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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 # 30

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Chairman of Australian Securities & Investments Commission

120 Collins Street



Dear Mr Shipton


Re.: Collapse of the Sterling Life Group


My mother came to this country in 1975, learned the language and in 6 months was working in her profession.

She worked hard all of her life to bring us up and provide the best opportunities this country has to offer.

She made sure we loved and respected the Australian way of life, that we were honest, hard-working, law abiding individuals.

She has sacrificed much throughout her life here, and most certainly deserves much better than to be robbed of her hard earned money for retirement by unscrupulous individuals, as well as the house which was supposed to be her home until her death.



This, Sir, is NOT the Australian way!

It is shameful that your staff, who were aware of the company/ies unsafe, to say the least, processes failed to make aware the 100+ retirees/ pensioners who, like my mother, sank all the money they had to have a peaceful and reasonable rest of their life.


I most certainly expect ASIC to do the right thing and process their demand for Compensation from the company you direct, of $26 million within 8 weeks to happen speedily, as each day the stress and anguish, especially of their unknown future living arrangements, is most detrimental to their health and well-being.



Looking forward to your prompt action


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Guest Wednesday, 20 January 2021