ASIC has issued Consultation Paper 121 seeking feedback on proposals for changes to online financial services disclosures.

The proposals include:

• relief to give providers certainty about giving product disclosure statements, financial services guides and statements of advice to retail clients via hyperlinks and references to website addresses; and
• good practice guidance on online disclosure.

The Consultation Paper also discusses whether paper disclosure or online disclosure should be the default method of delivering financial services disclosures.

Generally, under the current law, a provider needs to obtain a retail client’s express agreement before delivering financial services disclosures online (i.e. paper disclosure is the default method of delivering disclosures).

Comments close on 11 December 2009