Updated: Jan 20
Queenslanders like Carmel from Birtinya are finally receiving thousands of dollars in refunds for dodgy insurance and financial advisor fees exposed by the Banking Royal Commission, 7News reports.
Carmel recently scored a refund of $19,794 for 'mis-sold' consumer credit insurance she started paying on a credit card 18 years ago, with the help of the team at Remediator.
"I was buying a house with them and so of course they were throwing everything at me, and they said 'we just believe that this insurance would be good for you'," Carmel told 7News.
Within weeks of contacting Remediator, she had a full refund, plus interest.
"It was a considerably good Christmas present!"
Australian consumer remediation service Remediator was set up in response to the findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Set up in late 2020, Remediator acts as a personalised remediation agent for individual consumers. Remediator manages the entire refund process from claim to settlement on your behalf.
Remediator has positively impacted many other Queensland families too, such as the following:
Donna from West End received $2,193 back for mis-sold CCI on a mortgage
Aaron from Spring Hill received $2,321 back for mis-sold CCI on a credit card
While there are other ways to claim Royal Commission refunds, Remediator is among the most efficient. The Royal Commission revealed that banks and insurers used pressure tactics to sell billions of dollars worth of junk insurance and many financial advisers have also charged fees for services they never provided. ASIC estimates there to be $3.55 billion in total refunds owed to over 3.6 million consumers.
CCI is Consumer Credit Insurance and was usually sold as an add-on insurance at the time of applying for a 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.
The other major candidate for refunds is financial advice fees. Many customers with financial advisers paid fees to receive ongoing financial advice that they never received.
Remediator Spokesperson Joel Gibson commented; “The Banking Royal Commission revealed millions of Australians had paid for junk insurance and ongoing financial advice fees where they received no service”.
“Unfortunately many of those Australians have no idea they’re eligible to receive refunds. Remediator is here to solve that problem by helping people get refunds for money they should never have been charged.”
Remediator helps Australians claim refunds from their bank, insurer or financial adviser if they have been mis-sold products/services, or paid for goods/services they did not receive. Remediator works on a no-win-no-fee basis: if Remediator can’t secure a refund, there’s no fee. If successful, Remediator’s fee is 20% plus GST of the refund amount.