Insurance company Allianz Australia will need set aside an extra $250 million in capital until it strengthens its risk management, making it the fifth financial institution to be slapped with additional requirements by the prudential regulator.
The corporate watchdog has warned ārobustā enforcement action is on the cards for banks and lenders, after a review found consumer credit insurance policies to be “extremely poor value for money”, paying out as little as 11 cents per dollar spent in premiums on average.
A NAB-owned trustee is facing a possible class action over $100 million in allegedly excessive fees charged to super fund members.
While no means a flood, the class actions filed in response to the shocking evidence of misbehaviour at last year’s banking royal commission have been steadily flowing and show no signs of drying up. Here, we give you the round-up of cases launched so far, the latest developments in each, and what’s coming down the pipeline.
A judge has granted a bid by the applicant in a class action against National Australia Bank over the sale of allegedly worthless credit card insurance to include customers who took out personal loan insurance, in a ruling that could significantly expand the case.
Slater and Gordon is looking to significantly expand its class action against National Australia Bank over the sale of “worthless” credit card insurance to include personal loan customers who were sold allegedly unsuitable insurance policies.