The group says Australian banks have used predatory lending or asset-based lending. Source: Unsplash
Australia’s corporate regulator failed to investigate claims about the tactics being used by banks to repossess farmers’ properties, a parliamentary inquiry will be told.
In a joint submission, dozens of devastated farmers have laid bare their anguish after their properties, many of which had been in their families for generations, were repossessed through alleged misconduct.
A Senate committee hearing will on Wednesday examine the Australian Securities and Investments Commission’s (ASIC) capacity to investigate and take enforcement action.
The farmers reported the “financial and emotional devastation” and in some cases, people taking their own life.
They will tell the inquiry ASIC failed to properly investigate complaints or consider the systemic nature of complaints.
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