“Financial and emotional devastation”: Farmers speak up about bank repossession tactics
Dozens of devastated farmers have laid bare their anguish after their properties were repossessed through alleged misconduct.
Australia’s corporate regulator failed to investigate claims about the tactics being used by banks to repossess farmers’ properties, a parliamentary inquiry will be told.
In a joint submission, dozens of devastated farmers have laid bare their anguish after their properties, many of which had been in their families for generations, were repossessed through alleged misconduct.
A Senate committee hearing will on Wednesday examine the Australian Securities and Investments Commission’s (ASIC) capacity to investigate and take enforcement action.
The farmers reported the “financial and emotional devastation” and in some cases, people taking their own life.
They will tell the inquiry ASIC failed to properly investigate complaints or consider the systemic nature of complaints.
The group says Australian banks have used predatory lending or asset-based lending.
“Some of Australia’s biggest banks … established an ecosystem in the financial sector where farm properties are repossessed using liquidators and big law firms, and farmers are left with no money to purse their cases through the courts having no funds for legal representation,” they said in a submission.
The farmers request the parliamentary inquiry directs ASIC to review their complaints.
ASIC has also come under fire from all sides of politics after it was accused of obstructing parliamentary investigations.
The regulator made public interest immunity claims in response to some of the questions asked by the Senate committee, arguing the disclosure might harm its investigations, damage the reputations of people involved, and prejudice future prosecutions.
The committee has rejected most of those claims.
A report will be handed down by June next year.
This article was first published by AAP.
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