Litigation firm Slater & Gordon has struck a deal with Australian and New Zealand Banking Group (ANZ) to provide compensation to clients linked to failed advisory group, Storm Financial.
Late last week, Slater & Gordon announced it had started contacting more than 100 ANZ/Storm clients as part of the bank's newly established resolution scheme.
The ANZ scheme includes financial support for legal costs and a customer advocate to adjudicate disputed proposals.
The scheme commenced from 17 September 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," a Slater & Gordon statement said.
Slater & Gordon group practice leader, Brisbane, Damian Scattini said 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," Scattini said.
"ANZ is prepared to sit down with its customers to resolve fair and reasonable outcomes for its customers."
The formation of the ANZ resolution scheme comes almost seven months after Slater & Gordon entered into advance discussions with the banking group.
Late last week, federal member for Oxley, Bernie Ripoll, encouraged other lenders involved in the collapse of Storm to look at similar resolution schemes.
"It is pleasing to see the banks who have been involved with Storm Financial are also continuing internal reviews over their policies and continuing to make changes, where those changes are required," he said.
In mid-2009, Ripoll was the chairman of the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into Financial Products and Services in Australia.
Storm Financial collapsed in January 2009.
