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.
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