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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 # 21

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

The Hon. Josh Frydenberg MP.

PO Box 6022

Canberra A.C.T. 2600

 

 

Dear Sir,

               Because of the incompetence of ASIC my wife and I have lost $240000.00.

We entered into a life long lease with Sterling New Life to secure a roof over our heads for the remainder of our life. We did our due diligence, and received advice that our money was secure and in a trust account. We have found out since, that ASIC had been investigating Sterling since 2015 and maybe earlier, and all the assurances given by Sterling were lies. Why was ASIC silent on this matter, as they were given plenty of warnings that something was wrong? Mr Treasurer ASIC is a Joke, and we demand compensation for their incompetence. If ASIC had done their job and shut down Sterling when they knew there was a problem, none of this would have happened and 100’s of people would be saved from stress and misery.

 

 

 

Yours Sincerely,

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Guest Tuesday, 19 November 2019