All posts tagged "consumer credit insurance"
-
199Australia & NZCBA Faces Criminal Charges Over Consumer Credit Insurance Sales
Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.
September 17, 2021 -
169Australia & NZASIC Offers Guidance on Deferred Sales Model for Add-on Insurance
Starting 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, 2021 -
138Australia & NZASIC to Update Guidance on Anti-hawking Regime
The updated guidance reflects the reforms which consolidate three existing hawking prohibitions into a ban covering all financial products.
July 23, 2021 -
272Australia & NZASIC Seeks Penalties from Westpac Over Credit Insurance Sales
ASIC says Westpac debited premiums for consumer credit insurance from customers who did not agree to purchase the products.
April 13, 2021 -
445Australia & NZ
ASIC Secures Remediation for Junk Insurance Sales by Banks
ASIC 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, 2020 -
586Australia & NZANZ Announces New Remediation Costs to ‘Fix’ 3.4m Customer Accounts
At 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, 2019 -
1.1KAustralia & NZ
ANZ, Westpac Face Class Actions Just Days After NAB Settlement
Law 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, 2019 -
444Australia & NZNAB Sets Aside Additional Remediation Provisions
Combined 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 -
927Australia & NZ
ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance
ASIC plans to take "significant enforcement action" against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.
July 12, 2019
