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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: Banker Complaint Handling Systems, FOS and the CIO, should be immediately demolished

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THE EXTERNAL DISPUTE RESOLUTION SERVICE system namely FOS and the CIO, are captured by Bankers financially feeding funds into a corrupt banking and finance sector.  The Bankers/Lenders control this system.


THE INTERNAL DISPUTE RESOLUTION system ("IDR") is even more evil with its "Consumer Advocate" nonsense.


 This is the problem "neither complaint handling system is a government department" which is what the people expect the Ombudsman Service to be.


Having a private Company determine if a person has been wronged by the Banks or an Insurance Company when the Banks have to subscribe to the Ombudsman Service and pay them fees when an investigation is conducted is a massive conflict of interest. From a layman's perspective or a person of sound mind this conflict of interest denies natural justice or impartiality to a complainant, to put it bluntly there is no principle of equality of arms for the complainant which is classified as a sub-principle of fairness.


We urgently need a fully funded FEDERAL CONSUMER PROTECTION AGENCY to be established and their first task ought to be to review all the dud Decisions made by the IDRs and EDRs for the past 10 years, to inform the Government and the People how money laden bank institutions ripped off consumers and then by a virtue-less system, robbed them blind a second time around.

Millions of unwary Australians "we the people" would not even be aware that the Financial Ombudsman IS NOT a Government Department funded by the Tax payer. Such an important service must be seen to be impartial, and must be government funded and manned by Public Servants who conduct thorough and impartial investigations on behalf of complainants who have been WRONGED by Financial Institutions operating unethically and even in a criminal capacity which is now common occurrence. A Private Company MUST NOT be lawfully allowed to investigate another Private Company on behalf of a person who has been wronged.


The Financial Ombudsman Service in its current form must be wound up and a brand new consumer driven department of Government be established to protect consumers.  There should also be an inner department set up as a SERIOUS FRAUD OFFICE for investigating and routing out Criminal Cartel behaviour.  


No Bankers and ASICkers and connected "asic gene-pool" should apply or be considered to work there.  So readers of this blog can understand how this complaint handling system become corrupted from day one, here are some details of fact:

A company limited by guarantee.

A company limited by guarantee is a specialised form of public company designed for non-profit organisations. In Australia companies limited by guarantee are subject to the Corporations Act 2001 (Cth) and administered to by the Australian Securities and Investments Commission (ASIC). Like incorporated associations, this legal structure designates an organisation as a separate legal entity. A company limited by guarantee can be sued, legally lease a property, enter into contracts or hold assets in its


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  • Duped
    Duped Friday, 15 April 2016

    A Private Company MUST NOT be lawfully allowed to investigate another Private Company on behalf of a person who has been wronged. Interesting statement this ??
    When FOS and CIO have seconded bank lawyers influencing determinations is a massive conflict of interest and don't we all know that. These two "private companies" are paid by the banks per case and also have their little meetings behind closed doors, no doubt working on ways of how to make cases disappear to the banks likings or favour.
    Those Bulletins nos. 32 and 36 from the Banking Ombudsman Service have conveniently been covered with dust in their vaults so they too are not applied to cases. By ignoring these directives they are acting illegally and deceitfully and if ever questioned on them there is either a non response or they give a page full of conditional crap why they don't apply. The understanding of the directives given are blatantly blunt are not conditional on any circumstance. These directives were made specifically because the Ombudsman seen cases where banks and their bank trained brokers were using fraud on loan appl. forms and if they were to persist in using this method they would suffer the full consequences. FOS and CIO do make their own laws regardless to suit their required bank outcomes and this deceitful criminal act must be bought to the attention of politicians and the future ROYAL COMMISSION.
    Better start reopening cases fellas', looks to me you are all complicit in criminal acts and that means jail. You have been warned.

  • Magie
    Magie Friday, 15 April 2016

    Totally agree with you Duped. I went to FOS with documents obviously changed after signing. FOS would not comment on this fraud on loan application form as "the penalty was the same as for giving a loan that was not affordable. " So if the Ombudsman is not honest we the people have no hope of getting justice. Bring on the Royal Commission.

  • Wayne
    Wayne Friday, 15 April 2016

    Hence why we NEED a Royal Commission, the whole lot of them need to be investigated with a fine tooth combed.

  • organza
    organza Sunday, 17 April 2016

    The will need more than a fine tooth comb to weed out all the nits. More than gallons of kerosene if you ask me.

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