Frequently asked questions about financial services regulation QFS 135 Are roadside assistance services provided by automobile associations financial products?

We consider that facilities provided by automobile associations to give their members roadside assistance, breakdown and ancillary services (such as towing, alternate transport supply or reimbursement, emergency messaging, accident and theft assistance, locksmith services etc) are not financial products for the purposes of the Corporations Act 2001. In forming our own view whether a product is a financial product, ASIC considers a number of factors, including whether the product has a financial product purpose. We consider that the purpose of roadside assistance facilities is to help the consumer to get driving again as soon as possible, rather than to manage the financial consequences of breaking down or being damaged.

The impact of the roadside assistance services on managing the financial risk of a vehicle breaking down is relatively remote. Accordingly, we consider that such facilities are not financial products. More.

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