Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASIC goes digital with new disclosure measures

ASIC is making it easier and more cost-efficient for financial service businesses to communicate important information to consumers.

The regulator has 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.

ASIC commissioner John Price said the measures are in response to changing consumer preferences, with an increasing number of people using digital mediums for transaction purposes.

“Almost 15 million Australians now have a home internet connection, and 68 per cent of those online are using three or more devices to access the internet,” he said.

Mr Price said the changes mean product disclosure statements and other financial service disclosure documents will be delivered to consumers digitally as the default option, unless the consumer opts out.

Advertisement
Advertisement

PROMOTED CONTENT


“This will reduce the costs of printing and mailing for businesses while preserving choice for those consumers who wish to receive paper,” he said.

“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 goes digital with new disclosure measures
mortgagebusiness

Latest News

The average mortgage interest rate paid by households is expected to continue to decline “for a while yet”, according to the central ban...

Following the release of the Retirement Income Review, two reverse mortgage lenders have emphasised how these products could provide Austral...

The industry body has signed on customer-owned financial institution Newcastle Permanent as a partner. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Responsible Lending - what could lie ahead for lenders brokers and borrowers?

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.