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ASIC has said it wants to make life easier for financial services businesses by increasing the use of electronic disclosure.
The regulator has invited the public to offer feedback on its proposed reforms, which are designed to cut red tape and make it easier for consumers to digest information.
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"Financial services disclosures can generally be delivered electronically, but, for most disclosures, our current guidance combined with the existing legal requirements mean that the default method of delivery is a printed disclosure document, sent or given," according to ASIC.
"We think that enabling financial services providers to deliver disclosures electronically as a default if they choose to do so will have benefits to both consumers and providers, while preserving choice for consumers.
"Our initial consultations with industry and consumer representatives supported, in principle, enabling electronic delivery to be the default method, provided consumer choice is preserved and safeguards for consumers are in place."
ASIC said financial services businesses could potentially save money through increased use of electronic disclosure.
The regulator said that consumers would also benefit because electronic content can be presented in a more engaging and informative way than printed documents.
The public consultation period ends on January 16.
[Related: ANZ tells inquiry to make disclosure documents simpler]
