It’s the bank that’s spent two years rebuilding its reputation after being exposed for ripping off its customers in a devastating financial advice scandal. The Commonwealth Bank is adamant that it’s learned its lesson.
“We will be the ethical bank, the bank others look up to for honesty, transparency, decency, good management, openness.” David Turner, Chair Commonwealth Bank
Now, the reporter who broke open the financial advice scandal, Adele Ferguson is back, with another investigation into the Commonwealth Bank.
Six months in the making, this joint Four Corners/Fairfax investigation, focuses on the insurance arm of the bank, CommInsure.
They’re in the business of selling the kind of insurance policy you hope you never have to claim. Insurance to cover you or provide for your family if the worst should happen, like a serious health condition or death.
But this investigation will reveal how CommInsure uses unscrupulous tactics to take consumers money and avoid insurance payouts, leaving customers paying money for nothing at the most difficult moment of their lives.
“They are extraordinary allegations. They are certainly the biggest thing I’ve heard as a litigation lawyer working in the insurance world.” Lawyer
The findings will be released in a series of stories through Fairfax Media and ABC platforms culminating in the Four Corners broadcast on Monday night, detailing the full revelations.
Money For Nothing, reported by Adele Ferguson and presented by Sarah Ferguson, goes to air on Monday March 7 at 8.30pm on ABC & iview. It is replayed on Tuesday March 8 at 10.00am and Wednesday at 11pm. It can also be seen on ABC News 24 on Saturday at 8.00pm, ABC iview and at abc.net.au/4corners.