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What BFCSA Does...
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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.
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BFCSA: ‘Glass jaw’: corporate Australia’s stinging rebuke to ASIC
The Australian Securities and Investments Commission has isolated itself from key stakeholders and developed a “glass jaw” to criticism, according to leading directors and senior executives:
http://www.afr.com/p/national/asic_hit_by_deluge_of_criticism_VrF8LDdmeiHyUGuCVmidrK
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Hi Andy, do you have the rest of this article? Good to see the corporate world having a go at ASIC as well!
Criticism goes with the territory unless you're doing something special in a regulatory way. This has blunted ASIC to the realities of their rule: every dog has it's day and for ASIC it's looking like their day is over.
Not just disgruntled complainants, or ticked off investors, or dismayed superannuants, or defrauded borrowers .... corporates, their buddies, no less. A deluge of criticism should be taken seriously, even by ASIC .. surely?
Glass jaw? No sympathy, after such an abysmal track record of failure to respond appropriately. ASICs only possible defense would be that a succession of ministers were such dolts that they told them to keep doing what they're doing! ie. "we were only carrying out instructions". Give a minister inadequate stats and then the minister wears it if his/her decisions go belly up, eh ASIC? Make the pollies wear it? We're waiting to hear their publicly stated possible explanations ... that will be entertaining.
On the corporate front, it was reported to the writer that a very influential person in the corporate sector had similar criticisms to ours over ASIC, FOS and COSL. Well that's just an "isolated case" lol! But a deluge of criticism !! ....
Deal with it, ASIC. You did it. Australian responded. And you're all paid well enough to pay for therapy or whatever to cope with your collective glass jaws!