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Previous Code submissions The FSC would like to thank the organisations that made a submission in response to the previous consultation period. The following were received with permission to make them public.  . pdf ACBF Group Holdings Pty Ltd (ACBF) pdf Association of Financial Advisers Ltd (AFA) pdf Australasian Life Underwriting and Claims Association (ALUCA) pdf Australian Financial Complaints Authority (AFCA) pdf Australian Genomics Health Alliance (AGHA) pdf Australian Institute of Superannuation Trustees (AIST) pdf Australian Lawyers Alliance (ALA) pdf Australian Prudential Regulation Authority (APRA) pdf Australian Securities and Investments Commission (ASIC) pdf Financial Services Council's letter in response to ASIC pdf Financial Planning Association (FPA) pdf Financial Rights Legal Centre pdf Finder pdf Legal Aid NSW pdf Legal Aid QLD pdf Life Code Compliance Committee (LCCC) pdf Maurice Blackburn Lawyers pdf Mental Health Australia pdf Michael Molesworth pdf Public Interest Advocacy Centre pdf Slater and Gordon Lawyers pdf Superfriend Read more

. FSC Draft Life Insurance Code of Practice On Wednesday 18 August 2021, the FSC released the draft Life Insurance Code of Practice 2.0 for public consultation following an independent re-structure and plain English rewrite. We want to ensure that the Code is as easy to read, and as easy to navigate for everyday Australians as possible. Download a copy of the draft Code here and the media release here. Please note, this consultation has now closed. . About the Code The Life Insurance Code of Practice 2.0 is mandatory for all FSC member life insurers. The Code provides significant consumer protections across all dealings that people have with life insurance companies. It is monitored and enforced by the independent Life Code Compliance Committee (LCCC) which is administered by the consumer complaints body, the Australian Financial Complaints Authority (AFCA).  . Consultation process Feedback on the draft Code was required by Wednesday 29 September 2021. Over the coming weeks we intend to publish feedback received, along with a formal response. . Consultation submissions The FSC would like to thank the organisations that made a submission in response to this consultation period. The following were received with permission to make them public.  . Australian Financial Complaints Authority (AFCA) Financial Rights Legal Centre (FRLC), Consumer Action Legal Centre (CALC) & Redfern Legal Centre (RLC) Legal Aid NSW Lived Experience Australia Life Code Compliance Committee (LCCC) Maurice Blackburn Lawyers Medical Insurance Group Australia (MIGA) National Mental Health Commission (NMHC) Public Interest Advocacy Centre (PIAC) Royal Australian College of General Practitioners (RACGP) Royal Australian and New Zealand College of Psychiatrists (RANZCP) . To access previous Code submissions, click here. Read more

The FSC has created a range of resources to assist with the Design Distribution and Obligations (DDO). Click the headings below to view more information on the resource you require.TARGET MARKET DETERMINATION (TMD) TEMPLATESThe new Design Distribution and Obligations (DDO) come into effect on 5 October 2021, and require product issuers to develop Target Market Determinations (TMDs) for the products they issue to retail clients. The FSC and its members have developed a series of TMD templates for free to FSC Full and Supporting members, at a discounted rate for Associate members and under a paid annual licensing arrangement to non-members. The primary objectives of licensing are: to support broad-based adoption of the templates; to standardise compliance; and improve outcomes for advisers, investment platforms and issuers. We have developed the following templates: Funds management (including Exchange Traded Funds (ETFs) and Listed Investment Companies (LICs))*Managed accounts*Superannuation platform/wrap*Superannuation choice product, non-wrap*Life Insurance cover (retail)*Trauma insurance cover (retail)*TPD insurance cover (retail)*Income protection insurance cover (retail)*IDPS*Insurance bonds (investment bonds, funeral bonds, and education bonds)*Version 1 updated 15 June 2021Version 1.1 updated 12 July 2021Version 1 updated 17 June 2021Version 1 updated 17 June 2021Version 1 updated 2 June 2021Version 1 updated 2 June 2021Version 1 updated 2 June 2021Version 1 updated 2 June 2021Working Draft updated 28 June 2021Updated 15 September 2021 Sample Templates for Fund ManagersFSC DDO Example Funds Management - Example for Version 1*FSC TMD Funds Management Example - Australian Shares ETF* Updated 15 June 2021Updated 17 June 2021 *These files are permalinked. The files will be updated regularly with no changes to the link.