We are committed to complying with the Design and Distribution obligations (DDO) under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019, which come into effect on 5 October 2021.
DDO are intended to help consumers obtain appropriate financial products by requiring issuers and distributors to have a consumer-centric approach to the design and distribution of products.
In particular:
Distributors must also keep records of ‘distribution information’ and this data must be kept for up to seven years.
A TMD is a document which describes who a product is appropriate for (target market), and any conditions around how the product can be distributed to customers. It also describes the events or circumstances where we may need to review the TMD for a financial product.
Please note a TMD is not intended to provide financial advice. When making a decision about a product always make sure you refer to the Terms and Conditions and any supplementary document(s). These will outline the relevant terms and conditions being provided under that product.
A distributor that engages in retail product distribution of our products is required to report to us the volume of complaints they have received about our products covered by our TMDs, on a regular basis. A complaint is an expression of dissatisfaction made about our products or services where a response or resolution is explicitly or implicitly expected or legally required.
Distributors should refer to ASIC’s guidance on complaints (Regulatory Guide 271) for further information
