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Showing 11 - 20 of 43 results for "Credit 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
ASIC is taking Westpac to the Federal Court, alleging it sold junk credit insurance to 384 customers that did not want it and whose accounts were unlawfully debited to pay for the premiums. The corporate regulator has exposed dodgy sales of add-on insurance ...

ASIC secures $160m in remediation over junk credit insurance

ALLY SELBY  |  THURSDAY, 14 MAY 2020
ASIC has announced it has secured $160 million in remediation for consumers sold junk credit insurance from 11 major banks and lenders between 2011 and 2018. These include offerings from ANZ, Australian Central Credit Union, Bank of Queensland, Bendigo ...

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 ...

Ban unsolicited life insurance sales: Poll

KARREN VERGARA  |  MONDAY, 29 JUL 2019
... Ninety-four percent of participants, who voted in a spot poll conducted last week, said life insurance and consumer credit insurance (CCI) sold via call centre staff should be outlawed. The financial services Royal Commission recommended that the unsolicited ...

Deeming rate calculations should be independent: Poll

KARREN VERGARA  |  THURSDAY, 25 JUL 2019
... exactly how it calculated 1% and 3% as the right rates. The new spot poll asks if selling direct life and consumer credit insurance via unsolicited phone calls should be banned.