logo
  

Australian Financial Regulator Files Criminal Charges Against CBA

Australian Securities and Investments Commission or ASIC announced Thursday that it has filed criminal charges against the Commonwealth Bank of Australia or CBA (CBA.AX) in the Federal Court, Sydney for the mis-selling of consumer credit insurance.

The 30 criminal charges relate to CBA's promotion and sale of CreditCard Plus and Loan Protection policies as an add-on insurance product in branches, by telephone and online.

Australia's corporate, markets and financial services regulator noted that the charges relate to allegations that between 2011 and 2015, CBA made false or misleading representations to customers that the insurance policies had uses or benefits to those customers when part or all the benefits were not available.

The matter is being prosecuted by the CDPP after an investigation and referral by ASIC.

ASIC said the company has cooperated in the investigation to date. The matter is to be listed for first mention in the Federal Court, Sydney, on a date to be fixed.

In April 2021, ASIC also filed separate civil penalty proceedings against Westpac Banking Corp. for its selling practices regarding consumer credit insurance products.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration said it now intends to review only a small subset of new emergency use authorization or EUA requests for diagnostic tests. As per an updated COVID-19 test policy with a view to ensure continued access to tests, the regulator further urged developers of all test types seeking marketing authorization to pursue traditional premarket review for most test types. Netflix, Inc. said it is adding a new feature to offer a more personalized mobile games experience on the platform. In a statement, Sophia Yang, Product Manager, Mobile Games, said the company is rolling out the ability to create game handles, with which members will be able to create a unique public username. This can be used across all Netflix games. General Motors Co. has delayed its plan to require employees to return to office many days a week until next year, reports said citing an internal memo signed by CEO Mary Barra. Last week, the company had announced that corporate workers would be required to return to respective offices at least three days a week, beginning later this year, as the COVID-19 pandemic eases.
RELATED NEWS
Follow RTT