One Nation Doubles Farmers’ Compensation Caps

One Nation has had a stunning victory in doubling compensation limits for farmers and rural businesses from one-million to two-million dollars.

Pauline Hanson’s One Nation Party lead a Senate Inquiry into Rural Lending last year which revealed shocking misconduct by some of Australia’s banks and receivers. At the time the Party called for compensation limits to be increased from the previous low cap of 280-thousand dollars.

The Government initially offered to increase the limit to one-million dollars but Pauline Hanson went into bat for farmers and negotiated the new two million dollar limit to compensate parties affected by bank misconduct.

Today the new Australian Financial Complaints Authority was enshrined in legislation after passing the Lower House of Federal Parliament.

“This is a big win for rural producers and the banking victims of Australia” said Senator Hanson.

“Without One Nation’s intervention the compensation amount could well and truly have been stuck at the low figure of 280-thousand dollars, under the pre-existing financial ombudsman service (FOS)” she added.

“This now gives some hope to thousands of victims who’ve been swindled by the banks and their third parties” added WA Senator Peter Georgiou.

“Our hard negotiations and lobbying were also critical in getting the government to approve the Banking Royal Commission”.

“There’s a lot more to come out in the wash. This is just the beginning and we will see the full extent of Australia’s banking scandal over the next 12 months as the Royal Commission into the finance sector unfolds” he said.

The Australian Financial Complaints Authority was originally formed as an alternative to a banking Royal Commission.

One Nation will consider introducing a Private Members Bill later this year to ensure that receivers and liquidators fall under the new authority (AFCA) and are penalised cases of unconscionable conduct.