ING leads market with new PDSs
In what it describes as a market-leading move, ING Australia has introduced shortened Product Disclosure Statements (PDSs) that take advantage of legislation introduced by the Federal Government last August allowing certain information to be incorporated by reference.
ING head of product, personal investments, George Lytas said the new PDSs would benefit financial advisers and investors through a clearer understanding of product attributes, leading to clearer and better advice.
“A large amount of non-essential information has been removed from our PDSs and placed on the Internet,” he said.
“It is well-known that investors found the larger PDSs a burden to read and understand. These concise documents will allow for more informed investment decisions.”
Lytas said the new PDSs are also better for the environment as they use about 33 per cent less paper than their predecessors.
ING’s new-look PDSs cover the company’s OneAnswer and OneCare products.
AUTHOR
George Liondis
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