**Please note these documents may be subject to amendment over time and FSC non-members should bookmark this page to monitor for updates. ACCESSFSC Full and Supporting members access to the templatesTo download a copy, please sign in to your FSC account (members) and click on the appropriate template.FSC Associate member access to templatesAssociate members should contact Sharon Sherry (This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak3d5af0d1689fac7315eac617024bfbdd').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy3d5af0d1689fac7315eac617024bfbdd = 'info' + '@'; addy3d5af0d1689fac7315eac617024bfbdd = addy3d5af0d1689fac7315eac617024bfbdd + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_text3d5af0d1689fac7315eac617024bfbdd = 'info' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloak3d5af0d1689fac7315eac617024bfbdd').innerHTML += ''+addy_text3d5af0d1689fac7315eac617024bfbdd+''; ) to purchase the forms at a discounted rate.Non-member access to the templatesIf you are interested in purchasing the templates under an annual licensing arrangement, please contact Sharon Sherry (This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloakd883e0e209b96917981a82b5a1a7491a').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addyd883e0e209b96917981a82b5a1a7491a = 'info' + '@'; addyd883e0e209b96917981a82b5a1a7491a = addyd883e0e209b96917981a82b5a1a7491a + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_textd883e0e209b96917981a82b5a1a7491a = 'info' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloakd883e0e209b96917981a82b5a1a7491a').innerHTML += ''+addy_textd883e0e209b96917981a82b5a1a7491a+''; ) who will work through the licensing costs and requirements. DATA STANDARDSThe FSC’s members have developed data standards to assist product issuers and distributors to communicate with each other about the issues mandated by the DDO regime. Product issuers that could use these templates include fund managers, issuers of Exchange Traded Products, Listed Investment Companies and Trusts, life insurers, managed account providers, superannuation funds, issuers of platforms/wraps/IDPSs, and issuers of credit products. The distributors that could use these templates include research houses, financial advisers, comparison websites, and platforms/wraps/IDPSs. The templates cover: Sending of TMDs from product issuers to distributors and third parties Sending of complaints information (including nil complaint reports) from distributors to issuers Sending of dealing information (including reports on significant dealings) from distributors to issuers The data standards are below and are free for all to use. As the FSC is not charging a fee for licensing of these standards, we are unable to provide support to non-members in relation to these standards.DDO Data Standards – Word version v 1.3* DDO Data Standard for Target Market Determinations for managed funds – Excel version of template v1.3*DDO Data Standard for Target Market Determinations for managed accounts – Excel version of template v1.3*DDO Data Standard for Target Market Determinations for superannuation – Excel version v1.3*DDO Data Standard for Target Market Determinations for life insurance – Excel version v1.3*DDO Complaints Reporting Template v1.4*DDO Complaints Reporting Example v1.4 (not for use)*DDO Dealings Reporting Template v1.4*DDO Dealings Reporting Example v1.4 (not for use)*Updated 9 August 2021Updated 9 September 2021Updated 8 September 2021Updated 8 September 2021Updated 8 September 2021Updated 12 January 2022Updated 12 January 2022Updated 8 October 2021Updated 8 October 2021 *These files are permalinked. The files will be updated regularly with no changes to the link.**Please note these documents may be subject to amendment over time and FSC non-members should bookmark this page to monitor for updates. DISTRIBUTOR DUE DILIGENCE QUESTIONNAIRE (DDQ) VERSION 1.0The FSC’s template questionnaire for product issuers that are conducting due diligence on product distributors as a result of the Design and Distribution Obligations (DDO) is below. The DDQ is available to FSC members for their (optional) use. We request that members do not share this document with non-members. While use of the template will be optional, we encourage issuers to use the template rather than take their own different approach to conducting due diligence on distributors such as investment platforms and financial advisers.Distributor Due Diligence Questionnaire (DDQ) - Version 1.0*Updated 5 April 2022 *These files are permalinked. The files will be updated regularly with no changes to the link.