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ANZ starts Storm resolution scheme

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Media Release

Published on

National law firm Slater and Gordon has welcomed the start of the ANZ Storm resolution scheme saying it is another important step forward in winning compensation for victims of the failed financial planning company.

Slater and Gordon, which worked with the ANZ to develop the scheme, will this week write to its more than 100 ANZ Storm clients advising them of the details of the resolution scheme negotiated with the Bank.

The Scheme, which includes financial support for legal costs and a Customer Advocate to adjudicate disputed proposals, will commence from today with the Bank posting information packs and registration forms to its customers.

The Bank will waive any interest accruing on relevant ANZ loans held by eligible customers while they are taking part in the resolution scheme.

Slater and Gordon lawyer, Mr Damian Scattini, said under the ANZ scheme claims will be assessed on their merits taking into account the appropriateness of the Bank’s lending decisions including the capacity of clients to service loans.

“The settlement process will investigate the strength of each claim, review ANZ’s lending decisions and consider the customer’s current financial circumstances.

“This is another important development in resolving the dire circumstances that thousands of former Storm clients find themselves in following the collapse of the disgraced financial planning company.

“ANZ is prepared to sit down with its customers to resolve fair and reasonable outcomes for its customers.

“This is a welcome development and we will assist our clients to engage with the scheme and represent their interests.

“Slater and Gordon is pleased to have been able to deliver this outcome to its clients after lengthy but good faith discussions with ANZ over the last 12 months,” Mr Scattini said.