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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: ASIC Breaking News: "We are busy handing out parking tickets" Send in The Clowns

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Well we know what ASIC has been busy with this past decade:  handing out fines to Brokers for "non compliance of its old and new laws."  We have been consistently warning Australian Mortgage Brokers that ASIC will come after you chaps but will not use the 2010 laws against fraudulent loans generated by bank engineered SERVICE CALCULATORS that automatically fudge client income figures.   ASIC have been fully briefed on what is going on but refuse to act against the PROTECTED Bankers.  ASIC have the laws and the powers to handcuff and charge every bank executive involved in LIAR LOAN engineering.  So what is ASIC doing about that gem?  Absolutely NOTHING..........NIENTE......ZIP............In three years the "new" laws are now "old" laws and they are copies of previous legislative tools that ASIC had in its arsenal but failed to use for 14 years.  AUSTRALIAN BANKS have been handsomely profiteering, racketeering from fraudulent LOW DOC AND FULL DOC LOANS. 

ASIC are in fact a fraud riddled regulatory non service.  We know by experience.  Our members know, as their files are full of ASIC excuse letters.  So have pity for this poor bloke in South Australia......he forgot to fill in his compliance certificate and Greggie Medcraft has decided to "get tough!"

Glory Be.....we have HUEY AND DOOEY (Medcraft and Kell) running ASIC.  Is it any wonder we have problems in the finance market, the banking market and the property market.  Wake up Australia.  This is "Breaking News!!!"

Breaking News: Broker banned for failing to lodge compliance certificates

by AB | 15 Oct 2013

ASIC has banned finance broker Alexander Dryden of West Croydon, South Australia, from engaging in credit activities and suspended his Australian credit licence for six months.

ASIC surveillance found Dryden, who had been trading as 'Gryphon Financial' had contravened theNational Consumer Credit Protection Act 2009 (Cth) (National Credit Act), by:

  • failing to lodge an annual compliance certificate within 45 days after the licensing anniversary of his Australian credit licence and
  • threatening to lodge a caveat to induce a consumer to pay an amount to him for his credit assistance.

Commissioner Greg Tanzer says that ASIC regularly checks the veracity of information lodged as part of the requirement to lodge annualcompliance certificates. 

"Licensees who think that we do not check the information they lodge with us, or that we do not ensure they lodge their ACC, are wrong. This activity is a regular and ongoing focus for ASIC," he says.

ASIC identified this conduct as part of its annual compliance certificate verification program during which a sample of compliance certificates lodged by licensees with ASIC were reviewed. 

Dryden was one of the sample of licensees to have compliance certificates checked as part of the 2013 verification program.

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  • doyla66
    doyla66 Tuesday, 15 October 2013

    "Commissioner Greg Tanzer says that ASIC regularly checks the veracity of information lodged as part of the requirement to lodge annual compliance certificates."

    Why hasn't ASIC identified loan application fraud by the banks as the MAIN ISSUE yet? Stop pussyfooting around. ASIC has more than enough proof of loan documentation fraud and maladministration... Thousand's of us have put such evidence right under their noses yet ASIC says there are no systemic issues. Really ASIC ?? You are letting the banks get away with immoral behaviour.

    BFCSA receives no funding and is the only true consumer protection agency when it comes to the Banking and Finance industry. BFCSA has provided research and evidence, past and present day, for ASIC to use.... yet ASIC still finds nothing wrong.. no systemic issues. We banking consumers with complaints do not know each other yet why are all our complaints so very similar?

    We tax payers want value for our money. ASIC appears to offer no protection for the little guy. We every day citizens are the ones being treated like criminals.. and yet the real white collar criminals get .. well.. nothing more than a slap on the wrist.. many have the hide to re enter the industry as another entity.

    BFCSA could put Mr Medcraft's $800K salary to better use for the tax payer... minimising further damage. The current system is definitely broken and urgently needs fixing.
    Professor Keen explaining Modern Debt jubilee could be the answer for us.

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