Online Financial Services Disclosure

ASIC has recently released Consultation Paper No. 93 which proposes the use of email and the internet to provide financial services information required under Parts 7.6—7.9 of the Corporations Act 2001 (Act). ASIC recognises that many financial consumers and product issuers are seeking to communicate through electronic means. In releasing the consultation paper, ASIC's objective is to make disclosure more interactive, innovative, cost effective and user friendly while minimising the exposure of consumers to risks, including internet scams and fraud. ASIC also recognises that online financial services disclosure has the potential to deliver cost savings for businesses in meeting legal requirements.