Colonial Mutual pleads guilty to illegal tele sales

Commonwealth

The Colonial Mutual Life Assurance Society (CMLA), a subsidiary of the Commonwealth Bank of Australia (CBA), has just pleaded guilty to 87 alleged contraventions of the anti-hawking provisions of the Corporations Act 2001 (Cth) which it had previously reported to the Australian Securities and Investments Commission (ASIC).

Penalties will be determined on 28 November, 2019.

As announced on 4 October 2019, the alleged contraventions related 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.