They’ve been five or so years in the making but participants in many major financial centres, including Australia, are having to adjust to the introduction of design and distribution powers and product intervention powers (DDO & PIP).
The design and distribution obligations 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.
New rules, among other outcomes, dramatically alter traditional information flows between product issuers, advisers and end consumers, and expose issuers to unprecedented levels of scrutiny and potentially even liability.
So, what entities and products are most affected, and how? After briefly tracing the journey from conception to DDO & PIP implementation, we explore what areas are being targeted first and what the new measures might mean for your organisation.
- Understand the global and domestic themes that drove the creation of DDO
- Outline the key milestones in the development of DDO and PIP in Australia
- Explain the principles of DDO
- Identify how ASIC intends to exercise its product intervention powers in general terms and in the product segments where it has already taken action
- Evaluate how financial services will be impacted by design and distribution obligations and product intervention powers.
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