCSA Blog

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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15.07.2019 The Hon Scott Morrison MP   Prime Minister Parliament House Canberra ACT 2600   THE STERLING GROUP COLLAPSE $36MIL STOLEN FROM ELDERLY PENSIONERS LANDLORDS AND INVESTORS   Dear Mr Morrison PLEASE step up to the plate and help us. We elected your Government to be strong and be there for ALL Australians yes ALL Australians. Pensioners have contributed to this country they have gone without for years to contribute to this wonderful country to call Australia their home. We have worked for 50 years paid our taxes. Bought up children with values and respect for their fellow man/woman. We voted for leadership, someone who will lead this country and protect all.  This said and done what did we get back in return. A business who purported to have ASICs full support in helping retirees. This was absolutely NOT their agenda. I have never understood why a watchdog could know about...
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The Prime Minister of Australia Hon Scott Morrison MP Dept of Prime Minister & Cabinet PO Box 6500 Canberra ACT 2000   Dear Sir The Sterling Newlife debacle has claimed myself and my wife as victims. During our working life we did not have the luxury of superannuation so depended on the value of our home to give us some comfort in our twilight years,  Thanks to ASIC's ineptitude we lost $240,000 and will be paying rent for the rest of our lives out of the pension, so instead of a comfortable life it will now be one of misery.  We urge you Sir to look into ASIC's failure and compensate us for our loss.  Its appears we have all lost approx $36 million and we need to know this will be paid as urgently as possible Yours sincerely  ...
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15th July 2019 The Prime Minister of Australia The Hon Scott Morrison MP Dept of Prime Minister & Cabinet PO Box 6500 Canberra ACT 2000   Dear Mr Morrison my wife & I are victims of the Sterling Life fiasco and lost $145.000.  I will not go into the detail here, as I am sure you will be well briefed on the matter.  What I wish to do is convey to you what a devastating effect it has had on us and many other families, due to the incompetence of ASIC.  It is well documented ASIC was aware of the problem either on or before 2015 and did not make these problems public, if they had done so this problem would not have occurred. Critics say "buyer beware" and "do your homework" what nonsense.  However I did my homework, as I do not part with $145,000 lightly.  I searched all I...
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Dear Prime Minister Mr Scott Morrison  Re:    Collapse of the Sterling Group    Mr Prime Minister, I am sure that by now you are aware of the collapse of the Sterling group that has left 101 elderly citizens destitute and devastated with the loss of their life saving and homes following the complete and total neglect of ASIC.   ASIC became aware of the problems with this lease for life scheme in 2015 and apart from making  telephone calls to a few residents and knocking on their doors to ask if they were happy with the arrangement, they (ASIC) did nothing to stop this scheme.  If they had done their job originally when there was approx 6-12 tenants only invested then we the now 101 tenants would not be in the position we are today.   We worked hard for our whole lives to secure our retirement and when this scheme...
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5th July 2019 The Federal Treasurer Hon. Josh Frydenberg MP P O Box 6022      Canberra ACT 2600 House of Representatives: Parliament House   Dear Mr Frydenberg, I write to you with regards to the Sterling New Life debacle and the way it has affected not just myself but many others.  I constantly hear the word transparency banded about with regards to Government dealings yet in the case of Sterling New life that was definitely not the case from the toothless and inept department of ASIC. ASIC knew of the likelihood of failure of The Sterling Group as early as 2015. ASIC databases would have alerted investigators to previous company collapses and breaches of the Corporation Law.   ASIC failed to take appropriate action in 2007 and again in 2015. ASIC failed to protect vulnerable and older consumers by issuing early vital warnings of catastrophic financial loss and by delaying stop orders....
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10th July 2019 The Federal Treasurer Hon. Josh Frydenberg MP Po Box 6022      Canberra ACT 2600. House of Representatives: Parliament House   Dear Mr Frydenberg, Criminal Neglect by the Australian Securities and Investment Commission Substandard Consumer Protection My wife and I are among the 300 retirees who have become victims of the recent collapse of STERLING GROUP. We have suffered the loss of our life savings. With our assets stolen we now face financial ruin as a result of ASIC failing to alert vulnerable retirees by posting on social media and newspapers of potential scam/fraud. This disaster has ripped our world apart. The stress and anxiety of this situation is extremely detrimental to my wife’s health condition Systemic Lupus Erythematosus.  It really concerns me that we do not now have the financial means to ensure her health condition is managed. Her ongoing Specialist Rheumatologist, Doctor appointments and necessary medications required...
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13 July 2019     Prime Minister of Australia Hon. Scott Morrison MP Department of Prime Minister and Cabinet P O Box 6500 CANBERRA  ACT  2600   Dear Mr Morrison Re: Sterling New Life’s Disgraceful Collapse and ASIC’s Neglect on Behalf of Australian Consumers “I have always believed in miracles!  How good is Australia and how good are Australians?  This is the best country in the world in which to live and it’s those Australians we have been working for the last 5 ½ years…..  It has been those Australians who have worked hard every day; they have their dreams, they have their aspirations to get a job, to get an apprenticeship, to start a business, to meet someone amazing, to start a family, to buy a home, to work hard and provide the best you can for your kids!  TO SAVE FOR YOUR RETIREMENT AND TO ENSURE THAT WHEN YOU...
