ASIC relief for PDSs and FSGs

ASIC Relief for Product Disclosure Statements and Financial Services Guides - Reminder of Expiry Dates 

Affected members are asked to note the limits of the relief discussed below and ensure that all Product Disclosure Statements (PDSs) and Financial Services Guides (FSGs) include information about the Financial Ombudsman Service required to satisfy the Corporations Act 2001.

Former Members of BFSO, FICS and IOS

ASIC granted relief to Financial Ombudsman Service members that were previously members of the Banking and Financial Services Ombudsman, the Insurance Ombudsman Service or the Financial Industry Complaints Service. The relief allowed those members to continue to use PDSs and FSGs printed before 1 July 2008 that did not include information about us, subject to certain conditions.

The relief granted by ASIC only applies to a PDS or FSG until whichever one of these alternative dates is earlier:

• the date of the document’s first reprint after 1 July 2008; or
• 30 September 2009. 

ASIC Relief Notice: former BFSO, FICS and IOS Members

Former Members of IBD and CUDRC

ASIC also granted similar relief to Financial Ombudsman Service members that were previously members of Insurance Brokers Disputes Ltd or the Credit Union Dispute Resolution Centre. This relief applies to a PDS or FSG printed before 1 January 2009 until whichever one of these alternative dates is earlier:

• the date of the document’s first reprint after 1 January 2009; or
• 31 March 2010.

ASIC Relief Notice: former CUDRC Members

ASIC Relief Notice: former IBD Members

Reprinted PDS or FSG is not a Material Alteration

Some financial services providers have raised a concern that the inclusion of the Financial Ombudsman Service contact details in a reprinted PDS or FSG could be a material alteration to the PDS or FSG, which would have the effect that the relevant document is a "new" PDS or FSG. This has flow on effects for some financial services providers.

ASIC considered this issue and has informed the Financial Ombudsman Service that, in the current circumstances, ASIC will administer the law as though the inclusion of the Financial Ombudsman Service contact details in a reprinted PDS or FSG is not a material alteration to that document. This means that when the Members reprint PDSs and FSGs, those documents will retain their original date (unless there is another material alteration to the document).