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ASIC charges CBA's CommInsure over unsolicited sales calls

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ASIC charges CBA's CommInsure over unsolicited sales calls

The Australian Securities & Investments Commission charged Colonial Mutual Life Assurance Society Ltd., or CommInsure, with 87 counts of hawking offences for selling its products over noncompliant and unsolicited phone calls.

ASIC alleged in an Oct. 4 release that the Commonwealth Bank of Australia subsidiary, through a telemarketing agent, sold policies over the phone between October and December 2014 with customer contact details from CBA's existing client database.

As such, CommInsure failed to comply with hawking exceptions in the country's Corporations Act.

The insurer faces a maximum penalty of 125 penalty units, or A$21,250, for each of the charges, ASIC said.