Comment: The bank that most contributed to the need for a royal commission into misconduct has finally been called to account | adele_ferguson
For those looking for heads on sticks, news that CBA has been charged with 87 criminal offences was bitter sweet.was finally being called to account
CBA could be the first company to be charged by the CDPP for misconduct uncovered by the Hayne royal commission.It’s a good start. But the regulator, the Australian Securities and Investments Commission , stopped short of charging individuals. Instead it chose to go after the corporate entity. It is also about ASIC sending a message to politicians and the financial services sector that it wants to lift its game and dispel the reputation it is a timid regulator.
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CBA facing $1.8m fine for ‘hawking’ chargesThe Commonwealth Bank’s former life insurance unit CommInsure has been charged with 87 criminal counts of illegally selling its product over the phone, known as “hawking”.
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CBA faces criminal charges over CommInsure scandalAustralia's largest bank is facing 87 criminal charges over unscrupulous practices in its life insurance arm — the first major bank to face criminal charges following the banking royal commission.
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CommInsure faces criminal charges | Sky News AustraliaThe first criminal charges from the Hayne Royal Commission have been laid.\n\nThe Commonwealth Bank's former life insurance business, CommInsure, has been charged by the Commonwealth Director of Public Prosecutions for breaching the ASIC Act.\n\nCommInsure has been charged with 87 counts of offering to sell insurance products in the course of non-compliant unsolicited telephone calls.\n\nASIC alleged that in 2014 CommInsure unlawfully sold life insurance policies over the phone with customer contact details from its existing Commonwealth Bank customer database.\n\nThe Commonwealth Public Prosecutor's case will commence in Sydney next month, with Commonwealth Bank facing a maximum penalty of more than $1.8 million if found guilty.
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CBA facing $1.8m fine for ‘hawking’ chargesThe Commonwealth Bank’s former life insurance unit CommInsure has been charged with 87 criminal counts of illegally selling its product over the phone, known as “hawking”.
Read more »