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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: Every case of BANK FRAUD BY LENDERS must be investigated. Bank of QLD

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Every case of FRAUD BY LENDERS must be investigated.  The Australian Securities and Investment Commission ("ASIC") cannot be permitted to just pick and choose and then not investigate any LENDERS. That in its self is a crime.  ASIC has acted like its own brand of mafiosi.  

FRAUD BY BANK MANAGERS RUNNING AT 36% of all loans surveyed by BFCSA.  There has to be an immediate response by The Australian Federal Government as to why FRAUD in lending is systemic and why they tolerate ASIC's systemic untruths.

If we commit fraud on a document we the people,  would be tried in criminal court and sent to jail.  If the Banks/Lenders commit a $57 Billion FRAUD, two bank porters crack their knuckles whilst ASIC pay a visit for a free lunch!!!!  Australia needs to prepare for more revelations about our own simple brand of SUB PRIME CRISIS - playing NOW at a BANK NEAR YOU......................

Until the Banking Industry is cleaned up do not apply for a mortgage or you may find yourselves needing to join a club known as BFCSA that you did not expect to have to join.

Any doubts on what this is all about?   From one of our members:

As a BFCSA Member I am distressed at ASIC’s supplementary submission #45.1.

ASIC indicates that it is very rare if ever that a lender is guilty of Fraud in lending money, however, my bank (BOQ), who I dealt with directly in 2007 did the following on my loan application form: 

  • Exaggerated my income by about 70%
  • Inflated my property values
  • Left my living expenses as nil
  • Did not account for my 2 dependants
  • Completed their own loan application form, which I did not see or sign (with all the false figures)
  • Processed my and my wife's application without her signature.

Why have banks been allowed to do this, and even their regulator FOS does not call this Fraud, but maladministration in lending. WHY – it is fraud.

 Our position was not affected by the GFC, it was only due to unaffordable loans.

 Our position was not affected by property values changing, it was due to unaffordable loans.

 Surely we should be advised or shown what income is used to grant loans or mortgages, and therefore see (and immediately receive copies of) the application forms we sign. Not as ASIC indicate,  that copies are unnecessary!

 I battled for almost a year to get a copy of my LAF out of my bank, only to find the fraud in their own documents, not mine.

 Fraud is a criminal offence, without statutory limitation, why is this fraud being down graded and named maladministration in lending. To lapse after 6 years – just another cop out.

 As a result we have lost approx $2.4 million. This is over 4 loans and FOS has limits, which means even with a favourable outcome with FOS we stand to lose a lot of money, not to mention the pain, suffering and difficulty over the past 7 prime years of our lives.


 Thank you for explaining what is going on................tell us your This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Monday, 04 November 2013

    ASIC Still dont get it or do I mean won't get it

    ASIC is spending more time finding excuses to protect their Bankster mates than they are protecting the people who pay their taxes for the protection they should be supplying. I have two banks involved in my loan and both trebled my income one didn't give my wife any income but the other one again trebled mine and doubled hers. On the assets side of the register $700K of death cover was used as an asset, it's not even super it's straight out death cover but that is a combined total for both of us so they must have been hoping for a double suicide pact. The paperwork was sent from our accountant, three years of tax returns and that is what we signed on. Then when we eventually got our LAF's from both banks you can imagine our surprise when we saw what was in them. I rang my Bank Manager (now a broker, at the time of our original loan still a banker) and I asked him what the hell are these figures. He replied well you wanted the loan didn't you. I then said to him yes but only if I could afford on my real income.
    The facts are so compelling in our case but even though it is at FOS and in the final stages of the determination they still wont say the "F" WORD (Fraud) and are still asking us to explain the maladministration even though it is obvious, but I think they keep at you asking over and over hoping you make a mistake. What none of our regulators realise is that we won't make mistakes any more as the first one was trusting our Banks, the second was believing that there is justice in our system to stop criminal behaviour.
    I am the most difficult person in the world to deal with now because I check every single document to the power of ten and never sign anything without scrutinising it to the last letter. I will trust no one ever again, treat every sales person as a crook until they prove themselves worth of my spend. The worst part of all of this is people always say run this past your LAWYER before you sign. You tell me where you can find a honest one of them after all I have seen written on this and many other sites.
    ASIC just need to get back to what they were designed to be and that is a body that licences and oversees good practices in the corporate world if inpropriety is seen to be done recognise it and allow the Federal Police to control it if it is criminal. As it stands at present ASIC are too close to the Banking and Finance Industries and are reluctant to investigate them fully but after the Senate Committee Investigation I would be hoping they will give the Federal Police that job. We need a total and comprehensive evaluation of the performance of our regulators to show their shortcomings long before we set up a new department to cover that work. It appears that ASIC, FOS and COSL cannot see that the problem stems from the Banks plan to make a major asset grab, the first part of the plan is to get as much money from the victim then when there is none left they take the security, the family home. Brilliant plan when you consider they set up the broker to take the fall and the Banks then take the spoils, the only thing that our regulators can't seem to explain is who do you blame when no Broker was involved and you dealt only with the BANK.

  • doyla66
    doyla66 Tuesday, 05 November 2013

    ASIC know what is going on. This is massive and of monstrous proportions. ASIC do not want their incompetencies shown for what it is.. ASIC are just playing games with us all. The Lenders are behind this. We know it, as do ASIC and FOS. The Lenders cannot blame the Brokers. The Brokers have been trained by the Lenders given tools to assist and computer passwords and programs. The Broker does not supply the funds out of his own pocket else we would not have Brokers. The Brokers cannot say to the Lenders "Hey give this guy x amount as a loan" The Lenders have legal responsibilities which they are not adhering to. The Lenders are breaching their own Codes and laughing at us all. The lenders are the suppliers of the funds. The Lenders are the perpetrator of the fraud. The Lenders are using their powers to manipulate ordinary people, including the Brokers. The lenders are disloyal to their customers and shareholders why else would they have such huge profits. Unfortunately, in this wonderful country there is always someone ready to take us down, it is called greed and the Lenders are the worst offenders.

  • doyla66
    doyla66 Wednesday, 06 November 2013

    Don't be surprised if it works the other way as well - favours for ASIC by Bankster mates.
    Banksters don't want the tame regulatory system charged up with a strong chairman, a real board of integrity or changed in ways that might not suit them.
    So the Banks and lenders we're dealing with at ASIC, FOS and COSL could get a bit nastier, especially the ones that "owe" ASIC favours.
    ASIC will strive to keep their hands clean and absolve themselves of any blame if they can. They're in enough trouble with all the MSMedia exposure coming up to the Inquiry into their performance - plus such a fabulous effort by BFCSA members and others to take the fight up to them via submissions and replies to ASICs self-defense.
    Keep it up :) - I've got a really good feeling about this as so many more people out there are realising Bank Loan Fraud is a reality that Banks have been covering up for years with ASICs "willful blindness" agreement. And Denise Brailey and BFCSA members have been telling them the truth :D

  • doyla66
    doyla66 Tuesday, 12 November 2013

    Why was SENRAC, Bank of Queensland and Macquarie not CRIMINALLY charged like the brokers of recent for similiar allegations, (excluding the Trade Practice Act 1974)?? Why do they get the privledge to get to keep their AFSL and not these brokers??

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