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What BFCSA Does...

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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Senate Inquiry Report 31st October - get your letters in now - tell them what YOU want.

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Thankyou to Denise and all BFCSA members, workers, staff, committee, friends and supporters around the world!

A special thankyou to Denise for her assistance and ideas in this post. She is one very special person.


It's time for a "big push" to get our voices heard in Canberra :)


The Australian Senate Inquiry into Post GFC Banking is due to issue a report on 31st October (less than three weeks away).

The report will be a public document viewable on the Senate website.

Now is a very good time to lobby politicians from the hearings if you want changes made as they will be discussing and preparing the report over the next few days/weeks: Please pass the word on to everyone you know.

A non-partisan solution (minus the politics) is needed. Please encourage the Senators to continue to work together on the problem.

The Senate Committee members have seen and heard a large body of evidence.

They have also heard and seen so much more in the lives of their own constituents over many years.

All sides of politics know there has been and still is a real problem in the banks. This is not the first time they've seen corruption in the banking and financial sectors.

Senators have been doing a thorough job behind the scenes as well: checking the details on evidence and discussing possible solutions with stakeholders and constituents. Information has been flowing in from all over the country as Australian are taking this Senate Inquiry into Banking more seriously and placing their trust for a good outcome in the hands of the Committee and the parliament.

A special thankyou must go to Senator John Williams (NSW) for his efforts: he initiated the Senate Inquiry, he asked the hard questions and he is very clear about his commitment to a healthy corruption-free financial sector.

Of particular concern are the Banking and Receivership Industries - it looks like there may have been a cover up by some in these industries.

Those who have been involved in illegal or corrupt practices and cover ups must be brought to justice and compensation paid if necessary.

Policies of enforcement and supervision also need to be made as clearly the system isn’t working.

There are many and varied problems in the present system which have have been evolving over a very long time. Those who deny this have not been studying the evidence with an open mind.

BFCSA do not want another Inquiryenough is enough – we need a ROYAL COMMISSION and if for no other reason that it has been decades since the last one and we are long overdue.

I believe there should be a Panel of Review made available for all decisions (past and present) made by EDR’s. 

We the people should never allow a situation where one persons findings are accepted as “case closed!”   

ASIC licences the EDRs and ordered a single person’s decision to be final. Therefore cases cannot be reopened even in light of new evidence that the banks had maliciously refused to hand over.  This is completely unacceptable to me, and I'm sure to all of us. It is unjust and unAustralian.

The Banking system needs to be transparent, honest and fair, and act for the benefit of all stakeholders.

Under the current system this is not the case and this is not good for the Australian Economy.  

The witnesses to the Senate Inquiry have demonstrated how corrupt this section of the finance system was and I hope changes can be made to fix things.

I hope all parties can support constructive changes now and I urge politicians to consider the issues raised here and take action as needed.

I urge the Senate to Recommend:

1. A full Royal Commission be held with conditions to assist that all victims of Banker Scams are in line to receive compensation, should the scam be exposed.

2. That the recommended Royal Commission enjoy the broadest Terms of Reference.

3. The setting up of a Federal Tribunal to adjudicate on any recommendation made by FOS and COSL, In the interests of effective consumer protection, the Tribunal should consist of three persons, two of whom will be lawyers appointed by BFCSA (Inc), simply to instill trust in the process.

4. Recommendation that there be NO LIMITS as to compensation to be paid by the banks, if found liable for loss by the Tribunal as an effective deterrent against imprudent lending, maladministration in lending, asset lending, unconscionable conduct, misleading and deceptive conduct.

5. The abolishment of the bank engineered broker channel, in order to protect consumers from predatory banking activity whereby lenders continue to use the Broker Model as a blatant attempt to avoid liability.

6. The abolishment of Low Doc/No Doc Lending.  These products have been identified as a deliberate attempt by banks to create Permanent Debt Streams.


The Contact Details for the Economics Reference Committee:

Mr Tim Bryant
Senate Economics Committees
PO Box 6100
Parliament House
Canberra ACT 2600

Phone         (02) 6227 3540

Fax             (02) 6227 5719

Email          This email address is being protected from spambots. You need JavaScript enabled to view it.

Senator Bushby (Chair), Senator Bishop (Deputy Chair) and Senators Cameron, Eggleston, Williams and Xenophon

Participating members
Senators Abetz, Back, Bernardi, Bilyk, Birmingham, Boswell, Boyce, Brandis, Brown, Cash, Colbeck, Cormann, Crossin, Di Natale, Edwards, Eggleston, Faulkner, Fawcett, Fierravanti-Wells, Fifield, Fisher, Furner, Hanson-Young, Heffernan, Humphries, Gallacher, Johnston, Joyce, Kroger, Ludlam, Macdonald, Madigan, Marshall, Mason, McEwen, McKenzie, Milne, Moore, Nash, Parry, Payne, Polley, Pratt, Rhiannon, Ronaldson, Ryan, Scullion, Siewert, Singh, Smith, Stephens, Sterle, Thistlethwaite, Thorp, Urquhart, Waters, Whish-Wilson and Wright

Contact details available at:


What do you want to see changed, eliminated, improved or just done differently in our Banking and Finance Industry?

Every BFCSA member has a banking or lending story to tell.

Every BFCSA member also has an opinion on one or a combination of the following, based on their own experience and that of their friends:

  • the illegal practices of banks and non-bank lenders
  • the actions taken by banks and non-bank lenders to deny borrowers natural justice
  • the failure of the regulators to properly monitor the industry
  • the problem in the existing system of complaints handling
  • the difficulties in getting a fair hearing from the judiciary
  • the unfairness of our bankruptcy proceedings
  • the excessive fees charged by liquidators
  • the lack of an integrated approach to reports of bank fraud

.... and many more.

Just a few things to consider ....

BFCSA now has:

  • Over 800 members
  • Almost 1000 examples of fraud lending and other forms of financial service provider misconduct
  • Over 4000 items of evidence demonstrating that what we have said is the truth
  • One small office with voluntary and some paid assistance - supported by donations from BFCSA members and friends (thankyou!)

My personal wish is for suitable funding for BFCSA to be able to continue their vital work without restrictions.

I would also like to see the consideration of the need for a Special Unit to co-ordinate community based, timely and appropriate support to 'victims' of financial collapse to ensure their safety and well-being and to mobilise other forms of support for those in need. If we can do this on an as needed basis for flood victims we can do this even more easily for financial victims.


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  • doyla66
    doyla66 Friday, 12 October 2012

    Lisa this is a well informed written piece, hopefully the Senators and all Politicians are reading these blogs.

  • doyla66
    doyla66 Saturday, 13 October 2012

    I hope they are too, Honesty.
    Our Senators and other politicians have a unique opportunity to get a feel for the borrowers' situation while getting a thorough education on the realities of their policies at the coal face. If they can't handle this reality then they should look for an easier job. Politics is a tough business especially when your constituents tell you the truth and expect you to take a stand for the just, fair and honest rights of ordinary Australian humans beings. I hope our elected representatives are up to the challenge of assisting Australian borrowers and the BFCSA now by doing the right thing.


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