Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 11 - 20 of 40 results for "Consumer Credit Insurance"

Backlash after 'unprecedented' ASIC action against Westpac

ELIZABETH MCARTHUR  |  THURSDAY, 2 DEC 2021
... ASIC cased did not include an ASIC penalty proceeding commenced in April this year over mis-selling of consumer credit insurance. Slater and Gordon practice group leader Andrew Paull said if the bank was 'walking the talk' they would remediate the victims ...

CBA pleads guilty to selling junk insurance

ANNABELLE DICKSON  |  MONDAY, 1 NOV 2021
Commonwealth Bank pleaded guilty to 30 criminal charges relating to misselling consumer credit insurance. The charges were brought by ASIC and relate to CBA's promotion and sale of CreditCard Plus and Loan Protection policies as an add-on insurance ...

Criminal charges filed against CBA

ELIZABETH MCARTHUR  |  FRIDAY, 17 SEP 2021
ASIC has brought 30 criminal charges against Commonwealth Bank for mis-selling consumer credit insurance, with the bank to plead guilty. The charges relate to CBA's promotion and sale of CreditCard Plus and Loan Protection policies as an add-on insurance ...

ASIC consults on anti-hawking rules

KANIKA SOOD  |  THURSDAY, 22 JUL 2021
... commences," she said. In December 2019, ASIC said it would ban unsolicited cold calling in life and consumer credit insurance sales from 13 January 2020. This followed enforcement action against firms such as CommInsure and ClearView. In 2019 it won ...

Westpac earnings take hit

ANNABELLE DICKSON  |  MONDAY, 26 APR 2021
... The earnings hit comes after ASIC announced that it is taking Westpac to court over allegedly charging consumer credit insurance to 384 customers that did not want it.

Latitude IPOs despite spotted past

ELIZABETH MCARTHUR  |  WEDNESDAY, 21 APR 2021
... name for Hallmark General Insurance, part of the Latitude Group) had to refund $1.1 million for poor consumer credit insurance sales and claims handling. Add-on insurance on credit cards and loans has remained an issue for the company. In 2020 Harvey ...

Junk insurance lands Westpac in court

KARREN VERGARA  |  THURSDAY, 8 APR 2021
... claims the bank sold the products under false and misleading pretenses, asserting its right to charge consumer credit insurance (CCI) premiums customers were not liable to pay. "The supply of the CCI and the debiting of amounts for premiums in those ...

ASIC secures $160m in remediation over junk credit insurance

ALLY SELBY  |  THURSDAY, 14 MAY 2020
... chair Karen Chester said the investigation of major banks and lenders uncovered the design and sale of consumer credit insurance consistently failed customers. "As a result of the widespread failings in CCI we identified last year, ASIC has investigations ...

ASIC bans direct life cold calling

HARRISON WORLEY  |  WEDNESDAY, 4 DEC 2019
... life insurance will be prohibited in the New Year.. ASIC will ban unsolicited cold calling in life and consumer credit insurance sales from January 13 next year, following a period of consultation with industry that saw none of the 15 submissions made ...

NAB hit with extra billion in remediation

ELIZABETH MCARTHUR  |  WEDNESDAY, 2 OCT 2019
... billion. Non-compliant advice and adviser service fees also contributed to the remediation bill along with consumer credit insurance sales. NAB said the remediation is expected to reduce 2H19 cash earnings by an estimated $1.12 billion after tax and ...