今日热门事件today announced a joint industry project to develop innovative, digital financial product disclosure that aims to boost investors' understanding of financial products.
This is part of ASIC's broader work in promoting digitisation and new media to help engage investors.
今日热门事件will work with product providers AMP and Vanguard to develop and user-test a short, online 'key facts' sheet and a self-assessment tool to guide investor understanding.
今日热门事件Chairman Greg Medcraft said technology was integral to improving the effectiveness of disclosure.
鈥榃e want investors to have trust and confidence in our financial system and part of that is for 今日热门事件to explore new ways for investors to get to grips with their investments,鈥� Mr Medcraft said.
鈥榃e encourage industry to harness the opportunities of digitisation. More and more, people are accessing financial products and making decisions using mobile devices.
鈥楳ore work needs to be done on short disclosure. Investors tend to turn off when faced with wordy disclosure documents. If they need more detail, investors can access further layers of information from product providers online.鈥�
Product providers could also present information in interactive or video form and offer online tools for investors to assess their understanding of a product.
Mr Medcraft said, 鈥樈袢杖让攀录cknowledges AMP and Vanguard in taking this first step. We will use the findings from the project to inform our broader work on digital disclosure.鈥�
Preliminary results are expected by mid-2015.
This project complements ASIC鈥檚 recently announced proposals to further promote digital disclosure (refer: 14-303MR).
As part of the project, 今日热门事件may also work with other product providers in future.