Life, Money

Youi to pay $164,000 for poor insurance sales practices

Published on November 30, 2017 8:44 pm, by

Earlier this week Youi announced that they were refunding $14,000 to 102 home and car insurance customers. The refunds were in response to ASIC’s concerns that some Youi sales staff were charging people for insurance policies without their consent to purchase the policy, including situations where people had only made an inquiry to get an insurance quote!

ASIC were also concerned that Youi’s remuneration and bonus structures incentivised sales staff to prioritise sales ahead of consumer’s interests.

Youi are also paying $150,000 as a community benefit payment to the Financial Rights Legal Centre’s Insurance Law Service.

If you believe you are affected by these issues or you have a dispute with Youi should contact them directly on 07 3852 7895. You can also contact The Financial Ombudsman Service on 1800 367 287.

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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

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