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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 to JOSH FRYDENBERG re Sterling Collapse # 11

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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The Federal Treasurer

Hon. Josh Frydenberg MP PO Box 6022

House of Representatives: Parliament House  Canberra ACT 2600

                  

                  “Stirling Long Life Lease “

 

Dear Mr Frydenberg,

We are writing to you about our devastation of the collapse of Stirling Income Trust and our loss of lifetime savings amounting to $220,000,we are both 80 years old and are reliant on our Pension which are not keeping up with the cost of living so that’s a double whammy.

This situation Is absolutely disgusting and could have been avoided If ASIC had stepped In Four years ago when they knew what Stirling were up to, Its criminal that they have swept It under the carpet and let them continue with their Ponzi scheme especially when It not the first time these Directors have been Involved In similar businesses

ASIC didn’t see the red flags with the goings on especially after Investigating them for at least four years well before a large number of us signed up for a lifetime rental scheme and they could have avoided all the pensioners stress and losses,It begs to ask the question what do ASIC do with the $450 million that Is given to them on a yearly basis when they are supposed to be weeding out this type of scam?.

We hold ASIC responsible for the situation we are all In and expect the government backed department to cough up our money for the complete lack of policing what they should be policing that Is their job not to Ignore the obvious.

What would you do If this was your parents In this predicament?.

And now we are Informed by Centrelink that we cannot claim for rent allowance and  It was them that gave It to us In the first place what a shambles this government Is In when they don’t even know what’s happening In our country.

Once again Its pick on the vulnerable Pensioners.

We don’t know how you sleep at nights.

Consumer Protection Is a myth and there should be a Royal Commission Into ASIC.

Yours Faithfully

 

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Guest Monday, 16 September 2019