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.
Important Information
CFPL and FWL are related licensees of the Commonwealth Bank of Australia (CBA), and CommInsure was a wholly owned subsidiary of 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:
On or after 21 August 2014, you received advice in relation to a CommInsure insurance policy from a financial adviser or an authorised representative of:
Commonwealth Financial Planning Limited; or
Financial Wisdom Limited
AND
Your policy provided cover for one or more of the following:
Life;
Terminal Illness;
Total and Permanent Disability;
Income Protection;
Trauma;
Business Overhead.
If you meet the conditions above, you may be entitled to compensation, and you are encouraged to register for the CBA CommInsure Class Action.
Please note that financial advisers providing CommInsure policies may have operated under different names to the above.
If you have or previously had a CommInsure life or income protection insurance policy and are unsure whether you are eligible, or are unsure whether your adviser was part of Commonwealth Financial Planning Limited or Financial Wisdom limited, please either register or contact us so that a member of our team can assist you.
This class action follows Shine Lawyers filing a class action against Colonial First State Investment Limited (CFSIL), a subsidiary of CBA, for similar conduct. Other class actions have also been commenced against CBA in relation to insurance products and superannuation fees, suggesting a pattern of CBA entities failing to act in the best interests of their members and customers.
Frequently Asked Questions
What is a class action?
When Governments, large companies or institutions do the wrong thing and people are harmed or suffer loss as a result, an individual can have little to no means of bringing a legal claim.
Class actions are an important mechanism within Australia’s legal system that allow large groups of people to come together to pursue a claim collectively.
For a class action to take place, there are three criteria that need to be met:
There must be 7 or more people that have claims against the same defendant; and
The claims relate to the same or similar circumstances; and
The claim must relate to at least one common issue of law or fact.
For more information about how class actions resolve, click here.
How long do class actions take to resolve?
It can take up to several years for a class action to resolve. The time taken from case commencement through to resolution and settlement administration depends on the particular case, and the nature of the claim.
For more information about class actions and how they work, click here.
Does it cost anything to join a class action?
Shine Lawyers is committed to ensuring that everyone, regardless of their background or financial situation, has access to justice. We run our class actions in a way that means you are not exposed to any costs or financial risk, so joining a class action will cost you nothing.
When a class action is successful, the legal fees and costs to run the class action are deducted from the settlement amount that is approved by the Court. If the class action is unsuccessful, we will ensure there are no out-of-pocket costs to you.
Will my contact details be kept private?
Yes, your contact details will remain confidential and we will seek your consent before disclosing any of your personal information (including before such disclosure is required by the Court).
Shine Lawyers will only use your personal information strictly for the purpose of the legal proceedings.
Meet the CBA CommInsure Class Action team
Shine Lawyers’ CBA CommInsure Class Action team includes some of the firm’s most experienced litigators, solicitors and support staff. You can learn more about the team running this class action by clicking on their profile below.
Why Choose Shine Lawyers?
In successful settlements and judgments
We have secured more than $1 billion in class action settlements and judgments for our group members.
years of collective experience
Our team includes the country’s most experienced class actions experts and litigators with the skill, industry insight and dedication to deliver the best possible outcomes for deserving Australians.
dedicated class actions team members
We are proudly one of the largest class actions teams in the country. Our senior practitioners are supported by a dedicated team devoted to the complex field of class actions.
