CommInsure could pay $21,250 per hawking offence

In a statement, ASIC alleged that between October and December 2014, CommInsure, through its agent, telemarketing firm Aegon Insights Australia, unlawfully sold life insurance policies known as Simple Life over the phone.

CommInsure then provided customer contact details to Aegon from CBA’s existing customer database, ASIC said.

ASIC also alleged that the calls to CBA customers were unsolicited, and that CommInsure did not comply with all of the hawking exceptions in section 992A(3) of the Corporations Act.

ASIC confirmed the maximum penalty for each of the charges is $21,250.

The matter has been listed for the first mention on 19 November 2019 at the Downing Centre Local Court in Sydney.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].