without undue delay when any of the following occurs:
the firm makes a personal recommendation to the customer to enter into a home purchase plan (unless the personal recommendation is made by telephone, in which case a firm must ensure the financial statement is or has been provided as soon as practicable after the telephone call);
the firm provides written information that is specific to the amount of finance to be provided on a particular plan; or
In ensuring that the customer is provided with an appropriate financial information statement, a firm need not provide another when one that remains appropriate has already been provided for that particular home purchase plan. If a financial information statement ceases to be appropriate, for example because the terms of the proposed plan are subsequently materially altered, a new appropriate statement must be provided.
A financial information statement must:
be personalised to reflect the customer's requirements;
contain only the material prescribed or permitted in this section;
contain that material in the order set out in this section; and
present the material concisely, clearly and consistently.
A financial information statement, if not set out in a separate document, must be:
in a prominent place within the other document and clearly identifiable as key information that the customer should read; and
separate from the other content of the document in which it is included.
A financial information statement must contain:
a prominent Key facts logo at the top of the statement;
the term of the home purchase plan;
the overall cost of the plan, comprising:
details of the payments the customer must make, including:
the assumed start date;
all rental rates that will apply;
when the rental rates will apply and for how long;
for each rental rate, the number, frequency and amount of the periodic payments that will apply;
in relation to the first periodic payment, the amount of the purchase payment and of the rental payment;
the amount of any insurance rent payments;
a summary total; and
details of when the summary total will change.
The details of the rental rate charged should be based on information available to a firm at the time of producing the financial information statement. For example, if a rental rate cannot be ascertained at that time because it is based on a fluctuating rate of interest, a firm should base the information on the current fluctuating rate.