Technology integral to improving disclosure: ASIC
The financial services industry is being urged to embrace technology to help boost consumers' understanding of financial products, by the Australian Securities and Investments Commission (ASIC).
Announcing the launch of a new project, in association with Vanguard and AMP, to develop innovative digital financial product disclosure aimed at boosting investor knowledge, ASIC chairman, Greg Medcraft, said technology was key to improving the effectiveness of disclosure.
"We want investors to have trust and confidence in our financial system and part of that is for ASIC to explore new ways for investors to get to grips with their investments," he said.
"We encourage industry to harness the opportunities of digitisation. More and more, people are accessing financial products and making decisions using mobile devices.
"More work needs to be done on short disclosure. Investors tend to turn off when faced with wordy disclosure documents. If they need more detail, investors can access further layers of information from product providers online."
Recommended for you
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
Sharing his reasoning in joining the FSC board, WT Financial managing director, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
