Provide a current Product Disclosure Statement (s 1013A)
Retail financial product issuers must provide a current PDS before issuing.
Who must comply
Issuers of retail financial products.
What triggers it
Issuing or offering a retail financial product.
When due
Continuous; current PDS before each issuance.
Evidence required
Lodged PDS; complaints register; ongoing PDS review.
Max penalty
Civil penalties to financial services maximum; product intervention powers
Summary
Sections 1013A-1018A Corporations Act require issuers of retail financial products to provide a current Product Disclosure Statement. Content prescribed; must include fees, risks, benefits, cooling-off rights. Subject to DDO + ongoing dispute resolution access.
Enforced by
Source legislation
Entity types
Topics
Related obligations
- CWLTHComply with Design and Distribution Obligations (DDO)Issuers and distributors of retail financial products must have a Target Market Determination (TMD) and distribute consistently with it.
- CWLTHComply with AFSL general obligations (s 912A)AFSL holders must do all things necessary to ensure financial services are provided efficiently, honestly and fairly.
- CWLTHReport reportable situations to ASIC within 30 days (RG 78)AFSL/ACL holders must report reportable situations within 30 calendar days of becoming aware.
- CWLTHMaintain adequate PI insurance (AFSL holders, RG 126)AFSL holders providing financial services to retail clients must hold adequate professional indemnity insurance.
- CWLTHBan on conflicted remuneration (FOFA)AFSL holders and representatives must not accept conflicted remuneration in connection with retail financial product advice.
- CWLTHMaintain AFCA membership (mandatory external dispute resolution)AFSL + ACL holders must be members of AFCA — sole AU EDR scheme.
Frequently asked questions
- Who must comply with a current Product Disclosure Statement (s 1013A)?
- Issuers of retail financial products.
- What triggers a current Product Disclosure Statement (s 1013A)?
- Issuing or offering a retail financial product.
- When is a current Product Disclosure Statement (s 1013A) due?
- Continuous; current PDS before each issuance.
- What is the maximum penalty for a current Product Disclosure Statement (s 1013A)?
- Civil penalties to financial services maximum; product intervention powers
- What evidence is required for a current Product Disclosure Statement (s 1013A)?
- Lodged PDS; complaints register; ongoing PDS review.
Source: https://asic.gov.au/regulatory-resources/financial-services/product-disclosure/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.