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ASIC released new guidance to enhance consumer understanding of financial products and services while cutting red tape.
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ASIC announces digital disclosure measures
28 July 2015
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7 minute read
The regulator today released new guidance and waivers to further facilitate businesses providing disclosures through digital channels and to encourage innovative communication of information about financial products and services.
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ASIC Commissioner John Price said the new measures announced today respond to changing consumer preferences.
“The changes mean product disclosure statements (PDS) and other financial services disclosure documents will be delivered to consumers digitally as the default option, unless the consumer opts out,” Mr Price said.
“This will reduce the costs of printing and mailing for businesses while preserving choice for those consumers who wish to receive paper.
“ASIC wants industry to harness the opportunities of digitisation and is encouraging the use of more engaging forms of communication using digital media – interactive, video and audio. This can boost consumer understanding of financial services and products.”
ASIC's guidance and waivers are contained in Regulatory Guide 221 Facilitating digital financial services disclosure (RG 221) and two new legislative instruments.
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