According to a statement released earlier this week, both Mr Lucas and Mr Vass “firmly believe” there is consumer demand for financial education via the internet.

“The fact is many Australians are seeking to improve their financial literacy and are increasingly bypassing traditional sources of information to do their research before making important financial decisions. Clearly they’re increasingly going online before buying a financial service or product,” said Mr Vass.

“The challenge for investors going online is that much of the information available is fragmented, often heavily text-based, or is clearly aligned with issuers and/or service providers,” he added.