Commonwealth Bank of Australia (CBA) says it will plead guilty to 30 criminal charges filed by the corporate regulator alleging the business mis-sold consumer credit insurance (CCI) products between 2011 and 2015. Last week the Australian Securities and Investments...
Credit unions, mutual banks and mutual building societies have stopped selling consumer credit insurance (CCI) products since September last year, according to the Customer Owned Banking Code Compliance Committee. The committee says a follow-up inquiry it conducted...
The corporate regulator is threatening legal action over an insurance it says “has consistently failed consumers” but two banks continue to offer the product. Major lenders ANZ and Commonwealth Bank say they will continue to offer consumer credit insurance to home...
Australia’s major banks have come under fire from the Australian Securities and Investment Commission (ASIC) for the sale of consumer credit insurance (CCI) that has “consistently failed consumers”. In its latest report on CCI, Report #622, ASIC says...
Australians are getting “extremely poor value for money” on their consumer credit insurance (CCI), according to the corporate regulator’s frank and scathing assessment of the industry. Key points: ASIC wants to ban unsolicited telephone sales of...
The Commissioner, the Honourable Kenneth Hayne AC QC, submitted his Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry on 1 February 2019. ICA supports the Hayne recommendations The Insurance Council...
