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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 # 2

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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3 July 2019

The Federal Treasurer

The Honorable Josh Frydenberg

PO Box 6022
House of Representatives

Parliament House
Canberra ACT 2600

 STERLING NEW LIFE

 

 Dear Mr Frydenberg


My husband and I have lost $254000 in the Sterling New Life collapse. This represents most of his superannuation. We have come to understand that this and many other similar losses experienced by hard working people, many who are now age pensioners who can ill afford it, are due to a failure of ASIC to fulfil its responsibilities in consumer protection.

My husband and I have just retired after 45 years of local church ministry. Much of our time was spent helping others navigate the intricacies of our various community, government and welfare systems so that they could live well and with dignity. Little did we realise that on the eve of our remaining years we would be unable to protect ourselves from the abject failure of an important and well-budgeted government instrument to do its job. The irony!


Mr Treasurer, we sincerely hope you will call ASIC to account and do something to reimburse those who are suffering deep despair, ill health and the worrying prospect of homelessness due to ASIC’s negligent CORPORATE stance and behaviour. 

 

Yours sincerely

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