The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, was established on 14 December 2017 and the Honourable Justice Kenneth Hayne AC QC submitted an interim report to the Governor-General of Australia on 28 September 2018, which was tabled in parliament by the Government on the same day.
The Royal Commission conducted seven rounds of public hearings over 68 days, called more than 130 witnesses and reviewed over 10,000 public submissions.
Commissioner Hayne submitted a final report to the Governor-General on 1 February 2019 with 76 separate recommendations.
The first class action against a big four bank since the publication of the report has been filed today in the Federal Court, with Australia’s leading class action law firm Maurice Blackburn Lawyers taking on Westpac for providing loans in breach of responsible lending laws.
The action has been undergoing careful preparation for months and has secured the support of global litigation funder Harbour. The class action is being taken on behalf of people who, after 1 January 2011, allege that they were given unsuitable loans by Westpac in breach of its responsible lending obligations.
Maurice Blackburn Principal lawyer Ben Slade and class action lead applicant Michelle Tate will front a media conference in Brisbane at 11am today (local time – full details below).
‘Westpac is required to comply with strict obligations which are specifically designed to protect consumers from irresponsible lending and the risk of financial hardship,’ said Mr Slade. ‘This case will seek to prove that Westpac failed to comply with these obligations and that this failure caused substantial losses for many consumers.’
The case has been filed today in the Federal Court. Those with Westpac home loans from the first of January 2011 can register for the class action online at www.mauriceblackburn.com.au/westpac.
