If you are a borrower struggling to meet loan commitments or an investor who has lost money through poor advice, you may have a claim for compensation against the bank or financial institution for failing to assess the suitability of the loan or investment product for your particular circumstances. Speak to our Banking and Finance Disputes law team today.
What Banking and Finance Disputes disputes we deal with?
Our Banking and Finance Disputes team is proficient in all types of disputes over financial services, including:
- Irresponsible and unaffordable loans;
- Unfair “switching fees”;
- Failure to provide an adequate Statement of Advice when giving personal advice;
- Failure to observe “customer best interest obligations” or canvas the customers capacity to deal with financial risk;
- Conflict of interest advice;
- Substitution of financial products or insurance cover resulting in inferior customer benefits;
- Financial advisor performance & conduct issues;
- Misrepresentation re investment future performance – see example;
- Penalty interest demands – see example;
- Re-opening of loan due to unfair terms in loan documentation – see example;
- Mortgagee in possession valuation disputes – see example; and another;
- Disputes over margin loan facility calls;
- Disputes regarding structured financial products and derivatives – see example;
- Insolvency and bankruptcy claims;
- Financial Services Ombudsman submissions.
Our lawyers have experience in this field litigation on behalf of investors, guarantors and borrowers.
AFCA’s service is offered as an alternative to tribunals and courts to resolve complaints consumers and small businesses have with their financial firms. – Australian financial complaints authority
National Credit Act (“NCA”)
The NCA requires financial institutions to observe “customer best interest obligations” and to conduct a customer risk profile sensitivity analysis.
For borrowers, this means lenders and brokers should provide loans only when the customer can meet the repayments without substantial hardship, without selling their home, and the proposed loan meets their requirements and objectives.
For investors, investment organisations and banks must provide a comprehensive Statement of Advice that adequately considers the customer’s financial objectives and risk profile.
Compensation for Borrowers
In recent years, major banks failed to implement systems to meet their NCA obligations in connection with:
Compensation for investors
Financial products – or the banks that promote them – sometimes don’t live up to the promises made. If the fruits of years of your hard work or those of a financial guarantor have been put in peril by misleading advice or bank promotional practices, our lawyers can advise you through the disputation process to bring about a positive outcome.
The Australian Consumer Law, ASIC Act and Corporations Act give consumers and businesses, strong protection when customers have been misinformed and when investment products do not provide the intended results.
Why Choose QLD Business + Property Lawyers for your Banking and Financial Advice Disputes?
The significant advantage for our litigators is that they are part of a comprehensive business law practice which ensures they can rely on the professional experience of others.
Our Banking and Finance Disputes law team help business clients by assisting them through tough circumstances when a dispute arises due to day-to-day operations. Litigation should be a last resort and we will explore other resolution processes using mediation, arbitration, conciliation and other alternative forms of dispute resolution as a means of achieving a faster and cheaper outcome.
Please contact our office to see one of our Banking and Finance Disputes lawyers in our Brisbane office if you need assistance with a banking litigation dispute or to arrange a consultation in one of our branch offices.