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15.07.2019 The Hon Scott Morrison MP   Prime Minister Parliament House Canberra ACT 2600     THE STERLING GROUP COLLAPSE $36MIL STOLEN FROM ELDERLY PENSIONERS LANDLORDS AND INVESTORS   Dear Mr Morrison PLEASE step up to the plate and help us. We elected your Government to be strong and be there for ALL Australians yes ALL Australians. Pensioners have contributed to this country they have gone without for years to contribute to this wonderful country to call Australia their home. We have worked for 50 years paid our taxes. Bought up children with values and respect for their fellow man/woman. We voted for leadership, someone who will lead this country and protect all. This said and done what did we get back in return. A business who purported to have ASICs full support in helping retirees. This was absolutely NOT their agenda. I have never understood why a watchdog could know...
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10.7.2019 PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet PO Box 6500 Canberra ACT 2600  Ref: Sterling Group Debacle   Dear Prime Minister,   I write to you regarding the disgusting dereliction of duty by ASIC that has resulted in the Sterling New Life debacle.  Once again, the elderly have been targeted yet again by these white collar criminals and ASIC who were well aware of what was happening did nothing.  During your time as Treasurer you would surely have been notified of another scheme to cheat people being uncovered in Australia yet nothing was done to stop it happening.  Many people have lost their life savings and for many of us it feels as if we have lost our lives.  If you were not made aware by ASIC it is another example of them not doing their job.  The department should be grabbed by the...
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dear prime minster   I am a victim of sterling new life I have lost every thing I own I cannot believe that asic has allowed this to happen these two people ryan jones ray jones to trade they where well none to asic and had done this some years prior this has caused major chaos in the lives of retirees this has caused many of these poor souls to be hospitalized and doctors visits for stress related issues the government must act fast to resolve this major problem within the retirees who are stressed to the limit and some have threatened to end it all and not carry  with life I am stressed to the limit my self asic should be made accountable for this and do the right thing and compensate all these poor unfortunate souls im sure if it was your parents prime minster you would be up...
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15th July 2019    Prime Minister of Australia Hon.Scott Morrison MP Department of Prime Minister and Cabinet P.O. Box 6500 Canberra ACT 2600  Dear Mr Morrison  Re: The collapse of the Sterling Life Group by inaction of ASIC.  "Treasurer Scott Morrison told Ross Greenwood financial service companies effectively played ASIC because they weren’t fearful of the consequences."   It appears Mr Morrison that STERLING LIFE GROUP WAS ALSO NOT FEARFUL OF THE CONSEQUENCES.  My wife and I are one of the now hundreds of people that have lost their life savings and the security we had having a roof over our heads for the rest of our lives. This is something you Mr Morrison will never have to experience or have any idea of the stress and pain we have to go through, as Pollies Pensions will allow you to live in comfort and securely. Why are we in this position, because...
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  PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister & Cabinet PO Box 6500  CANBERRA ACT 2000   Dear Mr Morrison   THE STERLING GROUP COLLAPSE and ASIC FIASCO: $36 Million Compensation   I write to you Mr Morrison to inform you that I am one of the pensioners caught up in the collapse of the Sterling Group.   This is the SECOND TIME ASIC’s NEGLIGENCE  has impacted heavily and devastatingly on my life. The first time was only a few short years ago during a dispute with a major bank over their lending practices which led to the Hayne Royal Commission into Banking and Finance. That dispute lasted several years and caused untold stress and misery to myself along with thousands of other Australian pensioners, some of whom are still fighting for compensation from the banks. It was during those years that I became aware of BFCSA...
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14th July 2019   PRIME MINISTER of AUSTRALIA Hon. Scott Morrison MP Department of Prime Minister and Cabinet P O Box 6500  Canberra ACT 2600    Re – Sterling First Group Collapse & ASIC’s Appalling Negligence   Dear Mr Morrison,   My wife and I are victims of the Sterling First Group financial collapse. I am writing this to bring to your attention the dire situation we find ourselves in due to the collapse of the Sterling First Group but more importantly to express our sheer disgust at ASIC’s lack of action in this matter in the knowledge and now evidence that ASIC was aware and concerned about the product Sterling First were selling to vulnerable pensioners like us as early as 2015, but more importantly had commenced an investigation into the Sterling First Life Lease product and kept silent about it.  Sterling First were selling to vulnerable pensioners like us as...
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14th July 2019 PRIME MINISTER OF AUSTRALIA Hon. Scott Morrison MP.     Department of Prime Minister and Cabinet P.O Box 6500 Canberra.ACT.2600    Dear Mr Morrison THE STERLING GROUP COLLAPSE AND ASIC FIASCO. $36 million compensation. I hope you will care to read this light reading on this subject. Once upon a time there were some ‘old people’ who wanted a home to live happily ever after. They found a company, Sterling New Life, who would give them their wish, if they handed over their life savings, they had worked their lives for. Many spent thousands more on extras like security to be safe in their remaining years with their 30 or 40 year lease. To add to that a lot of tenants invested many more thousands of dollars in the company in what turned out to be fake shares.  The SNL people said the monies were invested in a trust fund,...
