CommInsure sentenced for hawking offences

CommInsure pleaded guilty to the offences and was fined $700,000. The maximum possible penalty was $1,848,750. 

If the conduct were to occur under the new penalty regime, effective from March 2019, the maximum penalty would be $10,962,000.

"The conviction and sentence today sends a significant message to the financial services industry," said ASIC deputy chair Daniel Crennan QC.

"The model operated by CommInsure carried risk for consumers due to the unsolicited sale of complex insurance products which consumers may not have needed, wanted or understood."