Australian Securities and Investments Commission (ASIC) have moved to provide further guidance to banks, credit unions, and community building offer consumer credit insurance (CCI) to improve their practice and reduce the risk of selling a miss.
Regulators have issued recommendations 10 which includes field sales practices, disclosure, training and monitoring systems, after reviewing the practices of 15 official mistress of the institution.
ASIC noted that the decision to issue a recommendation 10 had followed that action has been taken of compliance against three companies that have consumer credit insurance sold miss.
Also, Boxall listed the potential for consumers to hit or harassed by sales staff, and for consumers not to understand the cost or duration of the CCI policy.