**Please note these documents may be subject to amendment over time and FSC non-members should bookmark this page to monitor for updates.ACCESSFSC Full and Supporting members access to the DDQ To download a copy, please sign in to your FSC account (members) and click on the DDQ. GUIDANCE ON APPLYING DDO TO LIFE INSURANCE AND MANAGED FUNDSThe FSC has prepared guidance on particular DDO issues for life insurance products and funds management products. The FSC guidance on significant dealings for life insurance products is available here.The FSC guidance on applying a ‘portfolio view’ to funds management products is available here.The FSC has also developed guidance on the meaning of significant dealings for funds management products, this guidance is included in the template TMD for funds management (see link earlier on this page).OTHER RESOURCESEVENTSMember Only event resources are available here.MEDIA RELEASES 8 July 2021 - Industry collaborates to produce design and distribution obligations templates 1.0WATCH FOR UPDATESThe templates may be updated over time and it is worth bookmarking the Resources page.The FSC CEO, Blake Briggs shares more information on the Target Market Determinations (TMDs) here. ._ERbj1g7D { position: relative; } ._VWvqNvR9 { vertical-align: middle; } ._7XqAY8_A > span:last-child { line-height: inherit; } ._7XqAY8_A[class*="dropcap--"] > span:first-child { display: block; margin-right: 10px; float: left; font-size: 2em; background: #919da9; color: black; width: 50px; height: 50px; line-height: 50px; } ._7XqAY8_A[class*="dropcap--"]:not(.dropcap--none) > span:first-child { margin-right: 20px; text-align: center; } ._7XqAY8_A.dropcap--none > span:first-child { text-align: inherit; line-height: 1 !important; width: auto !important; height: auto !important; background: none !important; border-radius: 0; } ._7XqAY8_A.dropcap--circle > span:first-child { border-radius: 100%; } ._7XqAY8_A:not([class*="dropcap--"]) > span { margin-right: 0 !important; } ._7XqAY8_A ol, ._7XqAY8_A ul { list-style-position: inside; } ._7XqAY8_A blockquote { font-size: inherit; } ._O689JW7n { position: relative; } ._pDNE0kYl { position: relative; } ._pDNE0kYl { margin: 0 -15px; } ._WDJGyJgk { position: relative; } ._lY5epAaJ { position: relative; } ._lY5epAaJ__button { background-color: #eee; cursor: pointer; padding: 10px 15px; // width: 100%; text-align: left; outline: none; transition: 0.4s; -webkit-transition: 0.4s; display: block; position: relative; } ._lY5epAaJ .accordion__header + div { padding: 1.5rem 0; } ._lY5epAaJ__button > i { margin-right: 5px; } ._lY5epAaJ__button.arrow--right .accordion__arrow { position: absolute; right: 10px; } ._lY5epAaJ .accordion__arrow { transition: .2s all; -webkit-transition: .2s all; } ._lY5epAaJ[data-active="true"] > a > .accordion__arrow { -webkit-transform: rotate(90deg); transform: rotate(90deg); } .pf-slider-container ._kx2LPXbN { width: 500px; } ._DblQBlAM { position: relative; } ._DblQBlAM { clear: both; } ._DblQBlAM[data-parallax="true"] { position: relative; background: none !important; } ._DblQBlAM__parallax { position: absolute; top: 0; left: 0; width: 100%; height: 100%; overflow: hidden; pointer-events: none; background-size: cover !important; background-repeat: no-repeat; } ._DblQBlAM { box-sizing: border-box; padding: 15px 0; position: relative; } ._DblQBlAM[data-container] ._DblQBlAM__container { padding-left: 15px; padding-right: 15px; width: auto; margin: auto; box-sizing: border-box; } ._DblQBlAM .pf-parallax__img { position: absolute; object-fit: cover; top: 0; left: 0; width: 100%; height: 100%; z-index: -1; } @media all { .__pf_xf8kd ._1rZOhVRy[data-id="_1rZOhVRy"] { margin-left: 15px; } .__pf_xf8kd ._zyGBhKPy[data-id="_zyGBhKPy"] { margin-left: 15px; } .__pf_xf8kd ._3MRvh_v5[data-id="_3MRvh_v5"] { margin-left: 15px; } .__pf_xf8kd ._e5bPh4Nr[data-id="_e5bPh4Nr"] { margin-left: 15px; } } @media only screen and (max-width: 767px) { } @media only screen and (min-width: 768px) and (max-width: 991px) { } @media only screen and (min-width: 992px) and (max-width: 1199px) { } @media only screen and (min-width: 1200px) { } window.__pagefly_options__=window.__pagefly_options__||[],window.__pagefly_options__.push({"isBackend":false,"isPreview":false,"key":"helper","css":[{"key":"fontawesome","url":"https://maxcdn.bootstrapcdn.com/font-awesome/4.7.0/css/font-awesome.min.css","elements":["Icon","Tabs","Slider","Accordion","MailChimp","Form","Heading","Button"]}],"js":[],"page_id":"702"}); Read more

