Consumer Credit Insurance

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Scrutiny of add-on insurance products by consumers, regulators and government has increased recently, with a particular focus on the sale of consumer credit insurance (CCI). Insurers and third-party sellers have been criticised for offering poor-quality products, pressure selling and selling to consumers who were unaware they were consenting to purchase CCI. In light of these…

Read More Sale of consumer credit insurance by customer owned banking Code subscribers

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The Australian Securities and Investments Commission (ASIC) report released today confirms that consumer credit insurance, commonly tacked on when taking out a loan or credit card, is junk.  This news comes as Australians demand over $2 million worth of refunds after being ripped off by junk insurance through Consumer Action’s DemandARefund tool.   ASIC’s report…

Read More Regulator slams ‘junk insurance’ sold by banks as Aussies demand over $2 million in refunds