Financial services behind on electronic disclosures: ASIC
Australia's regulatory and legal system has not kept pace with industry and consumer demand for electronic disclosures, according to the Australian Securities and Investments Commission (ASIC).
The regulator has called for submissions around a system that could see financial services providers using email as the default means of delivering disclosure documents.
ASIC said although some frameworks are in place to facilitate electronic disclosures, "behavioural biases" have meant the method is a rarity.
It is now asking stakeholders, such as planners, to submit estimates of the likely costs of the operation.
The regulator noted that there are still some legal grey areas and practical barriers, such as the requirement for some product disclosure statements to be lodged with ASIC.
Recommended for you
ASIC has cancelled the AFSL of global advisory group Brite Advisors after compensation was paid to an individual by the Compensation Scheme of Last Resort.
Having taken some “quite tough medicine” during its 18-month transformation program, Iress is now doubling down on organic growth in the delivery of its wealth technologies.
The RIAA Conference Australia 2025 will take place later this month, featuring a range of sessions designed for financial advisers.
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
