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Court finds RC case study firm acted unconscionably

The Federal Court has found Select AFSL, the subject of a Royal Commission case study, engaged in unconscionable conduct when selling insurance products and provided conflicted remuneration via trips to Las Vegas and Hawaii.

United statesGold coastSean hughesRussell howdenLas vegasInvestments commissionBlueinc servicesInsurance marketing serviceRoyal commissionFederal courtAustralian securitiesElect afslBlueinc servicesInsurance marketing service

Unconscionable : Insurer preyed on Indigenous customers faces fine after ASIC case

Insurance company Select AFSL could face a fine after a court found it used pressure tactics to sell insurance policies while rewarding staff with a cruise to the Gold Coast, trips to Las Vegas and Hawaii, and a Vespa scooter

United statesGold coastJustice wendy abrahamLas vegasBlueinc servicesFederal court

Court finds dealer group acted unconscionably when selling insurance products

Court finds dealer group acted unconscionably when selling insurance products
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Sean hughesJustice abrahamRussell howdenNeil griffithsBlueinc servicesInsurance marketing serviceFederal courtDeputy editor

Banking royal commission must have legacy, says ASIC head

Corporate regulator Joseph Longo says the legacy of the banking royal commission will be around for years, warning the banks against complacency.

Jeffrey epsteinBlueinc servicesYoupla groupCommonwealth bankAware financial services australiaSuper financial servicesState super financial servicesAsgard capitalAvanteos investments

Australia: Regulator secures US$26m remediation for OnePath Life customers

OnePath Life is remediating up to A$35m ($26.2m) to over 40,000 customers who were sold life insurance policies over the phone between 2010 and 2016. This remediation flows from intervention and action over the past three years by the Australian Securities and Investments Commission (ASIC). ASIC took action to stem and remediate harm caused by OnePath’s poor telephone sales practices, the regulator says in a statement. Extensive consumer harm resulted from egregious sales practices including: pressure selling tactics (such as promoting a deferral of the first premium payment, and using the cooling-off period as an inducement to buy the product), failing to provide information about key policy exclusions, and

Karen chesterRussell howdenHayne royal commissionInsurance marketing servicesBlueinc servicesகரேன் செஸ்டர்ரஸ்ஸல் ஹோடன்ஹேன் அரச தரகுகாப்பீடு சந்தைப்படுத்தல் சேவைகள்