BENDIGO and Adelaide Bank is awaiting further detail on a $640 million fund federal Labor has pledged to establish to help victims of banking misconduct if the party is elected.
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A spokesperson for the bank said they were reviewing what had so far been announced about the Banking Fairness Fund.
"But, as we have always stated, ensuring positive consumer outcomes and consumer choice are paramount for any industry initiative," they said.
Labor has promised further announcements about the fund, which would raise $160 million a year from Australia's biggest banks, 'over coming days'.
Monday's announcement included funding for 500 new financial counsellors, effectively doubling the existing workforce in four years.
The $320 million financial counselling initiative would provide greater access to advocacy, support and advice for people in financial difficulty.
Labor said the idea was in line with the financial services royal commission's recommendations.
In his report, Commissioner Kenneth Hayne acknowledged the importance of financial counselling services and the struggle to meet rising demand.
"I offer no views about the most appropriate sources, level or mix of funding," he wrote.
"However, the desirability of predictable and stable funding for the legal assistance sector and financial counselling services is clear and how this may best be delivered is worthy of careful consideration"
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Emma D'Agostino
Covering general news and Bendigo council.
Covering general news and Bendigo council.
