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How have customers been ripped off?

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

Selling useless insurance.

It also found credit card insurance was sold to casual, contract and self-employed workers as well as students and disability pensioners - all of whom couldn't make a claim under the terms of the policy.

Aggressively pushing sales.

The mis-selling of add-on insurance was compounded by aggressive sales tactics which led many bank customers to take out so-called 'junk' policies including credit card, loan protection and tyre and rim insurance despite not understanding the terms.

Latest news

Keep up-to-date with the latest news coverage of our class actions and legal wins.

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.

Some class actions will focus on banks that sold 'junk' credit card insurance to customers who were ineligible to claim under the terms of their policy. Others will aim to refund and compensate customers who were pressured into buying add-on insurance they didn't want or need.

We have already filed our first class action against the National Australia Bank (NAB) and insurance giant MLC on behalf of customers who were sold worthless credit card insurance. We allege that NAB and MLC should have known the insurance sold along with its credit cards was likely to be of little or no benefit to the customers - many of whom were casual, contract and self-employed workers, and students and disability pensioners.

We also allege those with existing life or income protection insurance were encouraged to take out insurance on their credit card despite already being covered by their existing policies. We believe many customers were sold the insurance over the phone and not given a reasonable opportunity to understand the terms and conditions of the policy.

This claim may result in millions being repaid to wronged customers.

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 the individual claims are relatively low.

Slater and Gordon are bringing class actions against Australia's big four banks. In 2018, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry revealed a shocking trend of unconscionable conduct in the banking sector including overcharging for services, selling 'junk' credit card insurance and recommending policies that were likely to be of little or no benefit to customers. Our class action proceedings will tackle as much of this misconduct as possible.

Our first focus will be the National Australia Bank (NAB) and and its wealth business MLC. We will allege both NAB and MLC engaged in unconscionable conduct in contravention of the Australia Securities and Investment Commission Act by selling insurance to card holders who were ineligible to claim under the terms of the policy.

The Get Your Insurance Back campaign will also hold to account other banks that sold customers credit card insurance despite knowing it was likely to be of little or no benefit to the customers. Potentially thousands of Australians will be eligible to join our class actions.

Slater and Gordon will act on behalf of the affected customers of the big four banks. We have a nearly 90 year history of holding companies to account who do the wrong thing by the public and we don’t shy away from a fight.

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.

In the registration process, you will need to nominate the bank(s) that you belong to or once belonged to. We will carefully assess the viability of your claim in relation to our case against the relevant bank(s).

If we decide to commence a class action against your nominated bank(s), we will get in touch with you closer to the time and provide you with more information, then invite you to join the class action.

We will keep you up-to-date about new developments and progress in the Get Your Insurance Back campaign.

The amount of money you reclaim will depend on how much you were overcharged, misinformed or mis-sold products as well as the specific allegations we plan to bring against your nominated bank.

For example, if you were or still are a customer of the National Australia Bank (NAB), our firm will allege that NAB and its wealth business MLC knowingly sold tens of millions of dollars worth of insurance that offered customers little or no coverage. The amount of compensation we can get for you will depend on multiple factors including how many people join the class action and how NAB and MLC respond to our allegations.

As long as you were affected by the misconduct alleged in the six years prior to the class action being launched, you can 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.

The most likely structure of our litigation will be separate class actions against each major bank. If class actions are launched against more than one of your banks, you can become a member of multiple class actions.

This is likely to be only the beginning of years of rolling litigation and potentially billions of dollars being refunded to wronged customers in the aftermath of the banking royal commission. We will carefully consider each and every claim we receive from those with lived experience of the systemic misconduct in the banking sector.

Nothing. We are working with litigation funding companies to provide financial support for these cases. These companies cover the costs of legal action - including the cost risks of an unsuccessful action. They do this in exchange for a share of any monies recovered.

Under these arrangements, you won't have to pay anything out of pocket as payment is only made from the proceeds of the litigation. Additionally, all such costs in class actions must first be approved by the court.

Again, if we decide to commence a class action against your particular bank(s), we will get in touch with you closer to the time and provide you with more information about how that claim relates to you before we invite you to join the class action.

The time taken for the legal proceedings will depend on which class actions are brought against which banks. The time taken for litigation also depends upon the tactics employed by the banks and how far the matter needs to be escalated before it is concluded.

As a general guide, we expect that the legal proceedings could take between six months 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.

Initially, we will only require you to provide the information requested in the registration process. If we decide to commence an action against your bank, we may get in touch with you to request further information.

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.

All you need to do is register your interest using the form below. At this stage, you have not joined a class action, you have only registered your interest. If we decide to commence an action against your bank, we will get in touch with you closer to the time and invite you to join the class action.

Register your interest

Complete the form below to register your interest:

Thank you for registering your interest to Get Your Insurance Back. We'll be in touch shortly.

We're here to help. Make an enquiry now.

If you have a question, want some more information or would just like to speak to someone, make an enquiry now and our Class Actions team will be in touch with you as soon as possible.

Call us on 1800 444 141