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    CBA   AU000000CBA7

COMMONWEALTH BANK OF AUSTRALIA

(CBA)
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Commonwealth Bank of Australia : CBA acknowledges proceedings in relation to CCI products

09/17/2021 | 03:45am EDT

Commonwealth Bank acknowledges proceedings commenced by ASIC in relation to CBA's sale of consumer credit insurance products.

Commonwealth Bank of Australia (CBA) acknowledges proceedings have been filed by the Australian Securities and Investments Commission (ASIC) in relation to CBA's sale of consumer credit insurance (CCI) products between 2011 and 2015. CBA no longer sells these products.

CBA will be charged with 30 offences relating to false or misleading representations made to 165 customers from 2011 to 2015 in contravention of the ASIC Act when CBA did not adequately disclose to those customers at the point of sale that they were not eligible for certain benefits under the CCI policies because of their employment status. In 2011 the wrong decision was made to remove qualifying questions about the employment status of a customer from some mandatory sales scripts. Those questions would have disclosed at the point of sale whether the customer would be eligible for certain benefits under those policies.

CBA has cooperated fully with ASIC during its investigation, and with the referral process to the Commonwealth Director of Public Prosecutions (CDPP). CBA will plead guilty to the charges and has agreed a Statement of Facts with ASIC and the CDPP. The Statement of Facts is available at https://www.commbank.com.au/cci-sof

CBA first self-reported the issue to ASIC in 2015. ASIC investigated this matter following its consideration as a case study at the Financial Services Royal Commission.

CBA has sent compensation to the 165 customers who are the subject of these proceedings where they paid premiums.

CBA apologises to customers who were affected by these issues and accepts that this conduct was unacceptable.

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Journalists can email media@cba.com.au or call us on +61 2 9118 6919

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 24 836 M 18 617 M 18 617 M
Net income 2022 10 143 M 7 603 M 7 603 M
Net Debt 2022 - - -
P/E ratio 2022 19,0x
Yield 2022 3,77%
Capitalization 179 B 134 B 134 B
Capi. / Sales 2022 7,21x
Capi. / Sales 2023 7,05x
Nbr of Employees 44 375
Free-Float 95,7%
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Last Close Price 105,10 AUD
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Matthew Comyn Chief Executive Officer, Executive Director & MD
Alan Frank Docherty Chief Financial Officer
Catherine Brighid Livingstone Chairman
Pascal Boillat Chief Information Officer
Sinead Taylor Chief Operations Officer
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