Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 21 - 30 of 95 results for %22Design and distribution obligations%22

New relief for reissued life policies

KARREN VERGARA  |  MONDAY, 20 MAR 2023
... relief that will last five years in circumstances where a policy needs to be reissued. The conditional relief pertains to Design and Distribution Obligations for financial products issued before 5 October 2021 (when the DDO came into effect), except ...

BT's Advance AM hit with stop orders

JAMIE WILLIAMSON  |  FRIDAY, 17 MAR 2023
... billion in assets under management, were found to have TMDs that did not meet the appropriateness requirements under the design and distribution obligations. ASIC said they were "broadly drafted" and failed to define key concepts. "For example, Advance ...

ASIC issues more interim stop orders

CASSANDRA BALDINI  |  FRIDAY, 10 MAR 2023
... submissions before a decision is made about any final stop orders. To date, ASIC has issued 24 interim stop orders under the design and distribution obligations (DDO), 19 of which have been lifted following actions taken by the entities.

Treasury releases Quality of Advice Review final report

CASSANDRA BALDINI, JAMIE WILLIAMSON  |  WEDNESDAY, 8 FEB 2023
... not relevant to those who currently don't have to provide an SoA. The report is also calling for an amendment to the design and distribution obligations (DDO) to limit the exception to the requirement to take reasonable steps to ensure the distribution ...

Associations call for improved access to financial advice

ANDREW MCKEAN  |  FRIDAY, 3 FEB 2023
... reforms must extend beyond easy wins such as streamlining fee disclosure requirements and iron out obligations like the design and distribution obligations." The letter to Jones was signed by Association of Financial Advisers chief executive Phil Anderson ...

Regulator issues interim stop orders

JAMIE WILLIAMSON  |  MONDAY, 9 JAN 2023
... also didn't include any distribution conditions and therefore does not meet the appropriateness requirements under the design and distribution obligations, the regulator said. "ASIC expects Vasco to consider the concerns raised regarding the TMD and ...

ASIC takes civil action against Firstmac

CASSANDRA BALDINI  |  FRIDAY, 16 DEC 2022
ASIC has commenced the first ever court case against a financial product distributor for alleged breaches of design and distribution obligations (DDO). The regulator commenced the civil penalty action in the Federal Court against Firstmac Limited following ...

Target market determinations have improved: ASIC

ANDREW MCKEAN  |  WEDNESDAY, 14 DEC 2022
... Australia." Hughes added that this review is part of a series of initiatives ASIC is undertaking to address compliance with design and distribution obligations (DDO). "ASIC is working on targeted, risk-based surveillance and enforcement action, including ...

ASIC launches civil action against American Express

CASSANDRA BALDINI  |  TUESDAY, 6 DEC 2022
ASIC has commenced the first ever court case in relation to alleged breaches of design and distribution obligations (DDO). The case concerns two credit cards issued by American Express (Amex) that were co-branded with retailer David Jones (the credit ...

ASIC hands out more interim stop orders

CHLOE WALKER  |  MONDAY, 5 DEC 2022
... Fiduciaries Limited (AFL) and APS Savings Limited (APS Savings). To date, ASIC has issued 21 interim stop orders under the design and distribution obligations (DDO) including the orders for these funds. The interim stop orders placed on AFL will prevent ...