The latest issue of Financial Standard now available as an e-newspaper No one reads the PDS: ASIC BY 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. Sponsored by Legg Mason
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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.