ASIC facilitates easier electronic disclosure under the ePayments Code
ASIC has today announced changes to the ePayments Code that will make it easier for businesses to give information to their customers in a digital form.
Under the changes, subscribers to the ePayments Code will be able to give information to their customers by making it available electronically and notifying the consumer. This follows similar changes ASIC made last year to the Corporations Act.
ASIC Deputy Chair Peter Kell said, ‘The changes mean that documents under the ePayments Code can be delivered to consumers digitally as the default option, unless the consumer opts out. This will reduce the costs of printing and mailing for businesses while preserving choice for those consumers who wish to receive paper.
‘Promoting the delivery of information in an electronic form is consistent with ASIC’s objectives, as well as the nature of payments governed by the Code.
‘ASIC encourages industry to harness the opportunities of digitisation and to adopt the use of more engaging forms of communication that can boost consumers’ understanding of financial services and products’, Mr Kell said
Source: ASIC
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