No one reads the PDS: ASICBY ELIZABETH MCARTHUR | TUESDAY, 15 OCT 2019 11:57AMASIC is calling time on the financial services industry's reliance on disclosure as the default consumer protection, saying it enables poor conduct and poor consumer outcomes. Related News |
Editor's Choice
ASX to rejig corporate governance framework
|The ASX is looking to modernise eight core corporate governance principles, which include rejigging executive remuneration and board composition, to make them fit-for-purpose in the current environment in which ASX-listed entities operate in.
Rest calls for better alignment in default options
|Rest conducted a survey addressing concerns around the ambiguity of standardised investment options and product labels.
KPMG finds new chief executive
|The embattled consulting firm has named a new chief executive, choosing to promote from within after former chief executive Andrew Yates stepped down in June in the wake of the whistleblower scandal.
HSBC appoints structured finance chief
|HSBC Australia and New Zealand have appointed a former Deutsche Bank executive as head of structured finance.
Videos
Brought to you by ![]()
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
The super industry has been up in arms to ASIC about this for years yet ASIC has been the main culprit, insisting that PDSs contain more and more information - 99% meaningless to ordinary superannuation members.
So why have advisers for years had to give out what is now recognised as meaningless information? Just a waste of time. Compliant advice has never been the equivalent of good advice. ASIC has never understood this. No wonder people try to DIY their super, insurances and investments. No wonder people don't like paying for "advice" when there's so much meaningless information involved. When will we be allowed to get back to basics???
ASIC you are the one who wants the disclosure. You started this war. Don't complain that it doesn't work. Of course no one reads the PDS. You didn't need to conduct market research to discover that.