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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 - a horrendous and continuing ordeal with Suncorp-Metway Bank.

Posted by on in ROYAL COMMISSION URGENT
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I have listed a very short version of our horrendous and continuing ordeal with Suncorp-Metway Bank.  

My father owned ten properties by the end of 2005. He had $66,000.00 cash in the bank and a mortgage of $385,000.00.

From November 2006 to October 2007 Suncorp-Metways,  Mobile-Banking-Lender-of–the- Year, Brendon M. wrote five Loan Applications Forms for my father totalling $2.63M, to be repaid over the next thirty years. The absurdity of it all is my father was old and frail and at seventy six years of age, he did not have any real income and none is listed on the LAF.

Suncorp-Metway, through their agent Brendon M., has targeted my father as an ARIP, selling him Bank products he obviously could not afford with the intention of Brendon M. gaining commissions on those sales and Suncorp-Metway to eventually strip my father of his hard earned assets.

All my father’s accounts are with Suncorp-Metway and so there is no reason that Suncorp-Metway can say they were unaware of his true financial status. He even bought into Suncorp-Metway financial planning services to provide an income from shares and we all know how well these performed through the Global Financial Crisis,...... he only went backwards so he quickly sold at a loss to preserve what he had left of his hard earned investment..

By the end of 2007s house into order and Suncorp-Metway Bank naturally does not want to help.

We have had to sell down his properties to honour his legal commitment and it is such an eye opening experience to see the Banks that we once trusted as hallmarks of propriety reduced to scurrilous little dens of rats running around stealing whatever they can to service their greedy little egos at the expense of honest hard working men and women who have built this country.

I am disgusted with what I have found in trying to deal with this situation whilst at the same time caring for my parents as they reach the terms of their natural lives. The Financial Ombudsman Service appears to be hamstrung in delivering equitable and responsible decisions because ASIC is also owned by the Banks. 

Brett M.

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Guest Thursday, 24 September 2020