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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 is singing: "Yes, we are the Great Pretenders"

Posted by on in Corruption Exposed
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How to effect a giant cover-up?  Very simple.  Send all consumer complainants a letter telling them to go to financial counsellors, who will then send the victims back to the banks for hardship lessons.  When that runs out of steam we set up the External Dispute Resolution Services ("EDR"), run from the same gene pool that loath pesky consumers.  Licence the EDR's such as FOS "Financial Ombudsman" and COSL "Credit Ombudsman" and then they can bear the blame for failure.  ASIC then instructs the EDR's to treat every complaint of fraud as if its "a dispute."

ASIC:  "Yes its Fraud by brokers but what do you want us to do?  Go and find a lawyer and talk to the EDR's"

Consumers who go to COSL are told: "Oh this is FRAUD" we cannot help you.  Go to the Police.

State Police say: "this is definitely FRAUD BY BANKS - go to Federal Police."

Federal Police say: "Go fly a kite, this is FRAUD and not our area of expertise."  Duh!!!   

Consumers sometimes have two or three loans and refinancing so they then have to road test FOS.

FOS say: "we have HUGE POWERS but we use them to benefit the bank, not pesky consumers.  Banks want us to probe into all your current finances and assets and see if there is any meat left on the carcass.  But we cannot force the Banks to hand over the client files as they are yours yes, but banks CLASSIFY your files that were relied upon to approve the loans, as INTERNAL AND HIGHLY SENSITIVE." Yes, we know why!!!  "So we will make a DETERMINATION with no docs at all, and we are very experienced at doing things that way for last 16 years!"

"Our findings will show you need to board the next bus.  Yes its FRAUD but who cares.  The NEW LAWS 2010 mean we can get rid of all the dirty loans and complainants from 2003 - 2010."

Do the NEW LAWS help consumers?  

FOS: "Are you kidding ......... the New Laws were invented as an excuse to shred all the past 7 years of FULL DOC AND LOW DOC FRAUD and its game on as always.  The new Low Docs are the same as the old ones but will not implode for another three years....so all is quiet."

So where can we take our consumers to get Justice?  

FOS: "Don't be silly, if consumers ever managed to get together under one umbrella, the entire banking system would collapse.  Remember those famous words from APRA Aug 2012: "if 12 documents were to see the light of day etc....."

OK, so regulators are there to protect the Banks but PRETEND they are there for consumers?  Do the consumers know that?  Have they been briefed? Does this mean the Federal Government and the previous Federal Government have been lying to the people about this for 15 years?  OMG!

Is this what happened in America and Greece and Spain and UK and.............?      I wondered why decent people, Mums and Dads were ready to throw bricks through bank windows.........Is this our own sub prime scandal just coming to light?

Be prepared for some serious street marches..................   This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

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  • doyla66
    doyla66 Saturday, 01 June 2013

    Where should consumers go with Fraud cases?
    We've done the rounds, written to the Prime Minister, Senators, Ministers, our local members, all parliamentarians.
    This is not a script out of "Yes Minister" - this is reality!
    Are our government and our politicians willing to be the laughing stock of the rest of the world?
    No effective fraud laws operating in Australia at present - our law enforcement system is out sipping lattes.
    Are they going to offer relocation assistance for international criminal "entrepreneurs" to try their hand here as well?
    Nice loose FIRB regulations make it sooo easy!
    Pathetic!
    Fraud is fraud - stop treating it like a tiff between neighbours.
    It's just a matter of time before Canberra is renamed "Banks Town"

  • doyla66
    doyla66 Sunday, 02 June 2013

    If Bank$sters are after your hard earned

    Bank$ters deny FOS/Applicant discoverable docs, FOS says "no probs", yet same conduct in Court, Default Order issued by Judge against Banksters -- but who has money for that path -- and banksters just say "lost the file judge" -- excuse me!

  • doyla66
    doyla66 Sunday, 02 June 2013

    Who told the judges that was an acceptable answer from a Bank?

    Lost contract? Lender, manager and SPV/Trust have a copy of it.
    Lost Loan Service Calculator? Loan Insurer, loan manager and broker have a copy or original.
    Lost file? Look on the back up tapes and/or microfische plus use loan insurer and broker files to reconstruct file; plus online customer contact and management file.
    Bottomline - it's a furphy and there's no excuse. It's "won't find" not "can't find".
    Throw bricks indeed!
    How about insuring your home and then reporting it to the police as stolen? :D

  • doyla66
    doyla66 Monday, 03 June 2013

    Yep - very familiar with that merry go round described by Denise. It is deliberately designed to be that way & you only discover AFTER you have been around & around that you are the goose chasing an already blown egg! It is certainly no fun being treated by the misnamed regulators in that manner. No bloody wonder we get angry, very angry, jaded, worn out & tired after having been treated so appallingly. At least BFCSA tells it like it is. But, there is no free lunches with BFCSA so that explains why those at ASIC, FOS, COSL, APRA, etc do not want to hear the truth. Sorry, boys & girls but I think your rose-coloured glasses of the Australian banksters is about to become a very different colour.

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