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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: Prime Minister had ASIC been doing their job protecting people, our savings would not have been stolen

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Dear Mr Prime Minister

We are writing to you regarding the collapse of Sterling New Life in a failed Ponzi scheme. The perpetrators of this scheme have stolen $28.6 million from elderly pensioners in WA, Vic and Qld through no fault of their own .

 

If ASIC “the peoples watchdog’’ were doing the job they get paid to do this wouldn’t have happened .ASIC were well aware as far back as 2015 that there was something amiss with SNL and its dodgy directors .

 

Nothing was done about it even though cabinet has a monthly meeting with ASIC to discuss these matters. This is a gross misconduct of the elected government especially as our now PM was treasurer at the time to allow this company to continue along on their merry way ripping of people to the tune of millions of dollars for their own gain . There should be a Royal Commission into the workings of ASIC as they are a ‘’toothless tiger’’ and aren’t worth the money they are paid.

 

I see in this mornings paper Mr. Clive Palmer intends to repay the $66 million Dollars of taxpayers money he used in the last election .Perhaps he can be made to hurry this up and it would more than cover the loss of us pensioners money due the to insipid ASIC not doing their job properly .

 

My wife and I have lost our entire savings to this company and if it wasn’t for our children and their financial help we wouldn’t be able to cope , we are lucky in this respect but not all of the pensioners concerned have this luxury and many of them are suffering ill health and in some cases , death. We all face an uncertain future as to where we are going to live and how we are going to survive .

 

Having already written letters to ,

Mr. Shipton

Mr. Frydenberg

PM Mr. Morrison

 

With no reply from any of them , maybe they are only interested in (to use a phrase from the last election)looking after the TOP END OF TOWN and not the elderly , in this case , once again by the sheer failure of ASIC.

 

In signing off we urge you to make this redemption with utmost urgency to us ‘’ripped off’’ pensioners.

 

Yours Sincerely
G & S S

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Guest Thursday, 12 December 2019