The Australian Securities and Investments Commission (ASIC) has released new guidelines and waivers for financial services businesses to send important information to consumers through digital channels.

The changes reflect a growing consumer preference to perform financial transactions online. ASIC says almost 15 million Australians have home internet connections, and 68% of those online use three or more devices to access the web.

Commissioner John Price says changing consumer preferences mean product disclosure statements and other financial services disclosure documents will be delivered digitally as the default option, unless a 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,” he said.

“ASIC wants industry to harness the opportunities of digitisation and is encouraging the use of more engaging forms of communication, using digital media [such as] interactive, video and audio. This can boost consumer understanding of financial services and products.”

The guidance and waivers are contained in Regulatory Guide 221. The changes follow recent consultation.