The design and distribution obligations will require product issuer and distributors to determine the needs of consumers, design products that are suitable for such consumers and distribute products in a more targeted manner.
Broker DDO fact sheet
A factsheet has been published to guide brokers meet their distribution obligations here
What is a TMD?
It’s a document that describes the type of consumer who may suit one of our products – based on their needs, objectives and financial situation (target market).
It also sets out who can distribute our products, how they can do this, and situations when we may need to review our products and the target market.
Distributors must take reasonable steps to ensure product retailing is consistent with the TMD.
Link to TMDs
Bank Australia publishes current versions of its TMDs. For more information regarding TMDs, including accessing an archived TMD refer to here
Instructions re complaints
If you have a complaint please lodge with Bank Australia’s National Manager Partnerships. This applies to both:
• Complaints you may have regarding Bank Australia’s performance
• Complaints you may receive from one of your clients regarding Bank Australia’s performance
Email BrokerComplaints@bankaust.com.au where we will lodge in our complaint system for resolution.
Quarterly returns are required listing complaints for reconciliation with our system. These will need to be submitted at the end of the Dec, March, June and September quarters by the 10th of the following month.
We are not mandating a standard reporting format, provided you have the following:
Date of complaint:
Name of complainant:
Instructions re significant dealings
You must have your own process to (independent of Bank Australia) for assessing your significant dealings and reporting assessed significant dealings to Bank Australia within 10 business days using TPDService@bankaust.com.au email.
Key distributor obligations
As a distributor of Bank Australia products, you have certain obligations you will need to comply with:
ASIC – Regulatory guide 274
Product design and distribution obligations (December 2020)
Section E – Obligations for distributors
• Taking reasonable steps in relation to distribution
• Notifying the issuer of ‘significant dealings’
• Keeping records and reporting information, including complaints data