ANZ starts Storm resolution scheme
Law firm Slater & Gordon has welcomed the start of the ANZ Storm resolution scheme following discussions with the bank over the last 12 months.
The scheme will apply to more than 100 investors and Slater & Gordon lawyer Damian Scattini said this was another important step forward in winning compensation for the clients of failed financial planning firm, Storm Financial.
As part of the resolution scheme agreement, ANZ has agreed to waive any interest accruing on relevant loans held by those participating in the scheme, while financial support for legal costs as well as a customer advocate will be provided for.
Scattini said claims would be assessed on their merits taking into account the appropriateness of the bank’s lending decisions and the capacity of the clients to service the loans.
“ANZ is prepared to sit down with its customers to resolve fair and reasonable outcomes for its customers,” he said. “This is a welcome development as we will assist our clients to engage with the scheme and represent their interests.”
AUTHOR
Caroline Munro
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