ASIC commences proceedings against Westpac for alleged misleading and unfair sales of consumer credit insurance ASIC has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation (Westpac), alleging it mis-sold consumer credit insurance (CCI) with credit cards, and other credit facilities, to customers who had not agreed to buy the policies. ASIC’s action relates to Westpac’s Credit Card Repayment Protection and Flexi-Loan Repayment Protection policies which are add-on insurance products sold with credit cards and lines of credit. ASIC alleges that from 7 April 2015 to 28 July 2015, ... (full story)