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BFCSA: Denise Brailey slam dunks MFAA about Loan Application Fraud

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BFCSA: Denise Brailey slam dunks MFAA about Loan Application FraudThe people who complain about Loan Application Fraud are consumers. 

MFAA knows that brokers will not complain as they do not ask the bank to send the client the LAFs, therefore Brokers do not see the fraud. 

Consumers complain to BFCSA as a support group and we demand the LAFs.    It is inappropriate for MFAA to say "no systemic issues" when it has not seen the relevant documentation.  The very reason there is a Senate Inquiry into ASIC is due to the large number of complaints from consumers to ASIC which it ignored for ten years, on the subject of toxic lending.

ASIC has never taken a Lender to Court.  MFAA also has Lenders as Members.  Something to explore I would think and for consumer victims of bank fraud to consider. 

Denise Brailey


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  • doyla66
    doyla66 Wednesday, 29 January 2014

    education, experience, ETHICS... I think not.. Not after reading a few of the Consumer stories here. (including my own experience) Shame shame shame.. even the Brokers are not happy with how MFAA represents their "profession" either!

  • doyla66
    doyla66 Thursday, 30 January 2014

    They have got their moles in every kind of institution and organization I am afraid and look at how they keep on telling people to find work you have to re-train (and by the way pay for the privilege). Big lucrative business that one I can assure you - just ask Kevin Rudd's wife!

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