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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-06-03 02:51:45" ["slug"]=> string(55) "15221:the-state-of-super-in-the-wake-of-the-coronavirus" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(68) "/resources/podcast/the-state-of-super-in-the-wake-of-the-coronavirus" ["image"]=> string(35) "images/podcasts/Bernie_Dean_WEB.jpg" ["image_alt"]=> string(11) "Bernie Dean" } }

Wednesday, 03 June 2020

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Coughing up $49.5m for dodgy consumer credit practices

By Grace Ormsby · May 13 2020

Reading:

Borrow

Coughing up $49.5m for dodgy consumer credit practices

By Grace Ormsby
May 13 2020

Reading:

Coughing up $49.5m for dodgy consumer credit practices

By Grace Ormsby · May 13 2020

Reading:

The Federal Court has approved of a $49.5 million class action settlement that related to NAB and MLC’s sale of consumer credit insurance (CCI) to vulnerable customers.

The action was first brought against NAB and MLC Ltd by Slater and Gordon in September 2018 and concerned allegations of “unconscionable conduct”.

NAB and MLC were reported to have engaged in contravention of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) by selling insurance to cardholders who were “ineligible to claim under the terms of the policy”.

At the time the class action was filed, Slater and Gordon said all claimants had a NAB credit card and were then offered credit card insurance.

“However, it was highly unlikely that they would benefit from this policy,” according to class actions principal lawyer Andrew Paull.

Ineligible customers that were sold the insurance included students, those without gainful employment, and individuals on disability pensions.

Mr Paull had also alleged that some customers with existing life and/or income protection insurance were still encouraged to take out insurance on their credit card, despite already being covered by their existing policies.

He had commented that “both NAB and MLC were in much stronger bargaining positions than any of the people they were contacting and selling this insurance to”.

The proceedings were related to two CCI products: NAB Credit Card Cover (NCCC) and NAB Personal Loan Cover (PLC).

In acknowledging the Federal Court’s approval of the settlement, NAB noted it no longer sells CCI products.

Responding to the announcement, the bank’s chief legal and commercial counsel, Sharon Cook, said: “We are pleased with the Federal Court’s decision and to be able to resolve this matter for our customers and shareholders.

“As we have acknowledged, it is important to resolve past issues so that we can rebuild trust with our customers and the community.”

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.