Labor will give Australians the legal firepower they need to take the fight to the banks with a 30 million per year will be ongoing, and will provide stable funding for the sector as recommended by Commissioner Hayne.
The 200 extra financial rights lawyers will assist victims of bank and financial service provider misconduct by providing legal advice and running complex cases in court and through the Australian Financial Complaints Authority (AFCA).
"When Australians face a fight with their banks, Labor will make sure they are not fighting alone," Mr Neumann said.
This follows on from Labor's recent announcement of a 160 million per year contribution from Australia's largest banks.
The Banking Royal Commission 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.
Mr Neumann said Labor will make sure that Australians don't miss out on that opportunity.
"Labor is proud to support the hardworking financial rights legal assistance sector. Commissioner Hayne described the work that these lawyers do as a 'necessity to the community'. Labor's plan will allow them to assist more Australians than ever before.
"The 200 new lawyers will assist Australians to bring claims through AFCA seeking up to 500,000 compensation cap for consumers and remove the 17 billion tax handout.
"Labor called for a Banking Royal Commission, Labor fought for a Banking Royal Commission, and Labor will ensure that victims of bank misconduct have the support they need to fight for their rights," Mr Neumann said.
