CBA Cops $300,000 Fine Over Misleading Life Insurance Ads
CBA’s life insurance business will pay $300,000 towards a consumer advice service and have its advertising sign-off processes independently reviewed, following an investigation by the corporate watchdog.
The Australian Securities and Investments Commission (ASIC) raised concerns about certain instances of CommInsure’s life insurance ads, after commencing an investigation in April 2016.
This included a review of CommInsure’s advertising of two life insurance policies: Total Care Plan, sold through financial advisers; and Simple Life Insurance, sold directly to consumers.
The review looked at advertising from mid-2013 to March 2016 and found that misleading and deceptive statements are likely to have been made on some of CommInsure’s websites about the extent to which customers would be entitled to cover for trauma if they suffered a heart attack.
According to ASIC, the statements may have led a policyholder to believe they would be entitled to a lump sum payment if they suffered a heart attack in general, when in fact only certain types of heart attacks, which met certain medical criteria as defined in the policy, were covered.
In response to ASIC’s concerns, CommInsure will commission an external firm to conduct a compliance review of its advertising sign-off processes and procedures.
The review will look at whether CommInsure’s processes and procedures ensure compliance with the ASIC Act, and make recommendations to improve compliance if required.
CommInsure will report to ASIC by 30 June 2018 on the results of the review and the changes implemented.
As previously announced, CommInsure updated the definition of heart attack in its trauma life insurance products in March 2016 and is reassessing past claims under the updated definition back to October 2012.
To date, CommInsure has paid additional benefits for 32 claims, totalling approximately $4 million as a result of the reassessed claims.
Please login with linkedin to comment
ASIC Australian Securities and Investments Commission CBA CommInsureLatest News
Choose A Path Less Trodden This Cannes In Cairns
Don’t be basic. Think creatively and you shall reap the benefits of Cannes in Cairns. “We want brands!” “We want the CMOs!” We heard you and we acted. The content slate at this year’s Cannes in Cairns, presented by Pinterest, is packed to the rafters with some epic brands and top marketing talent. But that’s […]
Cannes In Cairns MC Keeva Stratton Shares Her Top Session Picks
Self-professed nerd and one of four top Cannes in Cairns, presented by Pinterest MCs, Keeva Stratton has a front-row seat to some fascinating minds and fierce debates. But who should you put on your must-see, must-hear list? Here, B&T grabs five with the Quip agency founder, who will be helming the lecture in the Rainforest […]
Here Are The Agencies That Made AFR’s Best Places To Work List And What The Industry Can Learn From Them
Did your office not make the list? Make sure your boss shouts at least two schooners at office drinks come Friday.
Get Ready, B&T’s Best Of The Best Is Back With The Top Holding Company Executive Leaders – Creative!
Want to know who the Grandest of the Grand Poobahs in the industry are? Look no further than this exhaustive list.
How A Glittering Campaign Helped The Australian Museum Sell 400,000 Tickets
B&T thoroughly enjoyed the Ramses exhibition at The Australian Museum, despite thinking we were going to the Archibald.
TV Ratings (30/04/2024): A “Shoey” Straight From A Fish’s Mouth Launches The Cheap Seats Into 2024
Last night's TV saw horny farmers beat Lego nerds, who beat fame-obsessed home cooks, who beat a chap with a large fish.
Spotlight Extends Partnership With Starlight Children’s Foundation
B&T always happy to promote the excellent work of the Starlight Foundation. Less so the Starfish Fanciers Foundation.
Amazon’s Advertising Quarterly Revenue Soars To $11.8bn
There are so many Amazon couriers visiting B&T headquarters at the moment our office dog doesn't know who to maul first.
VML Wellington Welcomes Jacob McGregor As Pou Ārahi Māori
McGregor set to lead cultural competency and safety at VML Wellington in important new gig.
“They Grow Up So Fast”: Simon Fowler On Five Years Of ABEL
Abel's CEO talks lessons learned from the agency's first five years. Including staff nicking all the Nespresso capsules.
Kyle & Jackie O Urge Melbourne To Pick A Side
Who can stop Kyle & Jackie O's indelible march into Melbourne radio? Is Peter 'Moony' Moon waiting by the phone?
Future & Taika Waititi Feature In Striking New Global Belvedere Campaign
Not only does drinking vodka make you cool like these dudes, it also has great weight loss properties for the bone idle.
The Fall Of Bonza: A Case Study In How To, And Not To, React In A Crisis
Does the collapse of yet another budget airline hark back to a gentler time of 17 hours spent on a Greyhound bus?
