The Australian Securities and Investments Commission (ASIC) has released its policy on the regulation of generic financial calculators.

It has also issued a class order that eases the licensing, conduct and disclosure requirements for providers of calculators.

Insurance calculators, such as those used by consumers to work out how much cover they require and to obtain prices, get relief when they do not advertise or promote specific products.

ASIC says default assumptions must be reasonable, users must be able to alter them and calculators must include clear and prominent statements about their purpose and limitations.

Generic calculators are often used to work out the level of super needed, or contributions to reach a particular goal.

ASIC Executive Director Regulation Malcolm Rodgers says calculators can help consumers gain information, but can also can mislead if they are not designed responsibly.

“We’ve imposed a number of conditions on this relief designed to ensure calculators produce good-quality and reliable information,” he said.