ASIC has convened CCI Working Group to progress a range of reforms.

Significantly, this includes a deferred-sales model for CCI sold with credit cards over the phone and in branches. This will mean that consumers cannot be sold a CCI policy for their credit card until at least four days after they have applied for their credit card over the phone or in a branch.

The ABA is likely to incorporate these measures into the revised Code of Banking Practice and may accelerate their introduction so that they commence in the first half of 2018 and well before the new code is fully in place.