Luke Hartsuyker (Cowper, National Party, Assistant Minister to the Deputy Prime Minister) Share this | Hansard source

I move:

That the amendment be agreed to.

This is quite a simple amendment. It relates to division 6 of the bill—Additional protections for retail clients, and specifically relates to section 738ZD—Cooling off rights for retail clients. The section reads:

If a person who is a retail client in relation to a CSF offer makes an application pursuant to the offer, the person may withdraw the application within 48 hours after the application is made.

The effect of this amendment is to increase that 48-hour period to five business days. It is a very simple amendment, increasing the duration from 48 hours to five business days, and I certainly commend it.

See this speech in context