Commonwealth Bank's insurance arm has been charged with hawking offences and faces up to $2.7 million in fines, in the first legal strike by Australia's financial watchdog stemming from the banking royal commission.
The Australian Securities and Investments Commission today announced it has charged CommInsure with 87 counts of offering to sell insurance products with unsolicited telephone calls. The maximum penalty for each of the charges is 125 penalty units, or $21,250 – making a total of $2.7 million. The matter has been listed for the first mention on November 19, at the Downing Centre Local Court in Sydney.
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