Retail securities brokers statements to go paperless in 4Q16

Brokers are mindful about sustainability and customer convenience.

Beginning 4Q16, retail securities brokers in Singapore and The Central Depository (CDP) will start issuing electronic statements (e-statements) to customers as a move towards better customer convenience and environmental sustainability.

The initiative aims to reduce customer reliance on postal delivery while improving access to account information anytime and anywhere. It hopes to contribute to efforts on saving paper as well as adapt to changing consumer behaviour.

“This is an environment-friendly measure retail securities brokers and CDP are collectively embarking on to reduce their carbon footprint, while offering customers convenience and secure and timely delivery of their account statements, trade contract details and confirmations of securities movements,” a press release from SGX said.

Joining the pro-environment camp are all nine retail securities brokers that are members of the Securities Association of Singapore (SAS) and SGX-Securities Trading (SGX-ST).

According to SGX, e-statements are available for customers with internet trading accounts or CDP Internet Service. Those already receiving e-statements will no longer receive hardcopies, but the option to receive physical copy statements will be retained to cater to the preference of different investor profiles.

Retail investors who have internet trading accounts will have carefree access when brokers soon allow them to view account statements and contracts electronically. Free notifications will also be sent to customers via email or SMS when e-statements are ready for viewing, SGX added.