Updates to product disclosure statement obligations have been finalised after consultation with financial services industry stakeholders.

The Australian Securities and Investments Commission says the changes aim to provide clarity and improve the industry’s ability to prepare the statements.

One change relates to Information Sheet 94 Notification Requirements for PDS – on the document that must be provided separately to retail clients. 

The commission has withdrawn the information sheet and incorporated it into the updated Regulatory Guide 168 Product Disclosure Statements: Disclosure and Other Obligations.

A consultation paper in July said the changes reflect a “commitment to reducing regulatory complexity, providing practical guidance, enhancing clarity and improving accessibility for all stakeholders”. 

The updated guide says the regulations modify the PDS regime for general insurance by removing certain content requirements; specifying how an issuer should disclose significant characteristics or features of a product; and removing the requirement for some significant benefits of products to be stated in dollar terms.

See the updated guide here.