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