Australia’s CBA pleads guilty for mis-selling insurance products
CBA issued an apology to affected customers.
The Commonwealth Bank of Australia (CBA) said that it would plead guilty to 30 charges of mis-selling consumer credit insurance (CCI) to its customers.
CBA said that the charges filed by the Australian Securities and Investments Commission (ASIC) relate to CBA’s sale of CCI’s products between 2011 and 2015 to 165 customers.
“CBA apologises to customers who were affected by these issues and accepts that this conduct was unacceptable,” the bank said in a statement.
CBA said that it will cooperate fully with ASIC during its investigation, and with the referral process to the Commonwealth Director of Public Prosecutions.