I Think I Was Treated Unfairly By The Bank!


Do you have a complaint about the conduct of your bank/financial institution which occurred after 1 January 2008, leaving you out of pocket?


Have you been meaning to do something about it but never quite got around to it? You decided it would just take too much effort and you’re probably too late?


If I told you it may not be too late and with a little bit of exploring, you might be able to do something about it… would you be interested?


Last year, the Australian Financial Complaints Authority (‘AFCA’) amended its rules to allow AFCA to accept certain conduct complaints which occurred after 1 January 2008 known as legacy complaints.


An eligible person or entity can make a legacy complaint to AFCA against a member of AFCA provided the complaint is not in relation to a decision that has been made by a court/tribunal or in relation to a complaint which has already been made under a predecessor scheme.


Unlike court or tribunal decisions, the decision by AFCA is not based solely on the law and legal principles, it also takes into account an element of fairness.  AFCA will take into account the law at the time of the conduct versus current laws and standards and try to reach a ‘fair’ outcome that recognises the interpretation of the law has changed over time.


The expectation is the complainant will provide sufficient documents to support the complaint.  If the complainant is unable to provide documentary evidence, AFCA will try to reach a conclusion based on the weight of information available.


The fact AFCA’s approach to the resolution of the complaint has a ‘fairness’ element to it means complaints that would have been dismissed in the past may now have the opportunity of being heard, possibly achieving a positive outcome for the complainant.


Depending on the type of claim filed, compensation varies and can be generous.  Complaints must be made before 30 June 2020.


If you feel like you’ve been ‘hard done’ by your bank/financial institution and want to explore the possibility of being compensated for your losses, contact one of our experienced solicitors to discuss your options.


Contact one of our friendly staff at Bambrick Legal today:



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