Calls grow for banks to fund legal aid in cases of customer disputes


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A push to get banks to fund legal aid for banking disputes is gaining momentum, as Coalition MPs listen to the pleas of victims of financial misconduct in the wake of a scathing interim report from the banking royal commission.


Customers have struggled to match the legal power of the big banks, while consumer action law centres are turning away thousands of cases each year. The Commonwealth funding agreement for consumer law centres prohibits them from acting for small businesses or sole traders, including many farmers, and limits them to acting on behalf of individuals.


Michael Sanderson has been lobbying for bank-funded legal aid: This really needs to happen at the top of the cliff.

Michael Sanderson has been lobbying for bank-funded legal aid: “This really needs to happen at the top of the cliff.”


Photo: Alex Ellinghausen

Frustrated with the mediation service of the Financial Ombudsman, the Bank Reform Now Advisory Panel, a victim lobby group, has called for a legal aid service that would advocate on behalf of victims who allege they have been mistreated by financial services firms.


Legal aid is generally only available to individuals in criminal cases, while the majority of litigation involving banks are civil proceedings, leaving victims with the underfunded consumer action law centres as one of the few cost-effective avenues of legal advice outside of the dispute resolution mechanism of the ombudsman.


Michael Sanderson, who represents the 13,000 members of the Bank Reform Now Advisory Panel, said financial service victims need timely and affordable access to redress through a separate bank-funded legal aid scheme.


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