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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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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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   NOTES TO INTRODUCTION TO PARLIAMENT by Denise Brailey 20th February 2014   Regulatory neglect has caused financial losses for ordinary citizens from a recorded $1.5 billion in 2001, to $80 billion by 2007 and today, those figures have risen yet again.   In 2013 The Chairman asked that I meet with his Commissioner. I advised the lawyer I was preparing to lightly redact some copies of 2000 emails I had received. The internal emails were written by Bank Officers known as BDM’s, and sent to all brokers. BDM’s were offering to write up applications to save time. I prepared 200 for ASIC and presented them to the Commissioner.   There are six emails and letter of instructions between ASIC and me. ASIC main focus was stated as “the emails” not the Loan Application Forms. ASIC had many copies of LAFs. I had loaded many of the LAFs onto my website...
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  • doyla66
    doyla66 says #
    ASIC "admit they have been “monitoring” most of the details provided by RECA and BFCSA since 1998".. this is shocking how much the
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After dealing with FOS and ASIC I am beginning to understand how a gang rape victim feels. Neither wants to see anything.....and protect the banks You agreed to a meeting with the banksters You must have encouraged them in some way You have done this before - borrow money You shared personal information with them because they asked for it You must have misunderstood their signals They misunderstood your signals You are old enough to know what this means - never been defrauded before so not experienced. "No" doesn't really mean "no" You might have been interested so we pursued you anyway You didn't report it till now (What do you mean you were too embarrassed at the time?) Don't worry about the banks, we are going to look into your past - we are investigating the borrowers Banks are not silly - they don't admit anything - so we cannot investigate them You have...
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  • doyla66
    doyla66 says #
    Well said, Ed. We're victims of crime and misconduct: not just fraud but also abuse, as we're revealing uncomfortable truths about
  • doyla66
    doyla66 says #
    Yes Ed you are right with all your points heard many of these myself. My favourite was Nab cannot locate the original rejected lo
  • doyla66
    doyla66 says #
    That's exactly what it feels like. We the innocent have to prove our innocence. We didn't put all this bull#hit on the laf's, the
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Some of these Managed Investment Scams would have had what appeared to be the ASIC seal of approval: AFSL or Australian Financial Services Licence.  Some had staff with ASIC approved qualifications as well e.g. RG46. Yes, I've dealt with one of those qualified slick investment salesmen - they were still slick salesmen, nothing changed with the training. Some Financial Planners may have had licences, although the ABC program said they didn't. ASIC tells consumers to look for the AFSL, which implies that these companies are better than the others without the ASIC qualification. All these licences should mean there's an insurance cover or a representative body with insurance for mistakes made by the holders. But are these insurances sufficient to cover the losses? Are they like the FOS situation, limited on payouts? This whole area of financial consumer protection needs a really good going through so in future consumers (and financial...
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