INVERELL-based senator, John Williams, has urged people to come forward if they have a major gripe with banks.
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The closing date for submissions to the latest federal parliamentary inquiry into banking practices has been extended.
The Parliamentary Joint Committee on Corporations and Financial Services has decided to extend the closing date for submissions to August 21, and Senator Williams, who is on the committee, said people must come forward if they feel they have been wronged.
He said it has been the most wide-ranging banking inquiry he has been involved in because it encompasses the actions of banks, insolvency practitioners (liquidators and receivers) and valuers, all of whom play a role in the chain when people are thrown out of their business or of their property.
Senator Williams said he has personally intervened in cases where people have not missed a payment to their bank but then are horrified to have their loan called in because of a revaluation and without an adequate explanation.
He said much of the focus of this inquiry will be what is called the impairment of customer loans and banks will be grilled on these practices.
The committee will take evidence on the incidence and history of loan impairments and the forced sale of property. In conducting the inquiry the committee will not investigate or seek to resolve disputes between customers and banks
The inquiry is due to report by March 31 next year.