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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: My Story - FOS and it's limitations ... St George profits from it's maladministration.... and I'm 74

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My Story concerns FOS and its limitations.
They can only assist in a very narrow sense, only arbitrating a position between both parties. 
They only adjudicate additional lending between lender and borrower. 
There is no subpoena of documents, instruction of bank , enforcement of criminal proceedings. 
Borrowers are entrapped into a legally binding Determination which prevents any other actions.
My low doc loan of 2007 with Perpetual/ Macquarie was transferred to St George without my knowledge by a broker who added $26,000 to the loan. He received $6,000 (which I am repaying) and was later charged and discredited by ASIC.
I have been involved with FOS for several years as my Loan Application Form was substantially falsified, unknown to me, and the loan repayments were untenable from the beginning. The Bank NEVER CHECKED WITH ME not even a phone call.
I have persevered with FOS, although they tried to dismiss my claim. I have written many letters, met all their demands, supplied extensive paperwork and filled in many forms only to meet with disappointment. Now I am at the DETERMINATION point.
There is NO APPEAL to the Determination and if accepted is BINDING on both parties.
  • FOS rang me and admitted that there was 'maladministration' as St George should not have accepted the loan.
  • FOS used the term 'imprudent lending' in relation to St George's actions.
  • None of the above was in writing.
  • Also, FOS stated that compensation would be minimal as they only deal with the difference between the two loans.
FOS suggested that I not go to Determination but accept St George's offer of:-
capitalising my arrears into my repayments after a period of on time repayments.
FOS has ignored :- 
  • The fact that the Broker was charged and discredited by ASIC.
  • St George's shortcomings ie. Maladministration and imprudent lending.
  • A letter from a BFCSA Barrister representing me and covering well all the points of law relating to my dispute with St George.                                     
SO.... St George profits from its maladministration and lack of prudence in lending while I make repayments to St George forever.
The Bank should not have accepted the earlier loan and added to it in the first place.
FOS considers that the Bank offer is a 'good offer'. I am seventy-four years old and the Bank's loan should be extinguished.
However, I can still hope for compensation from:-    
                          1. The Senate Inquiry into ASIC.
                           2. The Federal Treasure's inquiry into Finance and Banking.
                           3. Denise's Royal Commission into the above.


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  • doyla66
    doyla66 Friday, 31 January 2014

    What? They admit maladministration and the outcome is they capitalize outstanding interest meaning you get MORE DEBT!!!!!!!!!
    St. George offered that! They are clearly out of touch.
    And FOS tells you to accept because that is a good outcome!!!!!

    Can it get more ridiculous and outrageous than that?
    Are there more such examples? Please BFCSA members. post these up as well, anybody who has had similar experiences. The world needs to know that!!!

  • doyla66
    doyla66 Saturday, 01 February 2014

    Probably they are all such misguided dopes they really believe all that spin re medical technology now so advanced we are all going to live to the ripe old age of 120+ and still be soldiering on working in the fields. Hello all of you in Parliament - where might I ask are all the jobs to make that possible even if that false trail is proven to be correct?

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