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Showing 11 - 20 of 46 results for "Credit Insurance"

Westpac fined $1.5m for mis-selling insurance

ANDREW MCKEAN  |  FRIDAY, 8 APR 2022
The Federal Court has ordered Westpac to pay a $1.5 million penalty for mis-selling consumer credit insurance with its credit cards and Flexi Loans, to customers who hadn't agreed to buy insurance policies. This penalty has come as a result of Westpac's ...

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
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 ...