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ASIC takes Westpac to court over credit card insurance
Australia s financial watchdog has commenced proceedings against Westpac in the Federal Court over claims it mis-sold insurance on credit cards to customers who had not agreed to buy it.
The Australian Securities & Investments Commission (ASIC) today kicked off the civil penalty case by alleging that the big four bank had not been transparent with customers about its consumer credit insurance or CCI.
Consumer Credit Insurance provides cover for a customer if they are unable to meet their credit card repayments due to certain reasons, such as unemployment or sickness.
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ASIC commences proceedings against Westpac for alleged misleading and unfair sales of consumer credit insurance
ASIC has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation (Westpac), alleging it mis-sold consumer credit insurance (CCI) with credit cards, and other credit facilities, to customers who had not agreed to buy the policies.
ASIC’s action relates to Westpac’s Credit Card Repayment Protection and Flexi-Loan Repayment Protection policies which are add-on insurance products sold with credit cards and lines of credit.
ASIC alleges that from 7 April 2015 to 28 July 2015, Westpac:
made false or misleading representations that customers had agreed to acquire, were liable to pay for and that Westpac had a right to charge for, CCI;
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