Several banks face action from ASIC over add-on insurances that have “failed customers”

Summary

The financial regulator is threatening action against lenders including the major banks over the sale of add-on loan and credit card insurance (CCI) that “has consistently failed consumers”. An Australian Securities and Investments Commission (ASIC) report released today found that consumer credit insurance represented extremely poor value for money and was regularly mis-sold. ASIC’s report […]

Tags: Anz, Asic, ASIC report, Australian Banks, Banks, Big Four, Big Four banks, CCI