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How have customers been ripped off?

The rorts and rip-offs across the banking sector have affected some of Australia's most vulnerable people.

Selling useless insurance.

For decades banks have been selling worthless consumer credit insurance (CCI) products to their customers alongside their credit card and personal loans. We have found that CCI has been sold to people without their consent, or to people who were ineligible to claim on the policies, such as casual, contract and self-employed workers as well as students and disability pensioners..

Aggressively pushing sales.

This is despite customers being unable to understand the policy terms or if the policy was unsuited to their needs.

How will Slater and Gordon get my insurance fees back?

Our team is committed to obtaining compensation for bank customers who were ripped off by Australia's big four banks. We have commenced a wave of class actions against the banks we think may be liable for misconduct. Thousands of current and former customers will potentially be eligible to join these class actions and get their money back.

We have already settled our first class action against the National Australia Bank (NAB) and insurance giant MLC on behalf of customers for $49.5 million.

We alleged that NAB and MLC should have known the CCI policies sold alongside credit cards and personal loans were likely to be of little or no benefit to their customers - many of whom were casual, contract and self-employed workers, students and disability pensioners.

We also alleged that those with existing life or income protection insurance were encouraged to take out CCI despite already being covered by their existing policies. We believe customers were often sold the insurance over the phone or in the branch and were not given a reasonable opportunity to understand the terms and conditions of the policies.

Learn more about NAB Credit Card Insurance Class Action.

Frequently asked questions

A class action is a type of legal proceeding in which one person, the representative plaintiff, brings a claim on behalf of a wider group of people who have been affected by the same conduct. By grouping claims together and pursuing them collectively, the overall value of the claim makes it economically worthwhile to do so, even if the value of individual claims are modest.

No. The CCI class actions are being run on a No Win, No Fee basis, which means that participants in the class actions will not be required to pay any fees unless the class action is successful. This means that if you register to be a group member, you will never be out of pocket.

We have a long and proud history of holding companies who do the wrong thing to account. We’ve made our name by taking on hard cases and pursuing them relentlessly to achieve the best possible outcomes for our clients. Our firm ran some of the earliest class actions in Australia and has made history by achieving landmark settlements and judgments for groups affected by issues such as environmental contamination, defective medical products and financial misconduct.

Many of our cases have achieved a lasting legacy by improving corporate and governmental conduct, which in turn helps prevent harms and losses happening to others in the future.

Once you’ve registered your interest we will keep you up to date about new developments in the case.

Any compensation that we will seek to recover will be dependent on the amount you have paid in insurance premiums.

As long as you were affected by the misconduct alleged in the class action, you may be included in any class action against that bank - even if you have moved over to a new bank or didn't have much in the way of savings.

As long as you were affected by the misconduct alleged in the six years prior to the class action being launched, you may be included in any class action against that bank - even if you have moved over to a new bank or didn't have much in the way of savings.

You may still be eligible to participate in the class action, as long as you have paid a premium for the insurance in the period covered by the class action.

As we are commencing separate class actions against each major bank, you can register your interest in each class action.

We will carefully consider each and every claim we receive from those with lived experience of the systemic misconduct in the banking sector.

At this stage we do not know how long the proceedings will take, but it is likely this will differ case by case.

As a general guide, we expect that legal proceedings could take between one and three years.

Your personal information will only be used for the purposes of the legal proceedings as required by the Court, or by law. In all other cases, we will seek your consent before disclosing any of your personal information. We will not disclose any personal information to third parties, including other clients.

For more information see our Privacy Policy.

Initially, we will only require you to provide the information requested in the registration process. At a later stage of the litigation, we may get in touch with you to request more details.

You may be required to provide details of your circumstances in some instances, but you will not be required to devote your time or resources to the proceedings. For example, you will not be required to attend court or meet with a lawyer.

At this stage, all you need to do is register your interest using the form below. You have not joined a class action, you have only registered your interest. We will get in contact with you if we need additional information from you.