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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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BFCSA: ASIC ignored all NSW complaints of LOW DOC and FULL DOC FRAUD for 14 YEARS

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Blatant and systemic cover-up by ASIC permitted the Major Lenders to profit from an obvious fraud.  That is the bottom line.  ASIC continued this farce of protecting Banks for over 14 years knowing NSW consumers in particular could be protected.  

Since 1980, ASIC haqd the benefit of the Contract Review Act in NSW and most contracts could have been ripped up had ASIC truly wanted to protect consumers.  But ASIC had to chose between protecting Banks and also protecting consumers.  ASIC chose not to warn consumers that this was a Bank scam.  ASIC chose to watch RECA and later BFCSA dig into this scandal and knew most loans would implode within 6 years and ASIC planned to say "out of time."  That is in itself false as FRAUD AND FORGERY were everywhere across all documents known as Loan Application Forms.  It knew about the dreaded service calculators, whose ingenious creator was the Banking System.

There were other classy tools in the regulatory tool box relating to other states whereby all consumers of Low Doc fraud could have been saved.  ASIC saved no-one except the Banks or the Promoters of illegal Managed Investment Schemes, dodgy tax minimization schemes and a host of other shonky financial products and services pedaled by the Lenders via the bank created and commissioned broker channel and the Bankers' eager developer mates who were clients of the Major Banks.

ASIC misinterpreted its own duty and responsibilities with catastrophic financial damage being dumped on ordinary Mums and Dads for whom previous Governments had painstakingly set up laws to protect those very same consumers.  ASIC had three main areas of responsibility:

Regulate the MARKETS by watching levels of Consumer Confidence..................

Regulate the Banking and Finance Sectors to promote good compliance and ensure level playing field.................. 

Protect Consumers from Predatory Operators which always turn up where there is Money Power and Greed...............

The Banking Sector is Top of the Heap: an ASIC protected species and utterly corrupting a market with commissions and faulty fraudulent mortgage loan products and now the FULL DOC market has been infiltrated with toxic lending.

ASIC knew of systemic issues in the Banking sector.  ASIC knew faulty products known as Low Doc Loans were problematic and could only lead to grief and greater grief.  ASIC knew the Banks and Non Bank Lenders were running the scams.  Evidence emerged in 2002.

ASIC in its mode of non wisdom decided if they permitted all the Mums and Dads to perish financially, including the victims of MIS scams, then that would keep the Markets buoyant and protect the markets.  Bank Economists convinced ASIC and Governments: Protect the Markets at all costs WHY?

The answer lies in the insane Global Market strategy: Let the rich get richer and the poor become so very much poorer and then the Banks can rule the world.  Well that was the stupidity of thought and ASIC embraced it in order to score lucrative overseas and off shore jobs with $1 million salaries for three years and no tax payable then back home for 10 star retirement.  Over 20 ASICTITES have headed for that goal post over the years.

Just look up the names of all those who are no longer there from the actual Commission and you will get my drift.  The evidence is clear.  We may as well have had Huey Dewey and Louey on the corporate beat.  Banks wanted paid puppets, willing to sell their soul to the devil and we have found the proof at long last.

ASIC thought of they bury the bodies, then consumer confidence will be thrust forward by the Masters of the Universe....the Captains of Industry and the Property Market Gurus.  Do not forget the sleazy lot in the Insurance world either...... or their louysy lawyers, who turned on each other in the mortgage bonanza frenzy.  Who cares about the Bubbles....what Bubbles?????

ASIC felt if they looked after the Market, Consumer Confidence and the Banking and Finance Industries......consumers were the least priority.  Do we Australians really believe that we have the most profitable banks in the world...or the most crooked?  How did masses of investors rush out and purchase a second house and a third....on $50k income?  Look at the income levels for the average family?  How were these loans affordable?  Well the answer can be summed up in to words invented by bankers: FUDGED FIGURES...............................

"THE PROPERTY MARKET IS BOOMING....INVESTORS PUSH HOUSING MARKET UP" scream the headlines.  Talking the market up became the key focus for bankers to snare more victims.  We do not have the best banking system in the world....bollocks.  We have the most corrupt, the most evil, the most criminal bankers - worse than Iceland.  More fudged figures relating to the unemployed.  Two hours work is classified as "employed" even if you are on centrelink.  Manufacturers closing down..........................

