The core obligation
A regulated person must give a retail client a Product Disclosure Statement when they recommend, issue, or arrange to issue a financial product to that client. The PDS must be provided in time for the client to make a reasonable, informed decision before acquiring the product.
What a compliant PDS must contain
The Act sets out a content framework which (in plain terms) requires the PDS to address:
- The name and contact details of the issuer
- Significant features and benefits of the product
- Significant risks of holding the product
- The cost of the product, entry fees, ongoing fees, transaction costs, indirect costs
- Information about commissions or other monetary benefits that may affect returns
- Taxation information relevant to typical investors
- Dispute-resolution and complaints handling arrangements
- Cooling-off rights (where they apply)
- How to acquire, switch or dispose of the product
The detail of each is scaled to what a reasonable person would need to make the decision in front of them, not what every person could conceivably want to know.
The Shorter PDS regimes
Three product types use prescribed short-form PDS formats with page limits and a defined section order:
- Superannuation products (other than defined benefit interests), Shorter PDS with prescribed sections.
- Simple managed investment schemes, Shorter PDS where the scheme meets the “simple” criteria.
- Margin lending facilities, short-form PDS under a separate prescribed format.
Where the Shorter PDS applies, the issuer typically publishes an Additional Information document alongside it. From a file-note perspective, you reference both.
Updated information & SPDS
Issuers can update a PDS by issuing a Supplementary PDS (SPDS) or by replacing the PDS entirely. Either way, the version at the point of advice is what the file should reference. If a Supplementary PDS has been issued, the “current PDS” for that product is the original plus the SPDS, both belong on the reference.
A “current PDS” that ignores an in-force SPDS isn't current. Reference the pair.
How FundFetch helps. The index treats SPDS entries as first-class records, surfaced next to the parent PDS, so neither half of an updated disclosure gets missed.
This page is not legal advice
For binding requirements consult Part 7.9 of the Corporations Act 2001, the Corporations Regulations, and ASIC's regulatory guidance (notably RG 168 and the product-specific instruments). Reach out to your licensee's compliance team for advice on any specific product.