What typically are the other events?Involuntary unemployment. Thank you?That would be the other one, yes. Walk away insurance was another?Yes. What was that insurance for?That was insurance where a policyholder could take a vehicle back to a dealer and claim the difference between the price of the vehicle and the outstanding loan amount, if – if policy conditions did apply. All right. And then protection plus insurance?Yes, that – that is what walk away turned into in approximately February of 2015. There was a name change to the policy and some variations were made to that policy type. And the first three policy types that we’ve just spoken about, they’re all forms of consumer credit insurance?Consumer credit insurance, yes. Guaranteed asset protection or gap insurance was another?Yes, it was. What was that insurance for?So that’s insurance to insure effectively the gap between the value of a motor vehicle should the vehicle be written in an accident and the difference between that value as determined by an insurer and the loan – loan – the outstanding amount on the loan. you. There was then purchase price protection insurance?Purchase price protection insurance, that’s right. Is that a form of gap or is it different to ?It’s different. It is a policy of insurance that a policyholder can purchase that insures the difference between the purchase price of the vehicle and the amount the – the value – determined of the vehicle should the vehicle be written off. So the difference between the two is that the gap insurance is the – is insuring the gap between the amount paid out under a comprehensive policy of insurance?Yes. And the amount outstanding under the loan?Loan, yes. And with purchase price insurance it’s similar to gap insurance?Yes. But it’s the difference between the market price of the vehicle and the amount paid to the financier?Purchase price of the vehicle. The purchase price of the vehicle?Yes. Thank you. There’s another type of insurance which is mechanical breakdown insurance?Yes.
in the very first line of that document, 2004?2004, yes. Does that sound right to you?Yes. Thank you. Was this the central way that Swann incentivised employees of dealer groups?Yes. Was there any other way that it did it?There would be – this is the – this would be the – I would say this was the most commonly used incentive system throughout the network of ARs, authorised representatives, I’m sorry. From time to time we were – the Swann business would hold events, for example, corporate hospitality, for example, but in a – in a formalised basis, this is the – this was the incentive arrangement that was employed with the authorised representative staff, yes. you. Commissioner, I tender that document. THE COMMISSIONER: Ignition incentive program administrators manual, version 4, December ’14, IAG.500.051.5739, exhibit 6.309. EXHIBIT #6.309 IGNITION INCENTIVE PROGRAM ADMINISTRATORS MANUAL, VERSION 4, DECEMBER ’14 (IAG.500.051.5739) MR COSTELLO: Mr Bessell could I now take you to another document IAG.500.051.5697. While that’s coming up, does Swann, to the extent – did Swann, to the extent it was able to, seek to understand what incentive programs its competitors ran?I believe so, yes. Do you know whether or not – some of Swann’s competitors had similar incentive programs for the staff of authorised representatives?I – I – I can’t say that I do. I’m aware of similar – I’m aware of incentive programs in the market generally speaking but I – I can’t say that I know the details of those programs. Are you aware of incentive programs in the market generally for the employees of dealers?Yes. Yes. But I don’t know what they are, but Right. But Swann wasn’t to your – to your knowledge, Swann wasn’t the only entity that was seeking to incentivise the employees of dealers?No, I don’t believe so. Thank you. Have you seen this document before?I have. And is this a document that came out in a similar form reasonably regularly from Swann?Yes, it did. And correct me if I’m wrong, it seems to me, at least, that this document is a bonus within the ignition program?Yes, it is.