 In October 2002, Beneficial Assurance Pty Ltd a
Warranty Company went into liquidation.
The demise of Beneficial has left thousands of Customers out of pocket, holding
worthless Warranty booklets.
Many more Motor Dealers are left with the choice of losing repeat Customers or
in some cases, being confronted with the possibility of being ordered by
Consumer Affairs to pay Beneficial’s claims.
Once again this illustrates the importance for both the Motor Dealer and the
Consumer not to deal with an unlicensed Warranty company.
Look for an AFS Licence Number. Make sure that the Warranty Company with whom
you deal either holds an AFS Licence or is an Authorised Representative of an
AFS-Licenced Insurer.
For more information, Beneficial's clients should contact
Consumer Affairs in their State.
Download Beneficial Historical Company Extract (PDF - 568kb)
Download ASIC Documentation (PDF - 427kb) |