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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: Dr Chalmers Why is the Treasurer suggesting Sterling victims write to the Ombudsman knowing full well that is a devious ASIC TRICK?

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Dr Jim Chalmers Shadow Treasurer

PO Box 6022

House of Representatives, Parliament House Canberra ACT 2600



Dear Mr Chalmers


Many retirees have been aught up in a scam called the Sterling Newlife rent for life scheme of which my wife and I are one.  I refer you to a letter sent to Mr Albanese by Denise Brailey outlining the scam and the devastating affect it has had on retirees

Dr Chalmers could you use your position in Parliament to refer the following questions to the treasure and assistant treasurer


Why is the Treasure stating the Sterling Affair is a state matter when clearly this is a Federal matter


Why is the Treasurer suggesting victims of Sterling write to the Ombudsman knowing full well that is a devious ASIC TRICK?  The same question relating to sending victims to AFCA that are controlled by the banks and hand out known dubious outcomes


Why did the assistant Treasure Michael Sukkar announce on 6PR 21st June 2019 he had ordered ASIC conduct an internal investigation into the mishandling of its investigations into the Sterling affair?  then why admit 6 weeks later no such internal investigation had taken place


Why has the Prime Minister not responded to the 200 letters and not publicly commented on his intentions re the urgent payment demands to cover $28.6 million in losses suffered by elderly people and rescuing them from probable - homelessness


ASIC negligence over 2011-2019 devasting consequences to sterling victims


Why has the treasurer not order a Royal Commission in to the Australian Securities and Investment Commission over the regulator's stated (by Mr Sukkar) mishandling of the sterling affair

 Why is the Treasurer tolerating ASIC's untruths of what it KNEW and when, and also tolerating ASIC's pathetic attempts to pass blame onto the State of Western Australia, when WA was the first to notify ASIC of its own obligations under Corp Law in 2015



Dr Chalmers we would appreciate any assistance you could give us to obtain justice.


Yours sincerely

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Guest Saturday, 16 January 2021