New PDS rules mean watch the terms and conditions

Bank accounts, credit cards, loans and all financial products require a product disclosure statement to be provided to the consumer.

The Australian Securities and Investments Commission said product disclosure statements and other financial services disclosure documents can now be delivered electronically by default. The consumer can opt to receive printed material.

ASIC wants financial institutions to create more engaging forms of disclosure, such as videos and interactive content.

Source: Banking Day

Advertisement