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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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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: IOSCO/ASIC Chief Medcraft spends $1 million on EXCUSES for CBA debacle and Bankers Fraud and Forgery

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Greg Medcraft really doesn't get it?  Or is he a corrupted and captured prisoner of the banking system?  Tens of thousands of Australians have lost their life savings and/or their homes in dodgy financial products and services from sellers acting as AGENTS OF THE BANKERS. The sellers were given an 8 day rinky-dink course and then told "you are now advisers".....find some clients (practice on your parents first) and then the bank will give you whopping commissions for bringing in new fodder for the banker cannons.  Medcraft, D'Aloisio and Lucy oversaw this tragic time in the history of banking.  The watched evil greed driven bankers go after older persons who had worked all their lives for a few pennies in the bank and a home.  The Asset Rich Income Poor ("ARIP's")were named by bankers in 2004 as the obvious "target."  "Target Older Persons" the internal emails to brokers and planners suggested.

Clive Palmer decides to help the Government water down banking and financial product control.  Yet the Senators running the recent Inquiry into ASIC's abysmal performance under Medcraft's watch recommended a Royal Commission into CBA.  BFCSA Members say RC into all Major Banks and also other lenders who were indulging and profiting from mass fraud and forgery, but that's only a matter of time.  Dumb APRA and Treasury believe the Banker Engineers are a great bunch of guys (and one woman).

Why were the targets designated as Older Persons?  Answer: Theses people had assets and their credit rating was A1.  Bankers wanted to grab every asset they could lay their hands on and then cover up these crimes with "buffer monies" to suggest there was no "defaulting loans" and intentionally MASK the grotesque issue of "unaffordability."

BANKERS are given a GET OUT OF JAIL FREE CARD immunity from prosecution when developing fraudulent LIAR LOAN products.

At the end of the day - and the scam continues with no end in sight the Bankers were and are the ENGINEERS of these ghastly products that rob people of their financial freedom.  The Banker Plan was to form a Cartel so bad practice becomes "the norm" and systemic.  The Plan from day one around early 90's was to have a team of sales people who did not understand "futuristic incomes" were banned in Australia.  The sellers were given a bank program which contained an online calculator and the bank calculator fudged everyone's income by 500% to "pump up the volume," as evidenced by the internal emails from the Major Banks.  Bank CEO's with Order of Australia Gongs attached started jumping ship with fat bonuses by 2005.

Retirees lost billions of dollars in life savings and superannuation by bad advice in SMSF strategies - peddled by the banks and their "8 day trained expert sales persons, touted as advisers by Medcraft."  Yes folks.  Medcraft permitted the use of "advisers"  in advertising material knowing this was a travesty of justice and blatantly hiding the truth from consumers.

Pensioners lost their homes by being sold bank strategies via bank agents forcing Colin Neave in 2001 to declare as Ombudsman Policy that the Broker was the Agent of the Bank because the banks never spoke to the customer.  Yet even this fact was hidden from consumers by the Bank Masters who funded the Ombudsman's services to mishandle the complaints.

Our older citizens were the target of these heinous crimes.  BFCSA is the only group in the world that started to teach all bank clients to demand the copy of their Loan Application Form.  The evidence of fraud and forgery and maladministration in Lending is rife in at least 8 countries we know of.  All Banks were doing the same thing, yet our Government is pretending ours are clean and they refuse to clean up the mess.  These loans are still on sale and known as LOW DOCS.  There is also a high level of staff turn-over judging by the ads for more people to become "advisers."  Its a scam and a sham and shameful.

NOW if you can stomach this YOU CAN READ MORE of MEDCRAFT'S BLEATINGS OF INNOCENCE and the fact he admits spending $1 million on preparing crappy excuses in reams of documentation for the Senate Inquiry.  BFCSA submissions and additional documents were donated freely, plus the 300 submissions sent in by our members.  No such $1 million budget for us to prepare the hard evidence of Banking Criminal Activity.

"A Royal Commission is not necessary" according to Federal Treasurer Joe Hockey and Minister for Finance Senator Mathias Cormann deny any need to hold one in the future. Just continue the denial fellas, keep sending up cigar smoke-signals and we will continue to explain the truth.

Finance battle of ‘greed vs fear’


The corporate watchdog has defended its policing of the financial industry.

Australia’s corporate watchdog says policing the finance industry is a battle of fear versus greed, as it responds to a critical report into its handling of dishonest activity by Commonwealth Bank financial advisers.

But the Australian Securities and Investments Commission (ASIC) has not endorsed a call for a royal commission into the bank scandal, with ASIC chairman Greg Medcraft questioning whether the money for such an inquiry could be better spent.

A senate committee report has called for a royal commission to investigate the Commonwealth Bank’s financial planning arm after fraudulent activity by advisers caused thousands of investors to lose their savings.

Unethical dealings by advisers between 2006 and 2010, including forging client signatures and acting without client authority, were brought to ASIC’s attention by whistleblowers but the regulator took more than a year to act.

The report found ASIC seemed to miss or ignore signs of corporate wrongdoing and was a “timid, hesitant regulator”.

The senate committee also investigated predatory lending practices by brokers and financial advisers in Australia between 2002 and 2010, and found shortcomings in ASIC’s ability to warn consumers of risks.

Mr Medcraft today said ASIC had made changes to its processes as a result of the committee investigation but defended his organisation, saying it did what it could with its current resources

“Our job is to do the best with the resources and powers we have,” he said.

“We have 30 staff looking to monitor over 40,000 financial planners.

“We need, at the end of the day, for consumers to take care when they’re dealing with a financial planner and secondly we need those that are licensees to make sure that they supervise the financial planners that come under them.”

Mr Medcraft said he was not afraid to take on big financial institutions in cases of wrongdoing but pointed to a need for heftier penalties to frighten businesses into complying with the law.

“As a former investment banker unfortunately it’s fear versus greed and if you’re going to have an effective financial system you’ve got to make it very clear to those that breach the law … that the penalties will be absolutely severe and that we will pursue them,” he said.

“The more that you can lift the fear, suppress the greed, you end up with a stronger financial system.”

Mr Medcraft said current civil penalties were inadequate, with most not indexed to inflation and “20 years old”.

He said establishing a royal commission was a matter for the federal government but, asked if resources for a commission could be better spent augmenting ASIC, he said: “that’s a very good question.

“We’ve already spent nearly a million in resources on this senate inquiry,” he said.

ASIC is currently facing a 12 per cent reduction in its staff and its budget as a result of cuts in the federal budget.

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Guest Sunday, 17 January 2021