The sale of add-on financial products through car yard intermediaries
Consumer Action Law Centre, Financial Rights Legal Centre and WEstjustice have made a submission to the Australian Securities and Investment Commission (ASIC) Consultation – Product intervention: The sale of add-on financial products through car yard intermediaries Revised Draft Instrument– addressing the sale of add-on insurance and warranty products sold with motor vehicles.
This submission includes updated data and case studies that demonstrate the ongoing significant detriment that consumers will experience until ASIC intervenes in the sale of car yard junk insurance. We also highlight the impact of COVID-19 on consumers, who can ill-afford to continue bearing the costs of junk insurance that continues to be sold in car yards.
Read the full submission (PDF) or below.
200820 ASIC Add-On Product Intervention – Revised Instrument