The Commonwealth Bank of Australia (CBA) has pleaded guilty to 30 criminal charges of making false or misleading representations in relation to the selling of consumer credit insurance (CCI).

The offences relate to CreditCard Plus and Loan Protection policies, sold as add-on insurance products in branches, by telephone and online.

Last month the Australian Securities and Investments Commission (ASIC) launched proceedings in the Federal Court following an investigation.

ASIC says between 2011 and 2015, CBA made false or misleading representations to customers that they could make a claim against their insurance policies “when some or all of these claims were not available to them”.

“ASIC has been concerned about the consumer harms associated with add-on insurance for some time,” ASIC Deputy Chair Sarah Court said today.

“ASIC pursued a criminal case against CBA after it was clear customers had been sold insurance that they had no use for.”

An ASIC report previously found that CCI was poor value and caused consumer harm, and CBA’s conduct was highlighted at the Hayne royal commission.

“Following a review of consumer credit insurance, ASIC banned the unsolicited sale of this insurance through cold calls, secured over $250 million in remediation for customers and has taken civil action against Westpac,” Ms Court says.

“Today we add criminal proceedings against CBA. These interventions were necessary because the industry did not put customers front and centre.”

The CBA matter has been adjourned but a date is not yet fixed.