Perth-based law firm, Financial Redress, has set up a specialist service advising borrowers as to whether they may be entitled to compensation over excessive exit fees charged by their bank.

The firm’s managing director, James Middleweek, claims they have received hundreds of inquiries since starting the service relating to penalty charges on savings and credit card transactions and exit fees on loans. 

Financial Redress claims it is the first Australian firm to specialise in recovering compensation from financial institutions for excessive charges, which it claims are for the most part not legally forcible. 

Consumers in the UK have successfully recovered hundreds of millions of pounds under the same pretences, which Financial Redress asserts is something Australia consumers may also be able to do. 

Financial Redress will initially focus on bank/credit card penalty charges (click here <http://www.financialredress.com.au/claim.php> for more information), but expects to identify additional areas in the product range of banks and insurers where it believes consumers are entitled to financial redress.