In the past financial services firms in Australia needed to get consent to use a customer’s email address to communicate product disclosures and other financial services disclosure statements, which often meant sending out physical mail.
Under the Australian Securities and Investments Commission’s new guidelines, financial services firms can start sending information to a customer’s email address if it is already on file, rather than asking for approval.
‘The changes mean product disclosure statements and other financial services disclosure documents will be delivered to consumers digitally as the default option, unless the consumer opts out, “ said ASIC commissioner John Price.
“ASIC wants industry to harness the opportunities of digitisation and is encouraging the use of more engaging forms of communication using digital media – interactive, video and audio. This can boost consumer understanding of financial services and products, Price said.
