CBA have a new class action being processed 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
Important to know Information
CFPL and FWL are connected to the Commonwealth Bank of Australia (CBA), and Comminsure? It works like this: Comminsure used to be completely owned by CBA. Now, Comminsure offers different types of insurance policies like ones covering death, total and permanent disability (TPD), trauma, income protection, and even business protection.
Could I be part of the class action?
Eligible criteria for the CBA Comminsure Class Action is as follows
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.
Class action lawsuit against the Commonwealth Bank of Australia (CBA)
Ultimately, successful resolution involves distributing settlement funds to class members, following a opt in process. Overall, class actions do not always serve as a mechanism for individuals to collectively seek the full redress for alleged harm caused by powerful entities like CBA.
Consumers often fall through the cracks in this process due to lost details or changes in contact information. In class action suits, full premium payouts are rare, limited to specific products, and shared among group members.
This is where Get My Refund steps in. We meticulously investigate each victim’s case to ensure they receive all owed funds from potentially mis-sold products across all accounts. With our expertise and commitment, we aim to secure proper compensation for those affected. Time is of the essence, and we are dedicated to swiftly and effectively advocating for the underprivileged.
Important note:
It’s important to note that if you choose not to opt out, further steps may be required before distribution of any payout, as it is not automatic. The terms for each class action are accessible online. We do not provide legal advice, and we strongly recommend that you review what each group member may or may not receive and consider seeking legal advice before making any decisions.
What happens if you don’t opt out of the CBA Class Action and your class a is successful?
If you don’t opt out of a class action lawsuit against the Commonwealth Bank of Australia (CBA) and the class action is successful, you are typically considered a member of the class and would be bound by the terms of any settlement or judgment reached in the case. As a member of the class, you would be entitled to any benefits, refunds, or compensation awarded as part of the resolution, as determined by the court or specified in the settlement agreement.
However, it’s essential to note that by not opting out, you also waive your right to pursue individual legal action against CBA for the same claims covered by the class action. Essentially, by remaining in the class, you agree to be bound by the outcome of the lawsuit, whether favorable or not, and accept the terms of any settlement reached on behalf of the class.
How long can you expect the CBA Comminsure Action to take?
The duration of a class action lawsuit against the Commonwealth Bank of Australia (CBA) can vary widely depending on several factors, including the complexity of the case, the number of class members involved. Generally, class actions can take several years to reach a resolution from the filing of the initial complaint to the final judgment or settlement. Pre-trial processes such as discovery, where both parties exchange evidence and information, can be time-consuming, particularly in complex cases involving large amounts of documentation. Settlement negotiations, if pursued, can also extend the timeline as parties work to reach agreement on terms that are satisfactory to both sides and fair to the class members. If the case proceeds to trial, the length of the trial itself can vary depending on the number of issues to be litigated and the availability of court time. Post-trial motions and potential appeals can further prolong the process. With such delays and an uncertain outcome, Get My Refund provides an alternate method to seek a refund with our help.
How do you opt out?
ONLY If you opt-out by the deadline or instruct us to opt-out on your behalf, you have removed yourself from this class action and will be free to pursue a refund to achieve a better outcome.
If you had opted out, you’ve removed yourself from this class action. As a result, the outcome of the case will not affect you. You will be free to file your own claim separately and therefore entitled to more compensation.
Get My Refund — the pioneer of refunds you can count on
As the first refund management service in Australia, we have 30 years of experience and always act in the best interests of our clients to help them get back what they’re owed. We simplify and speed up the entire process and handle any escalations to AFCA, so you don’t have to. With our online portal, you can easily track the progress of your refund claim. Our clients have been offered up to 85% less when submitting their own refunds than what we’ve achieved for them. If you have any queries, explore our FAQs and read our blog to learn more!