Have a gander at the plummeting of retailing.  Warning signs are everywhere.  We are all living in a frighteningly big bubble. Batten down the hatches, get rid of your debt and hang on to your most precious possession - your home.  And if your FULL DOC or LOW DOC mortgage was unaffordable on income, demand to see you LOAN APPLICATION FORM which you ought to have received at the point of signing.  

Right now ASIC could have ordered that document be produced at the point of signing.  The fraud was then no longer possible....why?   Because had that been mandatory no grubby little banker could alter the broker copy after the document was signed.  ASIC failed to implement that regulatory policy in 2003 - 2013.  Its in contract law in any case but ASIC oversight failed to recommend that simple change in behaviour in the banking sector.  ASIC knew of the service calculator - the culprit in fudging figures...failed again.  ASIC KNEW OF "white labelling techniques" designed to HIDE THE NAME OF THE DODGY LENDER, so customers were unaware of the identity of the true lender.  

But of course if ASIC took those initiatives the fraudulent loan crime spree would come to a grinding halt!!!  We would no longer have Australian Bankers beating their chests and chanting "we are the best, most profitable, most clever bankers in the world."  Giving people LAF copies at the point of signing - the entire market would collapse.

PERMANENT TRUSTEES AND PERPETUAL TRUSTEES were in on the original creations and collectively we have built an arsenal of proof.  Of course ASIC does not like dealing with BFCSA.  We are collectively doing their job for them.  Sadly, we do not enjoy a $450 million budget.  Ours is less than $40k.

Our three helpers discovered all facets of the fraud in the banking sector.  ASIC's 330 investigators and 6 over paid commissioners found nothing?  ASIC told Parliament: "we are monitoring....." yet failed to inform Parliament of any of the above.

ASIC still does not understand....if a manufacturer creates dodgy products and it hits the news headlines, the industry can implode overnight.  IF that same company deliberately manufactured dodgy products and people were killed or left suicidal, there would be chaos in the market place and consumer confidence plummets back down to earth.  By ignoring the fraud to protect bankers (why else would ASIC do this to ordinary Mums and Dads?) the mortgage market will implode....................and the bankers know that, but the culprits will be long gone with bags full of retirement bonuses worth millions.

ASIC BACKED THE WRONG HORSE - it ought to have backed TRUTH and HONESTY - it ought to have backed CONSUMERS.  Why?

There are 14 million of us, that's why!  Simple mathematics.  BFCSA rose from the dust and suddenly people joined hands around the nation.   

ASIC licensed all the agents of the banksters of the BANKING WORLD.  

Now it is ASIC's turn to be dragged screaming and kicking into the glare of the Parliamentary Spot Light......ready for a grilling by some rather curious Senators.

If you ever had an interest in Politics, the next few weeks will make you realise that politics, high finance and economics needs to be part of lower High School curriculum and, available for every teenager.

Teenagers are the next target of drug pushers and Bankers: "Everyone needs a credit card"  The most costly product on earth.

ASIC can no longer be trusted to put out the dustbins, no longer trusted to protect consumers and no longer trusted to protect the market place.

It cannot blame me or our members.  ASIC has only itself to blame............Consumers are now the Judge and Jury.

All of the Money Home Shows where spruikers preyed on innocent Mums and Dads: ASIC's prestigious Marquis was right in the middle of the circus tent city - handing out pitiful brochures, that warned consumers of none of the dangers lurking in each of the neighbouring tents.

CONSUMER WARNING:  Never ever go to a money, property or home show.  They are a feeding ground for the Banking System and their agents.  

IF ASIC is in the middle its a sure sign this is SCAMSVILLE and you will lose your home.  

Yet ASIC rarely turned up to creditors meetings to ask: "Ello Ello Ello, whats going on 'ere?"

By leaving Markets free to do as they wish with coveted immunity from prosecution,  ASIC has managed to send consumer confidence in financial products and services to an all time low.

To all the whistleblowers who "used to work at ASIC or became an ex banker" - we are listening..........................

Soon the entire banking sector will start leaking like a on it.

