{"id":1664,"date":"2019-02-25T11:24:01","date_gmt":"2019-02-25T11:24:01","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=1664"},"modified":"2019-02-25T11:24:01","modified_gmt":"2019-02-25T11:24:01","slug":"labor-restores-fairness-with-640-million-banking-fairness-fund","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2019\/02\/25\/labor-restores-fairness-with-640-million-banking-fairness-fund\/","title":{"rendered":"LABOR RESTORES FAIRNESS WITH $640 MILLION BANKING FAIRNESS FUND"},"content":{"rendered":"<p>Labor will give bank victims a fairer chance to fight for their rights with a\u00a0<strong>$640 million Banking Fairness Fund<\/strong>.<br \/>\nThe fund will raise\u00a0<strong>$160m per year<\/strong>\u00a0from Australia\u2019s biggest banks to revolutionise the services available to Australians in financial difficulty \u2013 a key recommendation from the Royal Commission.<br \/>\nLabor fought for the Banking Royal Commission \u2013 unlike Scott Morrison and the Liberals who voted against the Royal Commission 26 times, called it a \u201cpopulist whinge\u201d and refused to give parliament more time to implement the recommendations.<br \/>\nLabor will\u00a0<strong>double the number of financial counsellors<\/strong>\u00a0across Australia from\u00a0<strong>500 to 1000<\/strong>with a\u00a0<strong>$320 million\u00a0<\/strong>commitment from the Banking Fairness Fund over the next 4 years.<br \/>\nThese new financial counsellors will provide advocacy, support and advice to an additional\u00a0<strong>125,000 Australians<\/strong>\u00a0<strong>each year<\/strong>.<br \/>\nThese\u00a0<strong>500 new financial counsellors\u00a0<\/strong>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.<br \/>\nCommissioner Hayne recommended that Australia\u2019s hardworking financial counselling sector should be given \u201cpredictable and stable funding\u201d.\u00a0 Commissioner Hayne noted in his final report that \u201ctheir services, like financial services, are a necessity to the community\u201d, but that the sector currently \u201c<strong>struggles to meet demand, which is increasing<\/strong>\u201d.<br \/>\nFinancial counsellors provide invaluable assistance, free of charge, to Australians who find themselves in disputes with their banks and other financial service providers.<br \/>\nA stronger, larger financial counselling sector is just one part of\u00a0<strong>Labor\u2019s plan to restore fairness to financial services<\/strong>.<br \/>\nLabor will make further announcements about the other programs that will be funded by the Banking Fairness Fund over coming days.<br \/>\nLabor 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Labor will give bank victims a fairer chance to fight for their rights with a\u00a0$640 million Banking Fairness Fund. The fund will raise\u00a0$160m per year\u00a0from Australia\u2019s biggest banks to revolutionise the services available to Australians in financial difficulty \u2013 a key recommendation from the Royal Commission. Labor fought for the Banking Royal Commission \u2013 unlike &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2019\/02\/25\/labor-restores-fairness-with-640-million-banking-fairness-fund\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;LABOR RESTORES FAIRNESS WITH $640 MILLION BANKING FAIRNESS FUND&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1664","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1664"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1664\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1664"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}