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In this joint submission – Consumer Action and Financial Rights strongly support many elements of ASIC’s proposed intervention. A deferred sales model for add-on insurance, along with complementary obligations and a ban on certain mechanical risk products will dramatically reduce the ongoing significant consumer detriment.
We are, however, strongly opposed to ASIC’s proposal that the deferral period begins by the consumer merely making an application for finance. Our primary recommendation is, therefore, that the deferral period start after the car is purchased, finance approved, and most importantly, delivery of the car. Without this change, pressure sales will remain – defeating the very purpose of this intervention.
Financial Rights acknowledges Aboriginal and Torres Strait Islander peoples as the traditional owners and celebrate the diversity of Aboriginal peoples and their ongoing cultures and connections to all lands and waters. Financial Rights acknowledges the Gadigal people of the Eora Nation as the traditional owners and custodians of the land on which our main office is located. We pay our respects to Elders past and present and future traditional custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Aboriginal and Torres Strait Islander peoples should be aware this website may contain images or names of people who have passed away.