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ASIC sues Westpac over ‘junk’ credit insurance sales tactics – ABC News

The action comes as the federal government seeks to regulate the controversial sale of so-called “junk” insurance to consumers at the point of sale. But the travel…

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A controversial practice where consumers are sold “junk insurance” when they go to take out a home loan, credit card, or even buy a plane ticket, will be scrutinised in court, following action by the corporate regulator against Westpac.
Key points:

  • ASIC is suing Westpac over its sale of consumer credit insurance in 2015 to almost 400 customers
  • The practice saw consumers sold insurance on the potential of default at the time when they signed up to credit cards
  • Other industries, including travel, still…

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