Youi forced into refunds
YOUI will pay $ 164,000 after the corporate watchdog raised concerns the insurer had been charging people for policies they hadn’t agreed to buy.
The company will refund about $ 14,000 to 102 consumers and pay $ 150,000 to an advocacy group for people in financial stress.
ASIC yesterday said Youi’s remuneration and bonus structures had encouraged staff to prioritise sales over consumer interests. ASIC said it was concerned that some people had been charged for policies after asking for a quote.
Acting ASIC chair Peter Kell said insurers should focus on customers’ best interests. “It is unacceptable that customers were signed up for Youi policies without their knowledge or permission,” he said. AUSTRALIAN gold miners are likely to lift dividends and launch share buybacks over the next few years as they generate stronger cash flows, Citi analysts say.
Gold prices are high due to geopolitical tensions, a softer US dollar and expectations that US interest rates will remain within a narrow range, with the precious metal currently trading around $ US1295 ($ A1813) an ounce. Locally listed miners are also benefiting from growth in spending in previous years and expansion through acquisitions.
This trend is expected to continue with more production and further deleveraging, Citi analysts said, who estimate that the local gold companies they cover, other than Newcrest Mining, are set to increase economic value added to 8 per cent by 2019.