ASIC sues Westpac over ‘junk’ credit insurance sales tactics

A controverial practice where consumers are sold “junk insurance” when they go to take out a home loan, credit card, or even buy a plane ticket, will be scrutinised in court, following action by the corporate regulator against Westpac.

ASIC is suing the major bank over its sale of consumer credit insurance (CCI) to consumers, allegedly without their consent.

This sort of insurance typically provides cover for consumers if they are…