Quotes attributable to CHOICE CEO Alan Kirkland:
"Product intervention powers were one of the biggest missing pieces in our law. Until now, if ASIC saw a product or business that was causing harm to people, it could not step in to stop it being sold to others."
"We're glad to see ASIC move fast to signal how it will use these powers, because the sooner they are used, the sooner consumers will be protected from dangerous financial products."
"We hope to see these powers used to curb or stop the sale of products that are outright ripoffs, like consumer credit insurance, funeral insurance and tricky life insurance policies. Many of these are deliberately targeted at people who are already disadvantaged."
"The fundamental message for financial institutions is to make sure your products and practices don’t cause significant harm to consumers. If you do that, you’ve got nothing to fear."
Media contact: Jonathan Brown, 0430 172 669, email@example.com
ASIC Product Intervention Power release can be found here.