If you obtained a CommInsure life or income protection insurance policy through a financial adviser licensed by CBA, you may have been wrongfully overcharged.
Shine Lawyers has launched a class action on behalf of thousands of CommInsure policy holders; we believe they may have been unlawfully overcharged and should be fairly compensated.
What is the CBA CommInsure Class Action about?
Shine Lawyers is running a class action on behalf of people who obtained CommInsure life or income protection policies through financial advisers appointed by:
- Commonwealth Financial Planning Limited (CFPL)
- Financial Wisdom Limited (FWL)
It is alleged that these financial advisers, who may have operated under other business names:
- Did not act in their clients’ best interests, by failing to inform their clients that they could obtain substantially similar or better insurance policies from alternative insurers for lower premiums
- Were incentivised through commissions and other financial and non-financial benefits to recommend insurance through CBA’s related party CommInsure, resulting in their clients paying unfairly higher premiums
We believe these clients should be compensated for the excess premiums they paid as a result of this unethical financial advice and conduct.
CFPL and FWL are related licensees of the Commonwealth Bank of Australia (CBA)
CommInsure’s policies may include death, TPD, trauma, income protection and/or business protection insurance.
Can I join the CBA CommInsure Class Action?
You may be eligible for compensation as a member of the CBA CommInsure Class Action if:
- Commonwealth Financial Planning Limited
- Financial Wisdom Limited
- CommInsure Protect*
- Total Care*
- Life Risk Insurance*
- Life Care*
- Investment Life Insurance*
If you meet the conditions above, you may be entitled to compensation, and you are encouraged to register for the CBA CommInsure Class Action.
How to register for the CBA CommInsure Class Action
To register for the CBA CommInsure Class Action on a no-cost, no-obligation basis, please click the 'Register Now' button below to fill out the registration form.
Who is Shine Lawyers’ Class Action Team?
Shine Lawyers’ Class Action Team includes some of the firm’s most experienced solicitors and support staff. The team includes: