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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: Dear PM the buck stops with you. ASIC have known about Sterling since 2016 # 8

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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14/7/2019

 PRIME MINISTER OF AUSTRALIA

 

Hon. Scott Morrison MP

Department of Prime Minister and Cabinet

P O Box 6500  Canberra ACT 2600

 

Dear Mr Morrison,

THE STERLING GROUP COLLAPSE and ASIC FIASCO: $36 Million Compensation.

I am one of the victims of the Stirling Group collapse. My wife and I have lost our life savings and are looking at losing the roof over our heads. I will get straight to the point. You as Prime Minister of this great country the buck stops with you. ASIC have known about Stirling since 2016 but have said nothing.

How can this be swept under the carpet when so many PENSIONERS have lost so much and not a whimper out of ASIC.

Back when you were Treasurer you supposedly had monthly meetings with ASIC was Stirling bought up? You now have to deal with an agency that could not fight their way out of a wet paper bag. ASIC seem to be a cash cow for the Government bringing in $800 million  a year into the Government coffers for doing what?

Mr Prime Minister I as a former Government Employee I can’t believe the report I am seeing regarding ASIC and how they go about things. I had the pleasure of serving three former Governors of Western Australia and it was drummed into us that we do not in any circumstances accept any gifts or hospitality. But I see in the Sydney Morning Herald reports that ASIC ARE DOING JUST THE OPPOSITE.

It is time you started to weed out some of these fat cats. The first thing to start to sort out this mess is to sort out ASIC and demand that ASIC pay back the $36 million to all of those affected by the Stirling collapse. Mr Morrison $36 million from $800 million is not a big hit on the budget. You could become one of the great Prime Minister by getting rid of those leaches that pray on the vulnerable.

You can set an example to all high rollers by incarcerating the scum bags involved with Sterling and sorting out that toothless tiger ASIC and returning our money.

Yours sincerely,

 

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Guest Monday, 14 October 2019