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Home > Country profiles > Australia > Articles > Article detail

Australia Is Creating a Compensation Fund for People Defrauded by Bad Finance Advice

Thursday, 8th February 2019

"...Almost 300 people stand to receive 30 million Australian dollars ($22 million) from the fund, the government said.

“For there to be confidence in the financial system’s dispute resolution framework, it is important that where consumers and small businesses have suffered detriment due to failures by financial firms to meet their obligations, compensation that is awarded is actually paid,” Treasurer Josh Frydenberg said in a statement.

The government has also agreed to create a national system for farm debt mediation to help struggling farmers meet their debt repayments...."

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Language: English
Contact: Rob McGuirk

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