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Commonwealth Bank of Australia to refund A$16M; scraps 2 insurance products

Commonwealth Bank of Australia expects to refund A$16 million to customers it sold credit insurance products when those customers may not have been eligible to make claims.

The bank said it would also stop selling two types of loan insurance products, Credit Card Plus and Personal Loan Protection.

Matt Comyn, the bank's group executive for retail banking services and designated CEO, said in a March 7 release that the bank may have sold the products to customers who may not have been eligible to receive all of the employment-related benefits.

The bank is setting aside A$16 million for refunds to an estimated 140,000 customers.