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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 STERLING FIASCO we face homelessness due to ASIC negligence

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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6th August 2019

Hon Scott Morrison MP

 

Prime Minister

Parliament House, Canberra ACT 2600

 

 

STERLING NEW LIFE collapse

 

Dear Prime Minister

I am following up from my previous letter to you concerning the loss of our monies of $110,000 plus and our retirement home due to the Sterling First collapse. We have previously sent mail and I might add had not one response from anyone including Yourself, Mr James Shipton, Mr Josh Frydenberg concerning the compensation we believe we are urgently due.

As you are very aware of ASIC inaction in this fiasco and now after paying taxes for the last 55 years and being a loyal subject we have been left with nothing. We are effectively having to pay for accommodation just to have a roof over our heads. Even though these funds was paid in advance to maintain a roof over our heads. This is the same for over 100 other couples in dire straights as we are who trusted the scheme with false assurances. We did our due diligence and now are being penalised with ASIC’s again inaction regarding Sterling First and all its sub companies. Tonight we were to learn the publicity promised internal investigation by ASIC was not and will not be initiated.

The need is urgent as this money represents our security without which we face the prospect of homelessness.

Due to ASIC’s negligence in Consumer protection we seek full compensation by payment of at least 28.6 million into a trust account with a legal firm to be nominated by Ms Denise Brailey of Banking & Finance Consumers Support Association (BFCSA).

We also seek a Royal Commission into the function of ASIC with a view to restoring its long neglected effectiveness in consumer protection.

Yours sincerely

R & B T

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