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Unfair Contract Terms - Bendigo and Adelaide Bank Statement

29 May 2020 |Announcements

Bendigo and Adelaide Bank (BEN) confirms the Federal Court has made declarations and orders in the form sought jointly by the Bank and ASIC.    

The proceedings concerned standard form terms for small business loan contracts with Rural Bank and Delphi Bank between November 2016 and June 2019. The Bank and ASIC jointly submitted that certain clauses in those contracts could operate in an unfair manner and should be declared void or amended by order of the Court.

Importantly, the Court acknowledged that ASIC did not allege the Bank had relied upon any of these clauses in a manner that was unfair, or that had caused any customers to suffer loss or damage.   The Bank also gave an undertaking to ASIC in June 2018 and will give an undertaking to the Court, not to use or rely upon any of the terms in question.

We remain committed to keeping our customers at the centre of everything we do and ensuring we satisfy all regulatory requirements and guidelines.

Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Information on this page can change without notice to you.
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