News Regulations07 Oct 2019

Australia:Life insurance arm of major bank to face criminal charges

CommInsure, a wholly owned subsidiary of the Commonwealth Bank of Australia (CBA), has been charged with 87 counts of offering to sell insurance products via non-compliant and unsolicited telephone calls, revealed an official statement from the Australian Securities and Investments Commission (ASIC). The maximum penalty for each of the charges is 125 penalty units amounting to A$21,250 ($14,351).

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