What a PDS contains
A PDS must give a retail client the information they reasonably need to decide whether to acquire the product. In practice that means each PDS covers:
- The features and benefits of the product
- The fees, costs, and ongoing charges
- The significant risks of holding the product
- How the product is taxed
- How to apply, switch, withdraw or close
- The complaints and dispute-resolution process
- The issuer's and any distributor's identity
Some products use a short-form “Shorter PDS” format, super, simple managed investment schemes, and margin lending each have prescribed formats and length limits.
When a PDS must be given
A PDS must be provided to a retail client before they are bound to acquire the product. There are a few specific exemptions and timing concessions, but the working rule for advisers is: assume the PDS goes with the recommendation, not after it.
The PDS that matters is the one current at the time the client acquires the product. That is the version an adviser should reference in the Statement of Advice and keep in the file note.
The PDS that counts is the one current at the moment the client acquires, that's the version the file has to be able to reproduce.
PDS in the advice file
Australian financial advice law expects advisers to demonstrate that the product they recommended was appropriate for the client's circumstances. Doing that defensibly requires:
- Referencing the specific PDS version (effective date) you relied on
- Being able to retrieve that exact version later, even after the issuer publishes a new one
- Recording any material changes between PDS versions if the client's situation is reviewed
How FundFetch helps.The finder shows every current PDS with its effective date, and the archive view lets authorised users pull earlier versions when an audit asks “which PDS did you rely on?”
How PDS interacts with the TMD
The Target Market Determination (TMD), introduced by the Design and Distribution Obligations regime in October 2021, sits alongside the PDS. The PDS tells the client what the product is. The TMD tells the distributor, including the adviser, who the product is designed for. Both should be checked.
This page is not legal advice
The above is a plain-language summary for licensed Australian financial advisers. For the binding obligations, refer to Part 7.9 of the Corporations Act 2001and ASIC's regulatory guidance (notably RG 168 and the suite of DDO instruments).