The announcement was made by the Australian Securities and Investments Commission. Scrutiny of Australian lenders and financial institutions has ramped up significantly since a Royal Commission inquiry in 2018 found widespread shortcomings in the sector, forcing companies and regulators to take swift action.
In September 2021, the securities regulator said CBA had promoted and sold certain policies as an add-on insurance product to 165 customers by telephone and online. read more The news follows a similar civil lawsuit by ASIC against Australia's lender Westpac Banking Corp in April 2021 for selling consumer credit insurance to customers who had not agreed to buy it.
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