"Absolutely inhuman": ANZ admits it was wrong to force 87-year-old farmer off his land
An elderly farmer has pleaded with banks to show compassion to the nation’s farmers doing it otugh after he was forced to sell his property by ANZ despite never missing a mortgage payment.
Charlie Phillott fought for years after the bank reclaimed his Carisbrooke Station in north central Queensland before finally winning it back in 2015.
The 87-year-old attended the banking royal commission in Brisbane on Tuesday, calling for banks to treat farmers as “human”.
“The treatment by the banks has been absolutely inhuman, really,' Mr Phillott said.
“Those running the banks have to change their tack. It's important they treat people everywhere as human.”
During the hearing, ANZ conceded it should have shown more empathy and did not behave ethically towards former Landmark Financial Services customers who faced hard times when it bought the Landmark agribusiness loan book in 2010.
“I think the dealings were consistent but I think they weren't fair and they weren't reasonable,” ANZ head of lending services Benjamin Steinberg told the commission.
Mr Steinberg also admitted the case should have been dealt with differently, accepted that ANZ conduct fell below community standards and expectations and breached certain clause of the Banking Code of Practice.
In response to Commissioner Kenneth Hayne’s questioning over whether the bank acted in an ethical manner, he said: "It's fair to say we didn't."
Speaking outside the royal commission, Mr Phillott said he felt vindicated.
“Looking back on it and the events that you've just described, I find it sad that that happened. I'm struggling with it. If this was done today it would be dealt with in a different way,” he said.
“Those running the banks have to change their tack. It's important they treat people everywhere as human.
“One of the things I would very much like to see enforced is the banks are compelled to compensate very adequately those they have ruined, left destitute, bankrupt for nothing.
“They need to also tailor their services to the rural industry.”
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