Farmers can seek compensation from banks for matters stretching back 10 years
5 February 2019
Minister for Agriculture David Littleproud has urged farmers to take advantage of the extra period for which they can seek compensation for incidents where they believe banks wronged them.
The Australian Financial Complaints Authority will now allow aggrieved farmers to seek redress from the banks for incidents stretching back to 1 January 2008. Normally the right to seek redress would end after six years.
The window to make such complaints and seek redress will be open for the next 12 months. After that, the usual six-year expiry period will resume.
"I urge all farmers who've been wronged by banks since 1 January 2008 to contact the Australian Financial Complaints Authority," Minister Littleproud said.
"There's nothing worse than the little guy being pushed around by the big end of town.
"This is a rare opportunity to seek some sort of justice for incidents which occurred between 2008 and 2012 – which banks probably thought they'd gotten away with, and farmers have got 12 months to lodge those complaints.
"I know many farmers are exhausted from their interactions with banks but I hope those who've had wrong done to them find the energy to lodge a complaint with the AFCA and get some justice."
The maximum compensation farmers are able to be seek through AFCA is $2 million.
For more information see afca.org.au/