Commonwealth Bank of Australia (CBA) today announced The Colonial Mutual Life Assurance Society (CMLA) (CommInsure), a subsidiary of the Commonwealth Bank, was this morning served by the Commonwealth Director of Public Prosecutions in relation to criminal proceedings against CMLA for 87 alleged contraventions of the anti-hawking provisions of the Corporations Act 2001 (Cth).

The alleged contraventions relate to telephone sales of Simple Life insurance products by CMLA in the period 7 October 2014 to 16 December 2014, a practice that ceased at the end of 2014. These matters had been the subject of an investigation by the Australian Securities and Investments Commission (ASIC). CMLA reported breaches of anti-hawking provisions to ASIC.

CBA and CommInsure are considering the matter and CBA does not intend to comment further at this time.

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Commonwealth Bank of Australia published this content on 04 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2019 07:31:02 UTC