BFCSA Blog

Every case of FRAUD BY LENDERS must be investigated.  The Australian Securities and Investment Commission ("ASIC") cannot be permitted to just pick and choose and then not investigate any LENDERS. That in its self is a crime.  ASIC has acted like its own brand of mafiosi.   FRAUD BY BANK MANAGERS RUNNING AT 36% of all loans surveyed by BFCSA.  There has to be an immediate response by The Australian Federal Government as to why FRAUD in lending is systemic and why they tolerate ASIC's systemic untruths. If we commit fraud on a document we the people,  would be tried in criminal court and sent to jail.  If the Banks/Lenders commit a $57 Billion FRAUD, two bank porters crack their knuckles whilst ASIC pay a visit for a free lunch!!!!  Australia needs to prepare for more revelations about our own simple brand of SUB PRIME CRISIS - playing NOW at a BANK...

My files are FULL of evidence from people with legitimate claims of Maladministration in Lending amongst the Major Banks - registered as FOS members.  No-one better tell our members there is not a problem in Australia.  At least BFCSA was on the money when it told all members to demand the FAXED copy of the Loan Application form.  A key INDICATOR OF FRAUD IN THE BANKING sector materialised when NAB WESTPAC, ANZ and CBA started to SHRED DOCUMENTS.  Yet the Australian Securities and Investment Commission bleated to Federal Parliament they could find no evidence of fraud!"  Corrupt or incompetent?  YOU be the judge. ASIC hands out licences to FOS and COSL: the External "Dispute" Resolution Services (EDR's), controlled and funded by Banks.  ASIC therefore say "we do not investigate consumer complaints!"  No-one does.  Fraud is being treated as a "dispute" and the fraud is supposed to be investigated by the lazy...