Design & Distribution Obligations

AMP is primarily the Issuer of products / funds through Platforms and intermediated channels. We are considered a Distributor for our direct retail clients. Relevantly the key obligations that apply to Issuers and Distributors are the following:
 

As Issuer of products:

• Make a target market determination for all products / funds.
• Review the target market for appropriateness including in response to the occurrence of certain events.
• Keep records about the TMD.
• Take reasonable steps to ensure distribution is consistent with the TMD.
• Notify ASIC if we become aware that a significant dealing outside the TMD has occurred.

As Distributor of products:

• Must not engage in retail product distribution without a TMD.
• Must not engage in retail distribution where the TMD may no longer be appropriate.
• Take reasonable steps to ensure distribution is consistent with the TMD.
• Collect, keep and provide distribution information.
• Notify the Issuer of significant dealings not consistent with the TMD.
• Notify the Issuer of complaints relating to the product design, availability and distribution.

ASIC introduced DDO to clearly identify who the target market is for the distribution of retail products.

Each retail product has its own TMD for every product / fund we make available to our clients to invest in and these are available via our website.

DDO compliance came into effect on 5 October 2021.

DDO regulations are intended to benefit the consumer of products / funds.

Most financial services products are included. This includes most banking products along with Managed Investment Schemes (MIS), Superannuation (excluding My Super) and Insurance products.

AMP will facilitate reasonable steps that will or are likely to result in the distribution of products that are consistent with the TMD of the product / fund.

AMP is taking steps to enable compliance with the requirements of ASIC’s DDO from 5 October 2021.