ASIC Class Order for Generic Calculators

Financial calculators in Australia are subject regulation from ASIC and they have recently updated the Class Order for Generic Calculators (2016.207).

The main change to the tools themselves is ASIC’s requirement for generic calculators to better present the value of a user’s investments, by taking into account the change in cost of living. This is applicable for investment periods 2 year or longer and requires a “present value” to be included in any results.

Advice provided to us is that any investment type calculator will need to meet this additional requirement by April 2017. In the meantime, an updated disclaimer showing that the results do not take into account inflation will be sufficient.

Widget Works will update our calculators to meet the new ASIC Class Order well ahead of the April 2017 deadline.