Well before the delivery of the Hayne report following the Royal
Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry,
several class action proceedings were brought against banks for
various misconduct such as excessive fees, failing to disclose
information on loan contracts and systemically failing to comply
with credit regulations.
Following the Royal Commission into
Misconduct in the Banking, Superannuation and Financial Services
Industry, class actions against banks are increasing, along
with the financial advisory and superannuation industry.
What are class actions?
'Class actions, or representative proceedings, involve the
bringing of court proceedings by a single class representative on
behalf of the claims of a group or 'class' or applicants,
against the same respondent, or number of respondents (for example,
a class of customers against a single bank).
