ASIC today released Consultation Paper 224 Facilitating electronic financial services and disclosures(CP 224) is aimed at enhancing investor engagement with disclosure.
ASIC is seeking feedback on proposals to make it easier for businesses to deliver financial services disclosures electronically while preserving choice for consumers. Our proposals also encourage the use of more innovative formats for Product Disclosure Statements.
ASIC Commissioner John Price said, ‘ASIC is focussed on making disclosure more effective and meaningful for consumers of financial services. We want to encourage more innovative ways of delivering important information presented in a way that consumers can understand and act on.
‘At the same time, we believe electronic disclosure could reduce costs for providers and enable them to better align their disclosure with consumer preferences,’ he said.
ASIC is consulting on updates to our Regulatory Guide 221 Facilitating online financial services disclosures (RG 221) to reflect these proposals and to remove uncertainty about the circumstances in which electronic communications can be used.
ASIC welcomes feedback from consumers, product issuers and other interested parties.
Submissions close on 16 January 2015.