Labor Bringing Fairness Back to Banking & Finance
Labor will give bank victims a fairer chance to fight for their rights with a $640 million Banking Fairness Fund. The fund will raise $160m per year from Australia’s biggest banks to revolutionise the services available to Australians in financial difficulty – a key recommendation from the Royal Commission.
Labor will double the number of financial counsellors across Australia from 500 to 1000 with a $320 million commitment from the Banking Fairness Fund over the next 4 years.
These new financial counsellors will provide advocacy, support and advice to an additional 125,000 Australians each year. Federal Member for Longman Susan Lamb MP recognised that after the findings of the Banking Royal Commission, Labor wasn’t going to let the big banks off the hook.
“It’s not fair that regular Aussies from our community have continually been ripped off by the big banks and executives in the financial services sector.”
“Labor is bringing back a fair go for the people of our community by implementing recommendations from the Royal Commission and supporting locals who need financial counselling.”
A stronger, larger financial counselling sector is just one part of Labor’s plan to restore fairness to financial services.
Labor will make further announcements about the other programs that will be funded by the Banking Fairness Fund over coming days. Labor called for the Royal Commission, Labor fought for the Royal Commission, and Labor will work day and night to give victims of financial misconduct the support they need to fight for their rights.