Industry to go paperless?
The Australian Securities and Investments Commission (ASIC) has given the green light to financial services businesses to provide customers with information in digital form.
The corporate body is now giving businesses the go-ahead, to send customers information in electronic form, rather than printing and mailing it.
ASIC Deputy Chair, Peter Kell said the body is urging industry to adopt digitisation and use more engaging forms to boost consumers understanding of financial services and products.
Kell said, the changes under the ePayments Code will ensure that all information is send digitally "as the default option" and that choice will be reserved if consumers wish to receive paper.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.