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PRIME MINISTER OF AUSTRALIA. Hon.Scott Morrison MP Department of Prime Minister and Cabinet P O Box 6500 Canberra ACT 2600   Dear Mr Morrison. THE STERLING GROUP COLLAPSE and ASIC FIASCO.  $36 MILLION COMPENSATION.                                              JUSTICE. JUSTICE. JUSTICE. This disaster was initially effecting 101 retirees and 800 investors. The number has grown and landlords are also suffering.  But this is bigger than us. The problems suffered and injustice done, has affected friends and families of victims, and come to the attention of people all over Australia. It is gaining momentum in the fight. You as Prime Minister, leader of the country, should be responsible to bring resolutions. Put an end to this horrific saga that tenants have been unwillingly put into. The case has turned into a legal nightmare for innocent retirees, of which I am one. We never wanted something for nothing, this choice was good for us, with no...
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14/7/2019  PRIME MINISTER OF AUSTRALIA   Hon. Scott Morrison MP Department of Prime Minister and Cabinet P O Box 6500  Canberra ACT 2600   Dear Mr Morrison, THE STERLING GROUP COLLAPSE and ASIC FIASCO: $36 Million Compensation. I am one of the victims of the Stirling Group collapse. My wife and I have lost our life savings and are looking at losing the roof over our heads. I will get straight to the point. You as Prime Minister of this great country the buck stops with you. ASIC have known about Stirling since 2016 but have said nothing. How can this be swept under the carpet when so many PENSIONERS have lost so much and not a whimper out of ASIC. Back when you were Treasurer you supposedly had monthly meetings with ASIC was Stirling bought up? You now have to deal with an agency that could not fight their way...
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14th July, 2019 The Prime Minister of Australia Hon. Scott Morrison MP Department of Prime Minister and Cabinet, P.O. Box 6500 Canberra ACT 2600   Dear Mr Morrison   The Sterling Group Collapse  It is with distress that we right to inform you of how we lost $280,000 in 7 short months ASIC who were supposed to be protecting us from White collar criminals has let us down. In September, 2018 we bought a life lease through Sterling New Life. This was part of our financial plan for retirement. It was supposed to give us a roof over our heads for the next 40 years. ASIC was holding meetings with this company in June, 2018, 3 months before we bought our life lease) and had been wandering around the Sterling Group since 2011, but they did not warn the older Australian about investing in this company.  Then on 28th June, after we all...
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The Hon. Scott Morrison M..P.                       Prime Minister                                               Parliament House                                           Canberra ACT 2600.                                       Dear Mr Prime Minister,   We are victims of the Stirling First Group Collapse. I believe you were Treasurer when you were funding ASIC annually to the tune of $450,000,000. Yourself and the Chairman of ASIC got together every month on how ASIC was performing and they would or should have been talking to you about Stirling First and other topics associated with government matters.   Tell me you knew nothing about ASIC going back to 2015 involving Stirling First as Treasurer who funded ASIC would have in normal working life this is how it goes: You have a Manager a Foreman and a leading hand, and every fortnight we used to have meetings, everything was discussed and then we would tell the workers how to become more proactive and productive, we always kept the employees informed....
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Dear Mr. Frydenberg,  STERLING LIFE GROUP COLLAPSE AND CRIMINAL NEGLIGENCE BY ASIC  I am writing to you to appeal for your help in recovering the whole of the money stolen from us by the above named criminals.   My husband and I paid a deposit on one of Sterling New life units on 11th November 2016, with the proviso of giving 6 months notice at any time to receive a full refund. We gave 6 months notice on the 20th of July 2017.   Since we sold our home in Tasmania to take on the Sterling New Life unit, we had no money to buy a another house. We rented one of Sterling's properties for $305 a week over a period of 7 months, whilst we tried to obtain a mortgage. My husband is 86 years old, and I am 83 so this seemed impossible.  Eventually in May 2018 we obtained a mortgage by...
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13th July 2019  The Hon Scott Morrison MP Prime Minister Parliament House, CANBERRA ACT 2600   Sterling New Life Collapse  Dear Prime Minister  As you are aware in 10th June 2019 our whole world was tipped upside down sideways etc while ASIC sat on their hands (ass) and has done nothing.  February 2017 we signed and gave our life savings and I mean life savings $125,000 plus the $20,000 on upgrades with receipts, nothing was withheld and we secured a 40 year lease with a secure roof over our head. Now nothing and no prospect of ever making up this money ever again. My 74 year old husband has had to return to work and due to health issues I am unable to work. Why was this allowed to happen and continue?  It has come to my attention that ASIC reports monthly to the Federal Treasurer and you who was Treasurer at...
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