Joint Submission in response to Consultation Paper 272 – Remaking ASIC class orders on time-sharing schemes

In response to ASIC’s Consultation paper on remaking its class orders on time-sharing schemes, Financial Rights has joined with Consumer Action in putting forward the following views on time-sharing:

• an opt-in regime should apply to timeshares rather than a cooling-off period;
• consumers should be able to more easily terminate their timeshare arrangement and any associated finance arrangement if they determine that it is unsuitable;
• the term of timeshare agreements should be more limited; and
• an increase in the volume of information provided to consumers is unlikely to be of any significant benefit, but there are some areas where more accurate disclosure may assist more sophisticated consumers in making their decisions.