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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: Senate Inquiry could face delays, while ASIC serves up dog's breakfast

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Senate inquiry into the performance of the Australian Securities and Investments Commission (ASIC): don't miss out - submissions close 21 Oct, 2013:

Treasurer Joe Hockey: commit to Roots and Branch Independent Inquiry into Banking Sector ~ ASAP!

Prime Minister Abbott: allow the Parliamentary Inquiry into ASIC’s performance as a corporate regulator as catalyst to jettison ASIC's 'dogs breakfast' approach served cold daily to consumers.Your govt's vigour to border-protection must NOW be applied to 'ring fence' consumers under fire, by anointing a 'clean hands' three star general to push a fresh, fully-funded, truly independent Consumer Financial Protection Bureau (CFPB).

ASIC inquiry could face delays: 

18 Sept 2013 - by Kate Kachor:

A parliamentary inquiry into ASIC’s performance as a corporate regulator could face lengthy delays due to the change in govt, a National Party senator said yesterday.

The transition to the new parliament was likely to delay the inquiry’s public hearings due to a reshuffling of committee members, Nationals Senator John Williams told financialobserver.

A number of former Labor senators were expected to vacate their seats on the committee with changes also felt on the side of the new government, Williams said.

Liberal Senator David Bushby was a chance to relinquish his role as the committee’s chair if he was reassigned by the Prime Minister.

Williams was also not guaranteed to return as a committee member, however, he said if it was his decision he would choose to remain. He said if he did not return as a member, he would be an active participant in the inquiry.

A decision on Senate committee members was unlikely to be made until parliament resumed in November, he said.

“I would think it may delay things until we have committee numbers,” he said.

“It may delay proceedings and could delay reporting.”

Asked whether the uncertainty on committee members and the lateness of the next parliamentary session would push back the inquiry’s scheduling in 2014, he said that was a possibility.

In July, the Senate referred an inquiry into the performance of ASIC to the Senate Economics References Committee for inquiry and report.

According to the inquiry’s terms of reference, the hearing would focus broadly on ASIC’s performance as a corporate regulator.

Specifically, it would examine ASIC’s performance in regards to enabling legislation, and whether there were any barriers preventing it from fulfilling its legislative responsibilities and obligations.

It would also examine the accountability framework to which ASIC was subject and whether the framework required strengthening.

The committee would also explore the workings of ASIC’s collaboration and working relationships with other regulators and law enforcement bodies.

ASIC’s complaints management policies and practices would also be placed under scrutiny.

The inquiry would also examine the protections afforded by ASIC to corporate and private whistleblowers.

Submissions to the inquiry close on 31(sic) October.   [note> should read 21st October. 2013]

At the time of writing, the committee had received 88 written submissions, a large number of which were of a confidential nature.

The committee is scheduled to table its report in parliament by 31 March 2014.

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  • doyla66
    doyla66 Tuesday, 24 September 2013

    I hope all of the members are going to submit their submissions. There should be at least 500 by the end of the allocated time.
    Denise is helping ALL OF US so ALL OF US should be helping her.

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