This article from the Sydney Morning Herald relates to the Australian Securities and Investments Commission (ASIC) that, according to that article, commenced action last week against funeral and accident insurance company Select AFSL  and its director, Russell Howden.

The article mentions that the company faces a lawsuit from Australia’s corporate regulator over what they call “coercive sales tactics”.  It is alleged that Select AFSL offered staff trips to Las Vegas and other prizes for pushing funeral insurance policies to vulnerable customers, including people in Australia’s remote Indigenous communities.  In fact, according to the article, the ASIC has accused the company of “unconscionable conduct” over its sales practices.

The ASIC also has accused Select AFSL of breaching the laws around conflicted remuneration in relation to the perks allegedly offered to staff for selling the most insurance policies.

A spokesman for Select AFSL and its related parties stated that the company is aware of the allegations and would respond in due course.

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