Over the last few months, important non-banking arms of the venerable CBA have come in for lots of media criticism.
First it was the financial planning arm and now it is the life insurance arm, Comminsure. They stand accused of using outdated definitions of what constitutes a heart attack, to knock back claims, that could have succeeded under more modern, liberal, definitions used by many others in the industry. Insurance is a minefield of definitions and complexities. There is not much doubt whether somebody has died, but has a person had a heart attack? – it all comes down to the definition.
In the bank’s financial planning arm, in-house advisers gave clients poor advice, that cost them dearly.
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