The corporate regulator has released a consultation paper proposing to remake its class order on product disclosure statement (PDS) requirements.
The remodelling of the requirement would relate to when a quote for a general insurance product is given during a solicited phone call.
With the class order set to automatically repeal on 1 April 2022, ASIC is now asking for feedback on whether the current order is operating efficiently, the conditions of relief remain unchanged and if the remade instrument should remain in effect for five years or a different period of time altogether.
ASIC has proposed that the new instrument would continue the relief PDS requirement gives where a quote for a general insurance product is given.
“If it is necessary to remake a legislative instrument, our focus is on making it clear and user friendly,” ASIC said.
“We will also, where possible, simplify and rationalise its content and conditions. For example, we will remove or reduce an obligation or burden in a legislative instrument if we are able to do so without undermining ASIC’s vision of a fair, strong and efficient financial system for all Australians.”
Feedback on the proposal can be submitted now and are due by 17 December.
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