News

The Commonwealth Bank is facing 87 criminal charges for allegedly hawking life insurance through unsolicited phone calls

The Commonwealth Bank is facing 87 criminal charges over allegations its one-time subsidiary CommInsure hawked life insurance products with unsolicited phone calls. Each charge carries a maximum penalty of $21,250. In a statement, the Commonwealth Bank says it self-reported the breaches of anti-hawking legislation to ASIC. The Commonwealth Bank’s life […]
The Commonwealth Bank is facing 87 criminal charges for allegedly hawking life insurance through unsolicited phone calls
News

ASIC finds no evidence that CommInsure pressured doctors to change medical opinions

The corporate regulator ASIC has found no evidence that the Commonwealth Bank’s insurance arm, CommInsure, pressured doctors to change their opinions so that claims could be denied. The bank has been under intense scrutiny over the insurance claims made by a whistleblower, facing questions in parliamentary committee hearings The big […]
ASIC finds no evidence that CommInsure pressured doctors to change medical opinions
News

The CommInsure scandal highlights a conflict at the heart of all insurance

Behind this week’s expose by Fairfax Media journalist Adele Ferguson and the ABC’s Four Corners program of the insurance claims refused by Commonwealth Bank insurance arm, CommInsure, lies a bigger problem in the way the sector is regulated. Ferguson has stopped the music and regulators APRA and ASIC have got […]
The CommInsure scandal highlights a conflict at the heart of all insurance
Markets

The CBA now faces new investigations over its insurance arm

The Commonwealth Bank is fighting new claims of unethical and unscrupulous behaviour, this time in its life insurance business, CommInsure, as Australia’s biggest bank is still trying to repair the damage caused by its financial planning division. CommInsure has been accused of delaying payouts in the hope that policyholders will […]
The CBA now faces new investigations over its insurance arm