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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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BFCSA: Angry Letters from Victims of Lazy ASIC re Sterling Collapse # 11

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Mr James Shipton

Chairman of ASIC

Melbourne VIC

 

  

Dear Sir,

Myself and my wife have been caught up in the Sterling New Life collapse. We purchased a lease to secure our housing needs for the remainder of our life. We did not enter into this arrangement lightly and we did our due diligence. The first thing I did was to go into the ASIC web site to see if there were any red flags. There was only one reference to Sterling which according to ASIC was only a minor breach. Also in Sterling’s disclosure document the following was stipulated.

1. All monies will be invested in low risk securities ( capital preservation is the first priority)

 

2. All investments will be monitored by a trustee

3. 20% of all monies will kept aside as liquid cash

None of this happened.

 

ASIC investigated Sterling In 2015 as concerns were raised by the WA Consumer affairs, and ASIC did very little to stop them soliciting monies from unsuspecting elderly people up until 2019.

 

We believe ASIC  were derelict in their duty of care, and cost elderly people their life savings and a secure roof over their heads, and should be held accountable.

My wife and I have lost $145000 and a life time lease as a result of ASIC’s failure, we will now have to pay rent out of our pension as a result of this failure, which is now going to make life very difficult.

 

If ASIC had performed their duty in the first place none of this would have happened, so ASIC should pay us compensation for their failure. Just because they are a Government Agency should  not mean they are exempt from their responsibilities.

 

 

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Guest Monday, 16 September 2019