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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: Corrupted ASIC must lift the LIMITS on Bank Compensation for Toxic Lending victims

Posted by on in ROYAL COMMISSION URGENT
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Perhaps one of the most important things I raised regarding Service Calculators being used as a fraudulent means of banks hiding tampered with income figures, to pump up volumes and quotas on lending mortgages, was the COMPENSATION LIMITS issue.

ASIC need to immediately lift any limits to compensation on toxic loans.  

Clearly there were no limits imposed on BANKERS in lending toxic loans and that's why we have this dirty loan timebomb problem.  People are sick to death of the current limits of $280,000 when the average loan to pensioners (for banks to steal their homes) was over $600,000 and with buffer monies to hide the criminality of the loans and the non-affordability issue, after the loans escalated in four years to $1 million plus.  

People are also sick of the Financial Ombudsman's Service ("FOS") cutting the miserly $280,000 limits down to the current test pilot lunacy of: "we will give you $5000 to disappear" plan and you can "take it or leave it."  They do this wearing their "we love banks" smile.  

A BIG ROYAL COMMISSION into the External Dispute Resolution service ("EDR's") and their bank masters is long overdue.

 

The Credit Ombudsman Raj Venga, ("COSL") the second ASIC licensed EDR, simply says: "Fraud everywhere, we do not look at fraud.....not our job.....bugger off and we will close your file."       

Then ASIC tell the Parliament - "we have seen no systemic issues re fraud.......  COSL tell us there is fraud but we have seen nothing heard nothing, told no-one etc."

With over 200,000 people affected and over $100 billion in fraudulent loans out there, ASIC seemed more concerned recently about being exposed for not taking a closer look at 7 planners at the CBA who caused people to lose funds.  Yes ASIC ought to have investigated this properly, but most likely found it was like all other banking scams....bank induced, hence keeping the planners named but in continued employment.

Yet the issues we are raising is far more serious: $100 billion in toxic loans across all major banks acting as a Cartel, is not significant?

One day the truth will come out.  Royal Commission into Banks is 30 years overdue!

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Comments

  • doyla66
    doyla66 Sunday, 18 May 2014

    One of the excuse Adelaide Bank used with fos was to say that i had no problem with keeping
    up the repayments. What they failed to tell them was that i was using their money to help with
    the repayments. "She didn't complain that she was having problems until the GFC." That was when
    the line of credit ran out and they stopped issuing more.

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