What’s the remediation system?
In its 2019 Annual Report, the Banking Code Compliance Committee (BCCC) publicly called Bendigo and Adelaide Bank (BEN) for serious and systemic breaches associated with the 2013 Code of Banking Practice (2013 Code). The breaches relate with clients within BENвЂ™s Great Southern loan profile.
Relating to the BCCCвЂ™s findings, BEN has announced it has commenced a course to remediate breaches for the 2013 Code therefore the ACCC/ASIC Debt Collection tips pertaining to some borrowers inside the Great Southern loan portfolio.
This particular fact sheet provides information regarding AFCAвЂ™s role in terms of the remediation system.
what’s the Great loan portfolio that is southern?
The fantastic Southern team operated various agricultural managed investment schemes that had been wanted to investors. Investors obtained finance to obtain interests into the schemes from Great Southern Finance or BEN. The different investment that is managed became unprofitable plus the Great Southern group businesses had been liquidated.
BEN holds the liberties regarding the lender underneath the Great Southern loans, either since it ended up being the loan provider or as the loans had been assigned to it by Great Southern Finance.
Exactly what are the Great group that is southern?
This year, investors within the investment that is managed commenced group proceedings into the Supreme Court of Victoria claiming that these people were not essential to pay for the quantities owing underneath the loans.
The Supreme Court of Victoria authorized a settlement deed on 11 2014 to resolve the group proceedings december.