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LCA backs Labor on financial rights access to justice pledge
The Law Council of Australia is “very supportive” of the Labor Party’s promise of a $120 million contribution, over four years, from the banking fairness fund to expand the financial rights legal assistance sector from 40 lawyers to 240 lawyers across Australia.
Jerome Doraisamy
In a statement, shadow attorney-general Mark Dreyfus QC and opposition spokeswoman on financial services and justice Clare O’Neil said the annual funding of $30 million will be ongoing and provide stability for the sector, and that the 200 extra financial rights lawyers will assist victims of bank and financial services misconduct through legal advice and the running of “complex cases in court” and through the Australian Financial Complaints Authority.
“The banking royal c ommission is a once-in-a-generation opportunity to give Australians the ability to stand up for their rights against the big banks and their well-funded legal teams. Labor will make sure that Australians don’t miss out on that opportunity,” the statement said.
“Around 240,000 Australians are in need of financial rights legal advice every year, but the sector is currently only able to service about 30,000 people. The 200 extra lawyers will be able to service an additional 150,000 Australians per year, dramatically increasing the total number of people assisted by the sector.”
Speaking in response to Labor’s pledge, LCA noted that the funding will help consumers who have been “wronged” by banks and other financial institutions pursue justice.
“A large number of the cases in front of the royal commission were already known. Sadly, many individuals could not afford to make claims because of a lack of legal assistance. If this significant announcement comes to fruition, it will make a difference to the lives of countless Australians,” said LCA president Arthur Moses SC.
“Money invested in legal assistance is money invested in a fairer Australia. Legal representation should not just be for the rich or powerful,” Mr Moses said.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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