CBA has rejected allegations by law firm Maurice Blackburn that its CommInsure review was not comprehensive enough, as well as its charge that no claims staff were interviewed as part of the review.
Sister publication ifa reported last week on comments from Maurice Blackburn superannuation and insurance principal Josh Mennen who said no customers were interviewed as part of the CommInsure-commissioned Deloitte review into denied claims.
In response, CBA said all information was made available to Deloitte to make a decision on the claim.
It said Deloitte interviewed claims staff and that its review process “involved full access to data, claims files, emails, customer correspondence, doctors’ reports etc”.
“It is entirely incorrect to say there has been no contact with customers,” CBA said in a statement.
“If through this [review] process Deloitte felt that more information was required, whether that be from the customer or from CommInsure, particularly if they felt it was needed to decide on a claim, they would request it of us.
“CommInsure would contact the customer (or through their trustee) and provide that information to Deloitte. It is not appropriate for Deloitte to contact our customers directly.”
CBA also replied to Mr Mennen’s concerns surrounding the comprehensiveness of the review, saying both ASIC and APRA have been provided with all reports and reviews relating to CommInsure claims – including Deloitte, DLA Piper and EY.
“We believe this work is the largest independent review of insurance claims ever conducted in Australian history,” the bank said.
“At the parliamentary joint committee on corporations and financial services inquiry into the life insurance industry on 24 February 2017, APRA stated that it is ‘satisfied that the reviews are robust, complete and independent’.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all