ASIC 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 announced today respond to changing consumer preferences, with ever increasing numbers of people transacting digitally. Almost 15 million Australians now have a home internet connection and 68% of those online are using three or more devices to access the internet.

‘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. 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,’ Mr Price said.

ASIC’s guidance and waivers  are contained in Regulatory Guide 221 Facilitating digital financial services disclosure (RG 221) and two new legislative instruments.

The changes follow recent consultation through Consultation Paper 224Facilitating electronic financial services and disclosures (CP 224).

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