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Changes to the way financial services disclosures need to be made

Until now, the Corporations Act (the Act) has required financial services providers to send disclosure documents (such as financial services guides (FSGs) or product disclosure statements (PDSs)) in paper form unless they held express consent from the consumer for digital communications.

ASIC has recognised the need to remove regulatory barriers to providing financial services disclosures electronically.  Updated Regulatory Guide 221 Facilitating digital financial services disclosures acknowledges that this will be more convenient for consumers and is expected to result in significant cost savings for industry. More…