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.

“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.”

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