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.<\/p>\n
The Australian Financial Complaints Authority will now allow aggrieved farmers seek redress from the banks for incidents stretching back to 1 January 2008.<\/p>\n
Normally the right to seek redress would end after six years.<\/p>\n
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.<\/p>\n
\u201cI urge all farmers who\u2019ve been wronged by banks since 1 January 2008 to contact the Australian Financial Complains Authority,\u201d Minister Littleproud said.<\/p>\n
\u201cThere\u2019s nothing worse than the little guy being pushed around by the big end of town.<\/p>\n
\u201cThis is a rare opportunity to seek some sort of justice for incidents which occurred between 2008 and 2012, which banks probably thought they\u2019d gotten away with, and farmers have got 12 months to lodge those complaints.<\/p>\n
\u201cI know many farmers are exhausted from their interactions with banks but I hope those who\u2019ve had wrong done to them find the energy to lodge a complaint with the AFPA and get some justice.\u201d<\/p>\n
The maximum compensation farmers are able to be seek through ACFA is $2 million.<\/p>\n