BEN chases A$510 million
(4 December 2009 – Australia) Bendigo and Adelaide Bank has been threatened by a law firm to remove customers’ names from Veda Advantage, a credit rating agency, but the bank believes it is well within the Debt Collection guidelines; and will continue to chase the A$510 million owed by Great Southern’s defaulting customers.
Macpherson and Kelley, one of the law firms bringing a class action, has lodged complaints against the bank’s actions to the Australian Securities and Investment Commission.
The law firm has also reported the bank’s actions to the Office of the Financial Services Ombudsman and gave the bank a deadline to remove its listings with Veda or the firm would proceed to report the bank to the Privacy Commissioner for alleged breach of privacy.
The bank’s head of investor relations, Will Rayner, said that the bank chose to ignore the deadline and will continue to pursue the outstanding money.
The bank believes that they have fully complied with all of their obligations under the Debt Collection guidelines, Mr Rayner added.
Mr Rayner said of the many law firms representing customers, Macpherson and Kelley was the only one ‘tampering’ with the bank’s communication.
The bank will continue to act within accordance of the debt collection guidelines, which is what they argue very strongly that the bank has been doing all along, Mr Rayner highlighted.
Bendigo Bank did not lend the funds directly to Great Southern or any of its subsidiaries, but over the past six years has lent more than A$550 million to 8200 customers who had invested in managed investment schemes through Great Southern.
Macpherson and Kelley also threatened to take action for any loss or damage suffered to its clients as a result of the listing with the credit agency.
The law firm has also reported the bank’s actions to the Office of the Financial Services Ombudsman and gave the bank a deadline to remove its listings with Veda or the firm would proceed to report the bank to the Privacy Commissioner for alleged breach of privacy.
The bank’s head of investor relations, Will Rayner, said that the bank chose to ignore the deadline and will continue to pursue the outstanding money.
The bank believes that they have fully complied with all of their obligations under the Debt Collection guidelines, Mr Rayner added.
Mr Rayner said of the many law firms representing customers, Macpherson and Kelley was the only one ‘tampering’ with the bank’s communication.
The bank will continue to act within accordance of the debt collection guidelines, which is what they argue very strongly that the bank has been doing all along, Mr Rayner highlighted.
Bendigo Bank did not lend the funds directly to Great Southern or any of its subsidiaries, but over the past six years has lent more than A$550 million to 8200 customers who had invested in managed investment schemes through Great Southern.
Macpherson and Kelley also threatened to take action for any loss or damage suffered to its clients as a result of the listing with the credit agency.
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