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.
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.
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...