General
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.
Key points:
- ASIC is suing Westpac over its sale of consumer credit insurance in 2015 to almost 400 customers
- The practice saw consumers sold insurance on the potential of default at the time when they signed up to credit cards
- Other industries, including travel, still conduct a form of this sales practice
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…
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