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Hayne must spell end for cold calls: Choice

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Choice CEO Alan Kirkland has called on the financial services and life insurance sector to end outbound sales calls following revelations at the Hayne royal commission.

In the latest edition of Choice’s magazine, he says sales tactics remain the same even though the technology used has changed: “Find a vulnerable person, tap into their insecurities, make the sale and pocket the money.”

He says too many sales result in consumers losing money through outrageous fees, bad investments or worthless insurance. Financial products should not be pushed over the phone to people who have not invited it.

Even after the major financial scandals of recent years, the industry has done nothing to protect people from unsolicited sales, Mr Kirkland says.

The royal commission provides an opportunity to fix this, and the industry must act, he writes.