Opinion: Agencies, Be Unique – Stop Using The Word “Unique!”
Trinity P3's Ellie Angell says agencies are overusing the word unique. You could add omnichannel & holisitic to that.
Ex Marketing & Advertising Exec Releases Melanoma Memoir
Ex-adlander Anne Gately has penned a tome to skin cancer. Which is a handy reminder to check your moles, people.
Mamamia Appoint Danni Wright As New Head Of Strategy
Danni Wright takes up Mamamia's strategy reins with a feng shui expert called over positioning of office chaise lounge.
From The Bureau: Championing Competency & Cross-Industry Collaboration
The IAB's Jonas Jaanimagi calls for more specialisation in adtech. Meaning you'll understand it less than you already do.
Rumble Nabs Renee Park From Cutting Edge
Rumble has recruited Renee Park as one of its new sound designers. And it's only right to make some noise about it.
iD Collective Teams Up With City Of Parramatta To Amp Up NRL Fan Experience
Adland's often lampooned for never going further west than Surry Hills. So this Parramatta news is welcome indeed.
Slew Of New Hires At The Company We Keep
The Company We Keep announces new hires. Here's hoping it doesn't impact the RBA's interest rate decision.
UnDigital Announces Brand Refresh Helping Clients Achieve More Than 600% Sales Increase
Warning - this headline comes with some obscene bragging. Much like the B&T editor's 5/8 in the weekend footy tipping.
Microsoft Advertising: “We Make The Complicated Simple”
Microsoft ads wants to make the complicated simple. The total opposite to Korean restaurant menus & the recent Yes vote.
TV Ratings 29/4/24: Farmer Wants A Wife And Lego Masters Lock Horns In Overnight’s Battle
Who won the battle of the big guns - Lego or Farmer Wants A Wife? One thing's for sure, it wasn't Great Train Journeys.
Nielsen Data Reveals Brands Spending Big To Attract Aussie Tourists
Nielsen Ad Intel data has revealed that the travel and tourism industry spent more than $153 million on advertising in Australia in Q1, 2024 – an increase of 8 per cent from the previous quarter, with TripADeal the biggest spender, followed by Virgin Australia, then the Flight Centre-owned Ignite Travel. As many Australians return from […]
IAS Awarded New Responsible AI Certification From Trustarc
Integral Ad Science tossing up over the mahogany or teak frame after being awarded TRUSTe Responsible AI Certification.
AWARD Calls For Hall Of Fame Nominations
B&T's noms for AWARD Hall of Famer includes Louis The Fly, Chums' talking Scottie dog & Mumbrella's coke dealer.
Havas Red Wins PagerDuty PR Account
Havas Red wins PagerDuty's PR. And judging by B&T having to Google PagerDuty, it could probably do with some help.
ACA Poised To Release Results Of 2023 Create Space Census
The Advertising Council unveils date for its census results. Hey, why not coincide it with an office lamington drive?
Why Fear Is Essential To Fernando Machado’s Creativity
If there's anyone B&T loves to chat to, it's fabled marketer Fernando Machado. Although the 5am time difference sucks.
Superdry Drafts AFL’s Patrick Lipinski For New Campaign
B&T fast regretting that poncho we just bought, as it appears the puffer jacket returns as winter's hottest trend.
Elon Musk vs eSafety: Legal Experts Warn That ‘Rogue Operators’ Like X Are Unlikely To Win Federal Court Battle
If this legal stoush boils down to who can afford the better lawyers, B&T's backing Mr Musk every single time.
Amy Poehler Presents First Look At Inside Out 2 At Vivid Sydney 2024
Vivid isn't about freezing your arse off while looking at lights on a wall, as you'll learn with this Amy Poehler news.
Mutinex Launches DataOS Improving Data Warehousing & Quality For MMM Marketers
Work in marketing? Does your data warehousing resemble a teenager's bedroom? Here's a Marie Kondo-approved read.
IMAA Celebrates Three Years Of Group Trade Credit Insurance Deal
Are you a struggling indie? Thinking of firebombing the building for the insurance money? IMAA has you covered here.
Adam Sandler Seemingly ‘Slams’ Ukraine In Pro-Kremlin Campaign
Host of A-list celebs caught slamming Ukraine's president. Thankfully it does have the Milli Vanillis about it.
New Marketing & Comms Agency For Defence & Aerospace Industry Takes Flight
As painful as this is to say, judging by current world events, the bomb & tank industries must be in rude health.