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.