CORPORATIONS - financial services - false or misleading representations in connection with the supply of financial services - where the respondent failed to provide a rehabilitation bonus benefit to 119 customers who were entitled to that benefit under their insurance policies - where the respondent impliedly represented to those customers that they were not entitled to that benefit - where the respondent admitted that the representations were false or misleading and that it contravened the relevant provision - pecuniary penalty - where the parties jointly proposed declarations of contravention and a pecuniary penalty of $10 million - whether proposed penalty within the appropriate range - held: declarations made and penalty of $10 million imposed
INSURANCE - duty of utmost good faith - where the respondent failed to provide a rehabilitation bonus benefit to customers who were entitled to that benefit under their insurance policies - where the respondent impliedly represented that the customers were not entitled to that benefit - where the respondent admitted that it thereby breached its duty of utmost good faith - where the parties jointly proposed declaration of contravention - held: declaration made
CORPORATIONS - financial services - obligations of financial services licensee - where the respondent held a financial services licence - where the respondent admitted that it contravened its obligation to do all things necessary to ensure that the financial services covered by the licence were provided efficiently, honestly and fairly - where the parties jointly proposed declarations of contravention - held: declarations made
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