NAB faces class action over dubious credit card insurance

A LAW firm says it has filed class action proceedings in Federal Court against NAB over the sale of credit card insurance to ineligible customers.

ASX- listed Slater and Gordon alleges National Australia Bank and its MLC subsidiary contravened the 2001 ASIC Act, by selling insurance to card holders who were ineligible to claim.

Slater and Gordon says the bank sold insurance to students, jobless people and those on disability pensions, all of whom were ineligible to claim the main benefits under the policy.

“In the case of the life cover, the policy was of minimal value to many customers,” said Slater and Gordon class actions principal lawyer Andrew Paull.

“NAB admitted as much in the royal commission.”

Mr Paull said NAB had received millions of dollars in premiums from policies it knew were of little or no benefit to its customers.

“They have taken advantage of hundreds, potentially thousands of their loyal customers,” Mr Paul said.

The class action is open to anyone who has held a policy within the past six years.

In March, rival lender Commonwealth Bank agreed to refund $ 16 million to about 140,000 personal loan and mortgage insurance customers after finding people were sold policies they would not be able to claim on. ENGINEERING firm Premise has appointed Anton van Velden as its new CEO.

Mr van Velden brings over 20 years of industry experience to the role and will make public infrastructure projects a focus for the interdisciplinary group.

“Queensland is currently seeing considerable investments being made in infrastructure, both in the government and private sectors,” Mr van Velden said.

“Premise is positioned to offer these projects local onthe- ground expertise, combined with interdisciplinary insights one would usually expect from a tier- one firm.”

Mr van Velden believes that well- executed infrastructure projects will offer ongoing job creation and economic stimulus in both North and South East Queensland.

Premise is involved with major development schemes, including the Haughton Pipeline Duplication, which will provide enhanced water security for Townsville.

“With a multiskilled team that spans throughout Queensland and into the Asia Pacific region, Premise is placed to offer our clients added value across project lifespans,” Mr van Velden said.

“A commitment to safety, and to quality commercial outcomes, will be what sets us apart from other operators within the region.”

Mr van Velden will take the reins at Premise from October 8. His appointment continues the evolution of the Premise brand, following last year’s merger of the UDP Group with Brisbane- based engineers the O2 Group.