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  • doyla66
    doyla66 Saturday, 02 November 2013

    Very harsh and damning words but TRUE, TRUE, TRUE. ASIC have gone past the point of no return now. They have committed a mortal sin by forgetting us consumers, the ordinary Mums and Dads as you say Denise. ASIC's deceitful and deliberate actions now see them cornered.
    Just what sort of vindictive and immoral babble are ASIC intending coming up with at the Senate enquiry. No doubt you will be labelled as a Head Hunter Denise and worse, but I'm sure you and all of us,the BFCSA members have weathered worst than that.
    This article puts everything into perspective for all.

  • Denise
    Denise Saturday, 02 November 2013

    I have just read ASIC's ridiculous Supp Sub 45.1 Omissions are in fact a criminal offence and ASIC excels in omissions. In fact, if you want a good LAF, its a must read. My team is busy listing the errors in law, untruths, misleading statements and unsubstantiated claims, and we are highlighting the glaring omissions. In fact, its an historical and at times hysterical attempt to cover up one of the greatest banking crimes this country has ever seen. So if there are only 750 of you (1200 people), why don't the lenders pay you out right now and BFCSA has finished its job? Its because the issues we have raised are TOO BIG. ASIC has to keep all of the evidence swept under the carpet. It continues its usual "we can see no evidence." Do ASIC really believe that people will read that report and trust ASIC or the Lenders? It suggests Low Docs will continue but they will be different..................ah yes we can really see that working. ASIC's job is to keep the Genie from escaping from the bottle and, like everything they have botched in the past, this document could be their very best load of codswallop ever.
    BFCSA members are ahead by a country mile. ASIC occasionally win a couple of rounds, but the bank consumerism war is far from over.
    New laws to cover up old criminal activity by lenders that wrecked so many families' dreams? I don't think so. I suggest you all read the ASIC 45.1 document even if its a nauseating experience. Then write a supplementary submission (one pager - dot point) as a BFCSA Member, and quoting your Senate number. I can assure you I will be speaking truth to Parliament on your behalf.

    Refresh your memory by reading all the documents we have loaded up to the banner on the front page BREAKING NEWS. Do you consider this is "no evidence" that ASIC is referring to?

    Happy dot [email protected]

  • doyla66
    doyla66 Saturday, 02 November 2013

    BFCSA will keep the pressure on you Asic until you decide to tell the truth. You know and everyone else knows you are guilty. There are many of us and our group will keep on growing. You don't stand a chance. Your dishonesty will only make us fight harder.We will not give in until all of our cases are investigated to the fullest and our loans are extinguished due to the fraudulent contents within our files. rest assured.

  • doyla66
    doyla66 Sunday, 03 November 2013


    ASIC should have told their mates (banks/lenders) to pay up and move on long ago just to shut us up. Their liability may have been limited before, but as this fraudulent scam comes out in the inquiry they will be running for cover. Should imagine the media will have a field day on this eventually

  • doyla66
    doyla66 Tuesday, 05 November 2013

    All Australians have a right to expect a more diligent and honest work ethic by ASIC management. They have failed, repeatedly and spectacularly, until lassitude and tardiness, incompetence at Law and indifference to complaint, appear to have become the norm. ASIC have slipped to the point of no return IMO. Their current incarnation must be disbanded - pronto - before more disasters occur!
    If ASIC couldn't manage those three objectives then they should have said so. A level playing field should have co-existed between the three aims if equal weight had been applied to them. Clearly it was not. The big question is why?
    Furthermore, serious incompetence, omissions, distortions from carefully manicured reports plus media releases have mislead the public, a succession of governments and possibly even the media. The Law has not been upheld correctly by ASIC and on numerous occasions justice has not even been attempted, let alone been seen to be done.
    ASIC appear to be theoreticians, long on talk and short on decisive and appropriate action: the plods of corporate regulation. Overloaded the empire builders at the top of ASIC kept accepting more jobs without the corresponding funding (according to their Chairman) resulting in an increasingly superficial attention to their jurisdiction, undue focus on areas they could control, scant effort to apply depth of action and true supervision. That is mismanagement and coupled with all the rhetoric about Australia's world class regulation is deception on a grand scale. It has also been damaging, dangerous and has resulted in deaths and disablement. It makes us wonder what the rest of the world's regulators are like! Regardless, ASIC aren't good enough for the majority of Australians and that spells the end of their substandard work.

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