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Rural and regional people speak out on financial services

Rural and regional people speak out on financial services

Yell, megaphone, angry, speak out

The banking royal commission has announced that the next round of hearings will review issues experienced by customers of financial services entities in remote and regional communities, with the list of case studies now revealed.

The fourth round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will focus on issues affecting Australians living in remote and regional communities, including farming finance, natural disaster insurance and Aboriginal and Torres Strait Islander Australians’ interactions with financial services entities.

Hearings will be held at Brisbane Magistrates Court from Monday, 25 June, to Friday, 29 June, and at the Supreme Court of the Northern Territory in Darwin from 2–6 July. The commission will be dealing with the issues of remote finance by reference to the case studies set out below.

Case studies will be heard from the following banks and service providers during the hearings:

Farming finance

  • CBA (Bankwest)
  • Rabobank
  • NAB
  • CBA
  • Bendigo and Adelaide Bank (Rural Bank)
  • ANZ (Landmark)

Natural disaster insurance

  • Youi
  • Suncorp

Of particular concern in this section will be:

  • Tropical Cyclone Debbie in March 2017
  • the hail storm in Broken Hill, NSW in November 2016
  • the bushfires near Wye River (along the Great Ocean Road in Victoria) in December 2015
  • the floods in the NSW Hunter Valley in April 2015

Interactions between Aboriginal and Torres Strait Islander people and financial services

  • Select AFSL, trading as Let’s Insure
  • ACBF Funeral Plans
  • ANZ

During the hearings, evidence will also be given by consumers, who will detail their particular experiences. The entities that are the subject of consumer evidence will be informed by the commission.

Further topics may be included before the hearings commence.

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The commission is also now accepting applications for leave to appear for the fourth round of hearings. Applications must be received by 5.00pm on Friday, 15 June 2018.

Rural and regional people speak out on financial services
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