SYDNEY—The life insurance arm of Australia’s biggest bank was charged on Friday with dozens of breaches of a law banning sales staff from cold calling customers to sell financial products, in a sign that regulators are cracking down on misconduct in the sector.
The Australian Securities and Investments Commission (ASIC) accused Commonwealth Bank of Australia’s CommInsure unit of breaking an “anti-hawking” law 87 times when it sought to sell life insurance polices via unsolicited phone calls from October to December 2014.
