November 28, 2019 / 2:46 AM / 16 days ago

CBA's insurance arm convicted of cold-calling offences

Nov 28 (Reuters) - Commonwealth Bank of Australia’s life insurance arm was convicted of 87 counts of cold-calling offences, the country’s corporate regulator said on Thursday.

CommInsure had earlier this month pleaded guilty to all 87 counts of breaching a law banning sales staff from making unsolicited calls to sell financial products.

The Australian Securities and Investments Commission said CommInsure was fined A$700,000 ($475,020.00) by a local court in Sydney. ($1 = 1.4736 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Shri Navaratnam)

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