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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: Total Failure of ASIC and Robbery of Life Savings: Vulnerable Pensioners and Retirees # 31

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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The Hon Prime Minister, 

Hon Mr Scott Morrison MP, 

Parliament House 

CANBERRA, ACT 2600. 

 

The Total failure of ASIC to prevent the Robbery of Life Savings from Vulnerable Pensioners and Retirees when the collapse and Receivership of The Sterling New Life Company and Associates occurred. 

 

Sir, first let me congratulate you on your ascension to the Prime Ministership of this wonderful country of ours. 

Earlier, when you were Treasurer, you would have had regular meetings with ASIC representatives to check on the actions of that authority, as will the new Treasurer, the Hon Josh Frydenberg or his current representatives.  

 

Both of you seem to have had a breakdown in this communication, as ASIC DOES NOTHING to protect the vulnerable in our society from the depredations of PONZI scheme rip-off merchants who have stolen the life savings of the vulnerable. 

 

ASIC’s only protection appears to be to call out ‘Caveat Emptor" to these victims, this does nothing in the way of protection, as should be ASIC’s brief.  

Many of the perpetrators of this latest PONZI scheme are well known to ASIC from earlier schemes in other places and the names of these should have raised ‘’RED FLAGS” in ASIC computers when entered. 

 

If they DID NOT – WHY NOT?? And why have these people NOT been reported to the DPP?  

 

White Collar Criminals engaging in Theft is still illegal in Australia and stealing this money from gullible seniors with false advertising and prospectus’ must be one of the lowest crimes imaginable. 

 

At one time sir, you were also minister for Social Security, why is the deeming rate for any savings the elderly have left un-stolen, is still set by Centrelink at 3.5% when the Central Bank rate is now 1%. This needs only a stroke of the pen by the New Minister and may bring some little relief! 

 

Please assist by instructing the relevant ministers to correct these minor matters, to them, but not the victims. 

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Guest Friday, 27 November 2020