When Will CBA Class Action Be Paid? Key Updates for Claimants

Also, if you took out a CommInsure life insurance or income protection insurance policy through an adviser linked to the Commonwealth Bank of Australia (CBA), it might have been an unfair charge. In a class action filed by Shine Lawyers for thousands of CommInsure policyholders, the aim is to secure justice in the compensation for them regarding the unfair premiums paid.

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What is CBA CommInsure Class Action?

Shine Lawyers instituted class action on all those who availed the CommInsure life insurance policy or income protection insurance policy through the abovementioned advisers. The same are:

Commonwealth Financial Planning Limited (CFPL)
Financial Wisdom Limited (FWL)

All these advisers are said not to have acted in their clients’ best interests, and have not informed them that similar or even better insurance could be obtained from another insurer at a lower price. Moreover, commissions and other benefits have been given to lure such consultants to sell policies from CommInsure, a subsidiary of CBA, thus driving up the cost to customers of taking out these indemnities.

Thus, Shine Lawyers argue that their clients should receive a refund for the higher premiums paid as a result of this misrepresentation.

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Important information

CBA licenses CFPL and FWL. Previously, CommInsure was a fully owned subsidiary of CBA. Policies offered under CommInsure include life, total and permanent disability, trauma, income protection and/or business protection insurances.

Join the CBA CommInsure Class Action?

If you meet the following conditions, you may be a class member in this case:

Through advice from Commonwealth Financial Planning Limited or Financial Wisdom Limited, one of the Commonwealth-affiliated licensees which may hold out the CommInsure policy, received Real-time insurance advice after 21 August 2014.
You have a policy covering at least one of the following:

Life insurance
Terminal illness cover
Total and permanent disability (TPD)
Income protection
Trauma cover
Business expenses cover

If you deem applicable, you may then be a candidate for compensation.

You can determine your eligibility by contacting the Shine Lawyers team if you own a CommInsure life insurance or income protection insurance policy and are in doubt about your eligibility.

How to register in the CBA CommInsure class action?

You can use the following link to register in the CBA CommInsure class action for free and without any obligation: ‘Register for the class action’ and follow with the registration form.

This is for all other actions for which Shine Lawyers have filed against different parties, including Colonial First State Investment Limited (CFSIL) and other CBA subsidiaries.

Case Documents

These are the documents pertinent to this case.

Defence
Originating Application Sealed
Third Further Amended Statement of Claim

Meet the CBA CommInsure Class Action Team

Shine Lawyers’ team includes the most qualified lawyers and support staff, who are getting this class action running quite efficiently. Please visit the Shine Lawyers website to learn more about them.

Conclusion

This is one opportunity brought by the CBA CommInsure class action to offer recourse to those who may have been disadvantaged from the improper payments of premiums. Shine Lawyers will ensure that any person who qualifies for compensation receives it. Register now if you are also affected and give Shine Lawyers a call.

FAQs

Q1: What does it really mean to be part of the CBA CommInsure Class Action?

Ans: A class action suit, by definition, is a court case in which people sue to recover damages from CommInsure for overcharging them on policies on account of incorrect financial advice.

Q2: Who is eligible for this class action?

Ans: Anyone who acquired or obtained any of the CommInsure life or income protection insurance from financial advisers associated with either Commonwealth Financial Planning Limited (CFPL) or Financial Wisdom Limited (FWL) post August 21, 2014.