Westpac issued consumer credit insurance policies to customers who did not request the product, then asserted a right to payment which customers were not liable for.
April 8, 2022Deputy chair Sarah Court said ASIC pursued a criminal case against CBA after it was clear customers had been sold insurance that they had no use for.
November 2, 2021Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.
September 17, 2021Starting on 5 October, a four-day pause will be introduced between the sale of a principal product or service and the sale of add-on insurance.
August 2, 2021The updated guidance reflects the reforms which consolidate three existing hawking prohibitions into a ban covering all financial products.
July 23, 2021ASIC says Westpac debited premiums for consumer credit insurance from customers who did not agree to purchase the products.
April 13, 2021ASIC has secured A$160mn in remediation for consumers and plans to take enforcement action against lenders who sold junk consumer credit insurance products.
May 14, 2020At its AGM on Tuesday, ANZ announced an additional A$682mn charge for remediation work, where a total 3.4 million accounts "need fixing".
December 19, 2019Law firm Slater and Gordon has launched class actions against ANZ and Westpac over the sale of consumer credit insurance products, on the heels of winning a near A$50m settlement from NAB.
November 22, 2019Combined with what has already been set aside, the new A$832mn in provisions for customer-related remediation brings total provisioning to over A$2bn.
October 2, 2019