Reuters - Australian Securities Board said on Thursday 30 federal charges against top loan Commonwealth Bank of Australia for mis-selling consumer credit insurance to its customers had been filed.
The charges relate to the promotion and sale of certain policies as an add-on insurance product, the ASIC said https: bit.ly 3 EkI 1 g 1 reported by http:
ASIC also sued no. In April. 2 lending entity Westpac Banking Corp and alleged it sold consumer credit insurance to customers who had not agreed to buy it.
ASIC said on Thursday the charges address allegations that between 2011 and 2015 CBA made false or misleading representations about benefits of insurance policies to customers when some or all of the benefits were not available.
The development follows criminal prosecution for alleged false representations against the Unit ME Bank in May and misleading statements in Bank of Queensland in May.
CBA's case is being investigated by ASIC director of Public Prosecutions and the bank has cooperated with the investigation initiated by the Commonwealth director to date, according to the regulator.