BFCSA's Denise Brailey Petitions FSI Chair

Post date: 12-Sep-2014 10:38:12

The Leader and Co-ordinator of the Banking and Finance Consumer Support Association (BFCSA) of Australia has petitioned the Financial Systems Inquiry Chair, Mr David Murray, to recommend a Royal Commission into key areas of Australia's finance industry.

An Australian Royal Commission is a government authorised and sanctioned inquiry with allocated terms of reference that will encircle an area of great public concern or controversy. It is chaired by a government appointed official that already commands respect and authority in the field of concern. That position is often appointed to a retired judge. The Royal

Commission has powers that exceed those of the courts to investigate circumstances, people and behaviour in a process designed to produce recommendations for change and corrective action that could well embrace compensation and restitution programs if appropriate.

It is already abundantly clear that Australian authorities are NOT paying the LMIM debacle a level of attention that is likely to result in a recovery program for robbed investors. Recent Australian banking news suggests that the LM $750m ponzi scheme is a small part of a rampant, uncontained fraud and corruption culture endemic in the Australian Finance Industry. ASIC, the body entrusted with regulation command and control has failed in the most fundamental terms. LM Investors must band with other Australian consumer rights movements to effect the investigation that civilised 21st century society across the world not only expects but demands from elected governments and their appointed authorities in such situations.

If you haven't already signed Denise Brailey's petition requesting Mr David Murray as part of the Australian Financial Systems Inquiry recommends a Royal Commission into the Australian Finance Industry LMIVC encourage you to do so now. Please add 'Robbed by the LMIM scam' where the petition asks why this is important to you. Click here to go to the petition.