In brief - in February 2019, the Financial Services
Royal Commission (FS Royal Commission or FSRC) recommended that the
hawking of insurance and superannuation products should be
prohibited
Recommendation 4.1 provides:
Consistently with Recommendation 3.4, which prohibits the
hawking of superannuation products, hawking of insurance products
should be prohibited.
The FSRC Final Report proposes the prohibition of the
unsolicited offer or sale of insurance products, except to those
who are not retail clients and except for offers made under an
eligible employee share scheme
Comminsure charged with breaching anti-hawking law
On 4 October 2019, ASIC charged the Colonial Mutual Life
Insurance Society Ltd, trading as CommInsure, with 87 counts of
offering to sell insurance products in the course of non-compliant
unsolicited telephone calls.
