In late 2017, Shine Lawyers initiated proceedings on behalf of people who purchased insurance issued by Westpac Life, including superannuation funds, on the recommendation of financial advisers at Westpac, St George Bank, Bank of Melbourne, BankSA or BT Advice.

It was alleged that – since at least February 2011 – customers had been charged higher premiums for life insurance policies than persons who obtained identical insurance issued by Westpac Life on the recommendation of independent financial advisers from the aforementioned institutions.

“It is also alleged that Westpac did not inform its customers that they could obtain substantially similar or better policies of insurance from alternative insurers for lower premiums,” Shine said in a statement.

“The class action claims that Westpac should not have acted in its own interests at the expense of those customers, and that they should be compensated for the excess premiums.”

In a ruling handed down last week, Justice Michael Lee “laid out the options available” to more than 88,000 Westpac Life Insurance policyholders who are members of the class action.  

“The notice to be sent out outlined that the options available to group members are to sign up to the class action, opt out of the class action or to take no action at this stage,” explained Shine Lawyers national head of litigation and loss recovery Jan Saddler.

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“By signing up to the class action, group members can help ensure that the action against Westpac continues to progress, which may result in an opportunity to recover their financial losses for premiums paid, that they should never have paid in the first place.

“Signing up to the class action costs no money upfront and there is no risk for having to pay any costs if the class action is unsuccessful.”