In ASIC’s Report 467, ASIC discusses the removal of barriers to electronic communication between lenders and borrowers.

It discloses that it was not prepared to agree to a one-off application to vary the requirement that nominations of addresses must be in writing and that express written consent is required before some documents relating to credit can be ‘given’ electronically.

ASIC says that “these rules can act as a disincentive to providing credit documents in electronic form—including where holders of Australian credit licences(credit licensees) provide services to customers over the telephone. Additionally, different rules apply to specified credit disclosure documents under reg 28L of the National Credit Regulations and Class Order [CO 10/1230] Clarification of credit disclosure obligations—including commencement.”

ASIC says the issue should be dealt with on an industry-wide basis. It has discussed the issue with Treasury.