The National Consumer Protection Act has been in place since 2011 and since that time, the requirements regarding Disclosure Documents have remained largely unchanged.
Even so, we are regularly asked questions about them and why it’s important to comply with ASIC’s regulations pertaining to them. Unfortunately, there remains confusion around the required timing also.
More recently, a few people have asked whether the introduction of the Best Interests Duty will make these documents redundant. As it currently stands, there will be no change and in fact the importance of them will be further emphasised.
Given the ongoing questions, we thought we’d get back to basics in this month’s Better Outcomes and cover off these documents via the following table and diagram. We hope this helps to clarify any queries you or your team have had over the years.
The following flow diagram provides some extra context of a typical consumer interaction and the recommended Disclosure Document touch points:
We’ve been operating SalesKey since 2017 and our objective of sharing knowledge and guiding businesses through the maze of compliance requirements is as important today as it was back then. We are passionate about helping finance businesses in creating Better Outcomes!
If you have any questions or think we can assist, we’d love to hear from you. For an obligation-free discussion, call us on 1800 954 488.
Scott and Darren.