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Showing 1 - 10 of 13 results for "telephone sales"

Life, funeral insurers cop $14m fine

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
... offered, resulting in poor consumer outcomes," she said. 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 The ban was superseded by reforms to the anti-hawking regime, which ...

ASIC response to Freedom Insurance saga continues

JAMIE WILLIAMSON  |  WEDNESDAY, 17 AUG 2022
... ClearView Life Assurance. ASIC has been working on the 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 ...

OnePath to remediate over pressure selling

ELIZABETH MCARTHUR  |  MONDAY, 12 JUL 2021
OnePath Life is repaying customers to the tune of $35 million due to poor telephone sales practices. Following an ASIC intervention and action, OnePath was found to have sold life insurance over the phone between 2010 and 2016 using pressure selling ...

ASIC secures $160m in remediation over junk credit insurance

ALLY SELBY  |  THURSDAY, 14 MAY 2020
... and ensure ongoing public transparency," the watchdog said. To safeguard consumers, ASIC has banned "cold-call" telephone sales of consumer credit insurance, worked with industry to incorporate a four-day deferred sales period into the Banking Code of ...

CommInsure enters guilty plea

ELIZA BAVIN  |  TUESDAY, 19 NOV 2019
... ASIC's review of the sale of direct life insurance was launched in 2018, with the regulator finding that outbound telephone sales were more commonly associated with poor sales conduct and increased risk for customers. CommInsure has been working to compensate ...

ASIC wins appeal against Westpac companies

KANIKA SOOD  |  MONDAY, 28 OCT 2019
... parties will have to make submissions and the court will decide on the declarations and orders. Westpac's telephone sales campaign The matter relates to whether or not Westpac's telephone sales campaigns amounted to advice and if that advice ...

CommInsure charged over hawking

HARRISON WORLEY  |  FRIDAY, 4 OCT 2019
... CBA said it was considering the matter and would not make any further comment, though did point out it ceased telephone sales of Simple Life insurance products issued by the Colonial Mutual Life Assurance Society (CMLA) - which trades as CommInsure - ...

ASIC moves to ban direct life cold calling

HARRISON WORLEY  |  THURSDAY, 18 JUL 2019
ASIC moved to ban the unsolicited telephone sales of life and consumer credit insurance. Consultation is open for ASIC's proposal to ban the sale of direct life and consumer credit insurance by unsolicited phone calls, in a move the corporate regulator ...

ASIC slams consumer credit failures

HARRISON WORLEY  |  FRIDAY, 12 JUL 2019
... consumers, noting CCI was sold to people despite the fact they were ineligible to claim under their policy, and added telephone sales staff use high-pressure selling and other "unfair sales practices" when selling CCI. ASIC commissioner Sean Hughes said ...

ASIC and Westpac court battle sees mixed outcome

DARREN SNYDER  |  FRIDAY, 4 JAN 2019
... the 'best interests duty' introduced under the Future of Financial Advice (FoFA) reforms by conducting a telephone sales campaign recommending customers roll out of their super funds into their Westpac-related super accounts without undertaking ...
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