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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: Our story - BOQ; I battled for almost a year to get a copy of my LAF out of Bank of QLD, only to find the fraud in their own documents, not mine.

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ASIC indicates that it is very rare if ever that a Lender is investigated so cannot be found guilty of Fraud in lending money, however, my bank (Bank of Queensland), who I dealt with directly at the end of 2006 did the following on their internal loan application form after my hand written application was rejected:  
  • Exaggerated my income by about 70%
  • Inflated my property values
  • Left my living expenses as nil
  • Did not account for my 2 dependents
  • 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? ..... even their regulator FOS acknowledges there is maladministration in lending, but does not call this Fraud
WHY when its obvious and blatant 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 the application forms we sign.
Not as ASIC indicate that this is not necessary! NOT NECESSARY?   
I battled for almost a year to get a copy of my LAF out of my bank, only to find the BANKERS STAFF fraud in their own documents, not mine.
The LAF was also incomplete and BOQ refuse to tell me what income they used to approve the Loans. 
Fraud is a criminal offence, without statutory limitation, why is this fraud being downgraded and named maladministration in lending AND to lapse after 6 years ?– just another cop out. 
As a result we have lost everything we worked hard for, for years.. 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. 
BFCSA Member 10572
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  • doyla66
    doyla66 Saturday, 25 January 2014

    I too thought my problems were all due to the GFC and sticky fingered computer input tampering with my property details (very correct on that one) and right up until May last year when I got (finally) enough of what I asked for from ANZ customer enquiry to know I was also a victim of another evil I believed I had been protected from by who my mortgage was with. I almost passed out and hibernated for months until I rose above it and came out with both fists fighting. Cannot now believe that then I felt all safe and secure when the GFC hit having my mortgage (and of course a buffer loan to dip into until things settled down) with ANZ who I had been a loyal customer of for decades and believed all the spin re how safe and secure our banks were as I then did. To now know that to ANZ (or any Bank) there is no such thing as a loyal customer rather just another sucker to steal from lie to and take advantage of when already down and out as I then was is beyond the realm of normal thinking, more so knowing they are still doing it AND getting away with it but not for much longer all you Bankster Wankers for we are coming after you!

  • doyla66
    doyla66 Saturday, 25 January 2014

    David Liddy (former CEO of BOQ) has a lot to answer to for the mess he produced at BOQ while attempting to reach his dream of becoming the fifth banking pillar in Australia. Grimshaw still trying to clean up the mess and sweep it under the carpet.

  • doyla66
    doyla66 Sunday, 26 January 2014

    The theme of GFC appears to be a common excuse used by BOQ to FOS. It was not. It was a reflection on the culture of the bank under the leadership of David Liddy. Many toxic loans - hence why the loss suffered by BOQ. Their spin doctors trying to cover up the real reasons blame the GFC. One only has to look at the issues that surfaced , (eg - Storm Financial, Chartis Insurance, Enforceable Undertakings from ASIC overcharging loans etc) to see the GFC excuse does not cut it.

  • doyla66
    doyla66 Sunday, 26 January 2014

    Did your all loans happen to come at 80% LVR or below using the inflated valuations? If so, the reason for your inflated valuations is so that your BOQ bank manager could approve it himself without the documents being sent to and assessed by someone at Head Office or by morgtage insurance. BOQ Bank managers had the authority to approve x amount of dollars per month for loans at 80% and below without having to go further up the channel for approval and possible scrutiny. This was standard BOQ practice at the time.

  • doyla66
    doyla66 Sunday, 26 January 2014

    This can also explain the other discrepancies on the loan - inaccurate information etc. The BOQ bank manager approved it. It was common knowledge that BOQ at the time had poor auditing practices and when identified inconsistencies- no action was taken. Their auditing practices only randomly sampled a few customer clients flies and not all of them. BOQ managers were told before the audit which clients files the audit team were going to look at - hence giving them ample time to "fix" those ones up for the audit day.

  • doyla66
    doyla66 Sunday, 26 January 2014

    BOQ bank managers were similiar to brokers model - they received a commision on each loan and a book trail etc. The BOQ bank manager directly profited from the loans he could write and approve.

  • doyla66
    doyla66 Wednesday, 29 January 2014

    Also read the comments from brokers on Widespread misconduct accusation untrue: MFAA story. It has quite a few accusations against BOQ for dodgy lending practices from brokers.

  • doyla66
    doyla66 Wednesday, 29 January 2014

    Lost documents after signing ! Asked to resign with inaccurate information?? When customer refused and pointed out inaccurate information - BOQ refused to resend information again with corrections - then claimed to have found lost file... Interesting..!!

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