Australian Currency - Close up of fifty dollar banknote $50 money generic
Australian Currency - Close up of fifty dollar banknote $50 money generic

How CQ residents recovered thousands after royal commission

Central Queensland residents have been able to recover thousands of dollars from financial services which sold them dodgy products or things they never received.

The new consumer remediation service, Remediator, was established in late 2020 after the Financial Services Royal Commission found banks and insurers used pressure tactics to sell billions of dollars worth of junk insurance and many financial advisers charged fees for services they never provided.

ASIC estimates there to be $3.55 billion in total refunds owed to more than 3.6 million consumers.

Remediator spokesman Joel Gibson said the Banking Royal Commission exposed the tricks used to 'dupe' consumers over many years.

"Now thanks to its findings, they can take some power and money back," he said.

"Unfortunately, consumers don't even know if they're eligible or where to start the process of investigating if they are.

"Remediator helps to solve that problem so it's an exciting development."

The Remediator service helps people claim refunds from their bank, insurer and financial advisor for the mis-sold products, services, and goods and services they did not need, or never received.

Remediator works on a no-win-no-fee basis, and the fee is 20 per cent plus GST of the refund amount.

Yeppoon man Christopher Roach thought there had to be some way to get his money back on his consumer credit insurance.

Remediator was able to recover $1350.18.

"They were fantastic," Mr Roach said.

"It was great to see they could recover any money."

Another Central Queensland resident was able to recover $3092.42 on her car GAP.

According to Remediator, a Brisbane woman was able to recover $6,912 back for mis-sold CCI on a credit card.

Remediator even recovered $11,655 for an Adelaide man for financial advice fees charged for but never received.