Banking Royal Commission Won't Award Compensation

The first public hearing into the Banking Royal Commission is scheduled for February 12, however consumers shouldn’t expect to be compensated.

While momentum builds on the Turnbull government’s Banking Royal Commission, The Hon. Bernie Ripoll, consumer advocate for Financial Rescue, wants those affected by misconduct in the industry to be made aware ­that they will still need to pursue compensation on their own terms as the Royal Commission won’t result in payouts for individual victims.

An initial meeting is set to be held in early February when people can expect a short opening statement from the Royal Commissioner Ken Hayne and from the counsel assisting in the commission.  However, no public statements or witnesses will be called upon at this time.

“It is important they set the expectation with the community that this Royal Commission will address misconduct in the industry, but consumers expecting compensation still need to make a claim to the Financial Ombudsman Service (FOS) if they want to be reimbursed for the money they have lost.” Said Mr Ripoll

Financial Rescue has been working with clients for the last nine years to get through the lengthy and complicated process of making a claim with FOS, and have helped victims of rogue financial planners recover over $8 million in compensation.  “Many people feel as though there is nobody playing on their team when it comes to misconduct in the Financial Services industry, so it is a relief to know that help is available for those who want it,” said Mr Ripoll.

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Financial Rescue offers a simple, streamlined alternative to lodging and managing financial service complaints with the Financial Service’s Ombudsman (FOS).  We handle financial service dispute from start to finish. We fill the knowledge gap with the skills and expertise needed to effectively resolve these dispute’s.