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NewsNEW Remediator Service Now Live for Bank & Insurance Refunds

NEW Remediator Service Now Live for Bank & Insurance Refunds

Are you owed hundreds or thousands of dollars in refunds for junk insurance or unfair financial advice fees? We’ve got your back!

The Banking Royal Commission revealed that banks and insurance companies have used pressure tactics to sell billions of dollars worth of junk insurance to thousands of Australians and many financial advisers have also charged fees for services they never provided.

If you were sold consumer credit or add-on insurance that you never even needed, or charged fees for services you never received, you could be entitled to hundreds or even thousands of dollars in refunds.

That's why the people behind the FiftyUp Club have helped to create Remediator, Australia’s newest consumer remediation service.

Remediator’s aim is to help obtain refunds for Australian families who were mis-sold junk insurance policies or charged fees for no services. Remediator estimates over 800,000 of us could be entitled to refunds.

How it works:

  1. You give Remediator information about the products and services your bank, insurer or financial adviser provided to you.
  2. Remediator will assess whether or not you may be eligible for a refund.
  3. If you are eligible, Remediator will then lodge a claim on your behalf.
  4. If successful, you will receive a refund. Remediator’s fee is 20% of the refund amount plus GST.

Remediator works on a “no win no fee” basis: if Remediator cannot secure a refund for you, you don’t pay them a cent.

If you think you may be eligible for a refund, or even if you just want someone to check for you, Click here to get in touch or call 1800 984 707. It’s obligation-free.

Here are some examples of products or services that might entitle you to a refund:

 

1 - Financial advisers - fees for no services

Have you been to a financial adviser in the last 10 years? If so, you may have been paying fees and receiving no services for them. It has been found that many customers with financial advisers paid fees to receive ongoing financial advice that they never received. These fees were either deducted from customers bank accounts or superannuation funds.

Check your statements because you may not remember ever seeing an adviser, however, you might have been charged invisible fees which could have been deducted from your investment or superannuation accounts.

If customers did have an allocated adviser, many failed to deliver on their obligation to provide ongoing financial advice. One meeting in six years is not good enough. One phone call or brief meeting per year also falls short of what is required. A thorough review of the customer’s financial needs must be conducted.

Customers were also charged fees when they did not have a financial adviser allocated to them and they did not receive any ongoing advice. An example of why a customer would not have had an adviser allocated to them is if they retired or died and their account was not handed over to another adviser. Many institutions continued to automatically deduct fees from customer bank accounts.

Check your records for financial advice documents usually called an SOA - Statement of Advice and ROA - Record of Advice. Financial advisers are required to provide these on an annual basis. If you were provided with these reviews, there could still be problems with the insurance advice recommended. Many advisers encouraged customers to take out insurance policies such as life insurance that they did not actually require. Why does a single thirty-two year old with no dependents, mortgage or other significant debt require a $1 million life insurance policy?

It has now been estimated that in excess of $1 billion will need to be refunded to customers who were charged fees for no services.

Some customers have been charged thousands of dollars per year and not received annual reviews.

Do you think you might have been charged fees for no services? Click here to contact Remediator or call 1800 984 707

 

2 - CCI

Consumer credit insurance commonly referred to as CCI is sold with credit cards, personal loans, car loans and home loans. It provides cover for consumers if they are unable to meet their minimum monthly loan repayments due to unemployment, sickness or injury (subject to policy terms) or to pay the outstanding loan balance upon death.

CCI is optional and is usually sold at the time of applying for the credit card or loan.

Many of these policies were sold to consumers who were ineligible to claim or unlikely to benefit or need cover. Pressure selling and unfair sales practices were often used.

Some names you might recognise on your statements include the following:

  • “loan protection”
  • “credit card cover”
  • “consumer credit” and
  • “repayment protection”.

Australians have paid over $500 million in CCI premiums. According to ASIC over $100 million is expected to be paid back to 300,000+ customers who were mis-sold CCI. 

While every matter is different, customers can potentially receive hundreds or thousands of dollars plus interest in refunds.

Do you think you might have been mis-sold CCI? Click here to contact Remediator or call 1800 984 707
 

3 - Gap Insurance

GAP Insurance cover is designed to cover the gap of what you owe under your car loan and what your comprehensive car insurer will pay you if your car is written off. If you do not have comprehensive car insurance then you should not have been sold GAP insurance. Unfair sales practices were often used in the sale of this product.

Australians have paid over $600 million in gap insurance. Some customers can receive over $600 plus interest in gap insurance refunds.

Do you think you might have been mis-sold Gap Insurance? Click here to contact Remediator or call 1800 984 707
 

4 - Extended Warranty

Extended Warranty insurance is where the consumer pays a fee in return for the warranty provider agreeing to repair or replace parts or components or goods in the event of defects or failures. This is also called Mechanical Breakdown Insurance.

A problem with extended warranty cover is that it is almost completely worthless on second-hand vehicles given the many exclusions. Consumers rights over quality are protected by Australia’s Consumer Law and therefore buying extended warranties is not necessary.

Australians have paid over $300 million in extended warranty insurance. The average premium for extended warranty cover is $1482. Customers could receive up to this amount plus interest.

Do you think you might have been sold Extended Warranty Insurance? Click here to contact Remediator or call 1800 984 707
 

5 - Loan Protection

Loan Protection is designed to cover the difference between what you owe on a car loan and the market value of the car if you have to return it because you cannot make your repayments because you get ill or injured. In many cases there could be a duplication of cover.

Do you think you might have been sold Loan Protection Insurance? Click here to contact Remediator or call 1800 984 707

 

6 - Other Add-ons

Add-on insurance products have often been sold to consumers through car dealers when purchasing a new or used car. Many of these products provided poor value to consumers. Examples of these products are tyre and rim, mechanical and scratch and dent. These policies are often something consumers did not need or could never claim on. There can also be overlapping cover with comprehensive car insurance.

Australians have paid $42.7 million in Tyre & Rim insurance. The average premium for Tyre & Rim insurance is $414. Customers could receive up to this amount back in refunds plus interest.

Do you think you might have been mis-sold Tyre & Rim, Mechanical or Scratch & Dent insurance Insurance? Click here to contact Remediator or call 1800 984 707

 

Any information is general advice, it does not take into account your individual circumstances, objectives, financial situation or needs. 

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