By Growcom CEO David Thomson
Growcom is encouraging growers to seek compensation from banks for matters stretching back 10 years following an extension period sanctioned by the Australian Financial Complaints Authority (AFCA).
Growers who believe banks have wronged them can now seek redress for incidents as far back as 1 January 2008. The right to make these complaints will be open for the next 12 months before the usual six-year expiry period resumes.
We stand by the Minister for Agriculture David Littleproud’s invitation to farmers who believe they have been hard done by to take advantage of this extension period by contacting the AFCA.
If successful in their claims, growers could receive up to a maximum of $2 million when they seek compensation through the AFCA.
We praise the AFCA for this allowance, which represents an impartial and independent measure for farmers to seek some form of justice.
Despite being the agriculture sector’s second largest industry, horticulture remains largely underfunded.
Some growers have been put out by their experience with banks and left feeling unfairly treated by the financial sector.
We welcome the extension period for compensation claims as outlined by the AFCA which presents a rare opportunity for Australian farmers to seek equity for wrongdoings that occurred between 2008-2012.
As we gear up for an impending Federal Election later this year, we will continue to work with the State and Federal governments to ensure horticulture growers receive fair treatment for their businesses.
Farmers can lodge a complaint for compensation with the AFCA via their website: https://www.afca.org.au/