A six-month old specialist law firm is seizing a new type of work in Australia as businesses attempt to recover compensation from banks for excessive charges and mis-selling.
Perth-based law firm Financial Redress, the first firm in Australia to specialise in recovering this type of compensation, is now doing so well from it it's now looking at expanding operations to Brisbane.
Managing director James Middleweek said the scales have been tipped in favour of financial institutions for many years, reports the Queensland Business Review.
A large share of the firm's clients come from Queensland, he said, and 30 per cent of those are businesses.
NAB recently announced a decision to abolish overdrawn fees, spurring many businesses to assess their own penalties from other banks.
"Our largest claim at the moment is from a Queensland small business. This claim is against the Bank of Queensland for fees of $35,000 over a period of three to four years," Middleweek said.
"Another Queensland business is seeing $16,000 in penalties and incurred interest from NAB," he said.
The firm has been inundated with clients in the past six months, with the average claim being $2,000. "We are taking the battle to the banks and will keep on pushing," Middleweek said.
Financial Redress also has an office in Sydney.