Westpac to face court over 'misleading' CCI - Mortgage Business

Mortgage Business
Westpac to face court over ‘misleading’ CCI
By Annie Kane
09 April 2021
The financial services regulator is taking Westpac to court over allegations it supplied consumer credit insurance to certain customers when they had not requested or agreed to buy it.
The Australian Securities & Investments Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corp, over allegations that it mis-sold consumer credit insurance (CCI) with some credit cards and lines of credit in 2015.
Westpac has not sold CCI products since 2019, after an ASIC investigation warned that the design and sale of consumer credit insurance (CCI) had “consistently failed consumers” and stated that CCI was poor value, its sales practices and product design caused consumer harm and consumers were being incorrectly charged for CCI. 

Related Keywords

Australia ,Australian ,Karen Chester ,Annie Kane ,Westpac ,Westpac Banking Corp ,Australian Securities Investments Commission ,Australian Securities ,Investments Commission ,Federal Court ,Card Repayment Protection ,Flexi Loan Repayment Protection ,Corporations Act ,Elite Broker ,Adviser Live ,ஆஸ்திரேலியா ,ஆஸ்திரேலிய ,கரேன் செஸ்டர் ,அன்னயே கேன் ,வெஸ்ட்பேக் ,வெஸ்ட்பேக் வங்கி கார்ப் ,ஆஸ்திரேலிய பத்திரங்கள் முதலீடுகள் தரகு ,ஆஸ்திரேலிய பத்திரங்கள் ,முதலீடுகள் தரகு ,கூட்டாட்சியின் நீதிமன்றம் ,நிறுவனங்கள் நாடகம் ,உயரடுக்கு தரகர் ,