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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.
We will double the number of financial counsellors across Australia from 500 to 1000 with a $320 million commitment from Labor's new 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.
These 500 new financial counsellors will be able to assist Australians to pursue fair compensation through the Australian Financial Complaints Authority under significantly increased compensation caps announced by Labor last week.
Financial counsellors provide invaluable assistance, free of charge, to Australians who find themselves in disputes with their banks and other financial service providers.
A stronger, larger financial counselling sector is just one part of Labor’s plan to restore fairness to financial services.
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.