"The settlement is the right thing to do for our customers and shareholders," Ms Cook said.
Called Consumer Credit Insurance, policies were sold to customers on the promise it would help them meet repayments on their credit cards and personal loans if they lost their job, got sick or died. But students, the unemployed and disability pensioners were sold policies they could not claim the main benefits of.
Full-time university student Jessica Purcell said she was pressured to take out insurance despite being a casual employee and ineligible to claim on aspects of the policy.
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