The start date of the Design and Distribution Obligations, or DDO, is rapidly approaching.
The DDO changes, which start on 5 October, are requiring financial services businesses to make many changes to retail products and their distribution for the benefit of consumers.
To help businesses in wealth management and life insurance implement the DDO, the FSC’s members have worked together to develop template Target Market Determinations, or TMDs, which the DDO regime mandates will be required for most retail financial products from 5 October.
These templates are freely available to FSC members, and are being licensed by over 240 other businesses across the industry. Our members have also worked together to develop data standards for the information that the DDO regime requires to be transmitted across the industry.
The FSC has been working with members to help with many other DDO implementation issues, including seeking relief from the DDO obligations for consumer-initiated reissue of life insurance products.
The FSC has organised a workshop on Thursday 16 September where participants can hear from ASIC about their observations about industry preparations for the DDO, and their approach to enforcement and assistance with the regime.
The workshop will also hear from industry about its readiness for the DDO start date and provide substantial opportunities for attendees to ask questions about the operation of the regime from industry experts.
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