As trusted professionals, we are expected to keep our knowledge and skills up to date which can often be difficult to juggle whilst working through our day to day tasks. The FSC is committed to assisting our members with this through our range of CPD solutions. What is CPD and why is it important CPD is the continuation of learning to ensure we maintain and build upon our professional abilities, knowledge and skills in order to provide the highest quality information and services to clients. It assists us to stay on top of regulatory, technical and any other relevant information and changes to our industry. CPD is a requirement of many member organisations which have individual membership. . CPD activities and points Below as a guide is a list of activities/events that may allow you to claim CPD points with your membership organisations (but you will need to be aware of their requirements yourself in terms of what is allowable under the membership organisation charter AND keep a copy of the event description or conference program from the FSC website). FSC industry working groups 1 point per 1-hour meeting Policy Briefings (in person or via webinars) 1 point per 1-hour event or a pro-rate for partial hours 0.5 point per 30-minute session 0.75 point for 45-minute session Conferences 1 point per full 1-hour session or a pro-rate for partial hours (for example a 1.5 hour session will be worth 1.5 points) 0.5 point per 30-minute session 0.75 point for 45-minute session FSC Board and Board Committee service 1 point per hour or a pro-rate for partial hours (for example a 1.5 hour meeting will be worth 1.5 points) Note: The FSC does not issue CPD points directly but provides the above as a guide to assist where attendees have individual requirements for various membership and professional associations.  CPD point allocation may vary from the above and is dependent upon the CPD requirements of the individual organisations with individual memberships of which you will need to be aware. This is beyond the FSC’s control and is governed by the individual bodies. Read more

The FSC Guide to the Prevention of Elder Financial Abuse for financial services institutions signals a first, direct step by the industry towards addressing risks of elder financial abuse. Collating best practice recommendations put forward by industry bodies and expert community groups, as well as regulatory guidance, the Guide aims to address potential risks that may emerge in areas of financial services. This includes wealth, superannuation, advice, financial planning, trustees and life insurance. Download the Guide here. Download the Media Release here. The FSC held a morning event on Tuesday 29 October to officially launch the report with guest speakers: Senator Deborah O'Neill, Labor Senator for New South Wales; Anne McGowan, CEO, Protecting Seniors Wealth; Jessica Latimer, Special Counsel, Moores and Brendan French, Executive General Manager, Customer and Community Advocacy, Commonwealth Bank. Here, Anne and Jessica share some post-event insights:    . Read more

The FSC Guide to the Prevention of Elder Financial Abuse for financial services institutions signals a first, direct step by the industry towards addressing risks of elder financial abuse. Collating best practice recommendations put forward by industry bodies and expert community groups, as well as regulatory guidance, the Guide aims to address potential risks that may emerge in areas of financial services. This includes wealth, superannuation, advice, financial planning, trustees and life insurance. Download the Guide here. Download the Media Release here. The FSC held a morning event on Tuesday 29 October to officially launch the report with guest speakers: Senator Deborah O'Neill, Labor Senator for New South Wales; Anne McGowan, CEO, Protecting Seniors Wealth; Jessica Latimer, Special Counsel, Moores and Brendan French, Executive General Manager, Customer and Community Advocacy, Commonwealth Bank. Here, Anne and Jessica share some post-event insights:    . Read more