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.
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"use more engaging forms to boost consumers understanding of financial services and products." - Except consumers are bombarded with inefficient and confusing SOA's.... ASIC Has done nothing to address this, even when they said they would.
I agree about SOA's. You should hear some of the comments my clients make. "Am I stupid that you need to repeat my own statements, and financial position back to me", "You have all that muck in the fee disclosure to simply tell me that you are going to charge me a $1500?", "why do you need to tell me that you are going to work in my best interests?", "My birthday has not changed in my entire life, why do you need to tell me what it is every year? I have not forgotten it!" Perhaps ASIC workers do struggle to remember their birthdays, and like reading 50 page documents, and 150page PDS's for each fund, and they like to pay over $3000 for advice.
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