{"id":46763,"date":"2019-10-15T09:05:43","date_gmt":"2019-10-14T23:05:43","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=46763"},"modified":"2019-10-16T06:29:27","modified_gmt":"2019-10-15T20:29:27","slug":"asic-calls-time-on-disclosure-reliance","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/10\/15\/asic-calls-time-on-disclosure-reliance\/","title":{"rendered":"ASIC ‘Calls Time’ on Disclosure Reliance"},"content":{"rendered":"

A joint report released by Australian and Dutch regulators has spotlighted cases where financial services disclosure has been less effective than intended, ineffective or in some cases, backfired, contributing to more consumer harm.<\/span><\/p>\n

<\/p>\n

\"\"<\/a>
ASIC Deputy Chair, Karen Chester …disclosure can backfire on consumers<\/figcaption><\/figure>\n

The Australian Securities and Investments Commission (ASIC) released the report with the Dutch Authority for the Financial Markets (AFM) exploring the effectiveness of disclosure for financial products on consumer outcomes.\u00a0<\/span><\/p>\n

The report spans ten years of case studies across a broad range of financial products and services in Australia, the Netherlands, the UK and the US.<\/span><\/p>\n

ASIC Deputy Chair, Karen Chester<\/strong>, says, \u201cIt\u2019s time to ‘call time’ on disclosure as the default consumer protection. It’s not the ‘silver bullet’ once thought, nor should it be relied upon as one.\u00a0 <\/span>Disclosure can and has backfired in unexpected and harmful ways.\u201d<\/span><\/p>\n

The reported identified key limits of disclosure supported by 33 case studies, which include that:<\/span><\/p>\n