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You have your Target Market Determinations in place and have set up their review schedules - but there is still more to do
The DDOs come into effect on 5 October. Presumably you have your TMDs in place or are well on the way, have your TMD review schedules in place, as well as processes for responding to trigger events. However, the heavy lifting is not over.
The DDOs require more than process changes – they involve a major cultural shift away from what has up to now been business as usual. How will you develop and maintain this new culture across your whole business
Certain third-party distributors such as financial advisers and mortgage brokers are required to act in the best interests of their customers. As a consequence, these distributors will qualify for more streamlined obligations under the DDO regime. This doesn’t mean that these distributors are completely excluded from the regime. Instead:
Ongoing monitoring is required along with ongoing training of staff. The interaction between RG271 complaints handling timeframes and RG274 response timeframes may turn out to be complex. Equally, RG78 Breach reporting, which was issued recently, may have an impact on reporting obligations and duties.
There will be time for questions at the end of the presentations but we would appreciate any questions being sent to us in advance where possible – much of the material is complicated and we may not be able to answer questions without notice.
Please email your questions to Bill Tarrant@grcsolutions.com.au
Our expert panel comprises:
Principal at Discidium.
Harold provides advice to financial services clients on the full range of regulatory issues. He is a subject matter expert within the regulated financial services industry working on complex, large scale DDO and other Regulatory programs of work in the Financial Services / Banking industry.
Harold has over twenty-five years’ experience in financial services businesses, with a current focus on financial services technology. He is also a Non-Executive Board Member and Treasurer of the Reg Tech Association and is a Practitioner Member – Master Stockbroking of the Stockbrokers Association of Australia (MSAA)
Head of Legal & Compliance at the Mortgage & Finance Association of Australia.
Naveen Ahluwalia recently joined the MFAA. She is a lawyer with over fifteen years experience in the financial services sector, with a focus on compliance and regulatory affairs. Her previous roles include time working for ASIC, AFIA and Westpac.
Head of Content at GRC Solutions, Moderator for the webinar.
Adrian has over a decade in training and development, including compliance. He oversees content development at GRC, including off the shelf compliance training products.
This short (20 minutes) online training introduces the new laws to staff and helps them understand the importance of a target market determination (TMD) in the DDO framework, and how financial products must be promoted and distributed in line with the TMD.
The Manual provides an overview of the DDO regime and discusses each of the obligations under the DDO regime as they are applicable to issuers and/or distributors of retail financial products. The Manual also provides practical tips about how financial institutions can achieve compliance with the DDOs.
Liam O'Brien, GRC Solutions' Subject Matter Expert, delivers a series of short AFSL and ACL Responsible Managers CPD virtual workshops
Recording of Catharine Lumby (Professor of Media at the University of Sydney, author, journalist and Principal of Catherine Lumby Associates) in conversation with Adrian Phoon (Head of Content at GRC Solutions and former Co-Chair of Sydney Gay & Lesbian Mardi Gras)
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