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Showing 1 - 10 of 40 results for "Consumer Credit Insurance"

Unlawful hawking practices re-emerge in SMSFs

MATTHEW WAI  |  TUESDAY, 11 MAR 2025
... often associated with promises of unrealistic returns." ASIC banned unsolicited cold calling in life and consumer credit insurance sales in January 2020 following the Hayne Royal Commission, intending to "stop practices that lead to poor consumer outcomes ...

ASIC levy to slug advisers $48.4m

KARREN VERGARA  |  TUESDAY, 9 JUL 2024
... provide financial product advice to retail clients on basic banking products, general insurance, and consumer credit insurance will be charged $269,000 or $483 per entity. The 1097 entities that give general advice only will collectively pay nearly $3 ...

Tranche one of advice reforms hits parliament

KARREN VERGARA  |  WEDNESDAY, 27 MAR 2024
... personal advice to a retail client about a life risk insurance product, general insurance product or consumer credit insurance and receives a commission in connection with the issue or sale of that product must obtain the client's informed consent ...

ANZ to pay $57.5m to settle class action

ELIZA BAVIN  |  MONDAY, 25 MAR 2024
... 2020. The class action was against several parties, including ANZ, and related to the sale of three consumer credit insurance products. ANZ said it would contribute $42 million to the settlement, without admission of liability.

Former advisers costs CBA $1.2bn in remediation

KARREN VERGARA  |  WEDNESDAY, 9 AUG 2023
... total customer remediation bill was attributed to other wealth services relating to advice quality, consumer credit insurance products, certain superannuation, and other products. About $673 million was remediated to customers suffering from poor retail ...

Life, funeral insurers cop $14m fine

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
... In 2019, ASIC consequently banned unsolicited cold call telephone sales of direct life insurance and consumer credit insurance. The ban was superseded by reforms to the anti-hawking regime, which took effect on 5 October 2021.

Treasury to scrap advice admin burdens, boosts intra-fund advice

KARREN VERGARA  |  TUESDAY, 13 JUN 2023
... Authorised Deposit-Taking Institutions (Recommendation 13.5) will also be removed. Life, general and consumer credit insurance commissions (Recommendations 13.7 - 13.9) will have to provide standardised consumer consent requirements. Jones will defer ...

ANZ to pay $42m in insurance lawsuit

CASSANDRA BALDINI  |  MONDAY, 14 NOV 2022
ANZ has agreed to pay $42 million to settle a class action regarding consumer credit insurance (CCI) products. Commonwealth Bank has also reached a settlement for a similar matter. Slater and Gordon filed the class action against ANZ, OnePath Life ...

ASIC response to Freedom Insurance saga continues

JAMIE WILLIAMSON  |  WEDNESDAY, 17 AUG 2022
... Freedom case since, having implemented a ban on 'cold call' telephone sales of direct life insurance and consumer credit insurance in 2019 and suing both the company's former managing director and former quality assurance manager. A remediation program ...

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 ...
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