Design and distribution obligations (DDO) are obligations specified by the Federal Government and placed on financial product issuers (like AMP) and distributors (such as advice licensees and financial advisers). They are intended to help customers obtain financial products that are likely to be suitable for them.
You can read more about the DDO legislation in the ASIC Regulatory Guide 274 here.
The DDO legislation came into effect on 5 October 2021.
Complaints reporting
DDO require us to collect information from our distributors such as advice licensees, to monitor our product distribution. This includes complaints about our products.
A complaint is defined as an expression of dissatisfaction made by an account holder (or someone legitimately representing their interests) related to our products, where a response or resolution is explicitly or implicitly expected or legally required.
Complaints reporting should be directed to the issuer of the product as specified in the product's Target Market Determination (TMD). This obligation to report complaints is supplementary to the existing requirement for you to raise complaints with us when they occur, as you do today.
Please report complaints relating to the product, where the nature of the complaints relate to product design, insurance claims, product availability and distribution conditions. The distributor should provide the content of the complaint, having regard to privacy.
The table below summarises what is required when reporting complaints, when and how you should supply it to us. In these instructions "business day" means a day that is not a Saturday, a Sunday or a public holiday in the place concerned. Please note - this is the definition used in section 9 of the Corporations Act 2001.
| What? | When? | How? | |
| Complaints made about our Master Trust or Platform products. | Quarterly reporting is due 10 business days after the end of the quarters ending 31 December, 31 March, 30 June and 30 September. | The licensee collates complaints from advisers according to their required process, and then reports it to AMP via email using the FSC data standard complaints template available here. Please attach the completed template to the email, quoting your licensee AFSL and report reference number in the subject line of the email, and send it to us via email to: |
|
| Product Area | Email Address | ||
| SignatureSuper and SignatureSuper Allocated Pension | DDO_MasterTrust@amp.com.au | ||
| Products available on the North platform | DDO_Platforms@amp.com.au | ||
A completed example is provided here for a Master Trust product and here for a Platform product. |
|||
For PortfolioCare and Wealthview products available via the Asgard platform, please refer here.
Significant dealings reporting
Section 994F(6) of the Corporations Act 2001 requires distributors to notify the issuer of a product if they become aware of a significant dealing in the product that is not consistent with its TMD. Neither the Act nor ASIC defines when a dealing is ‘significant’ and distributors have discretion to apply its ordinary meaning. Please refer to our TMDs for guidance that can be used in determining a significant dealing.
Significant dealings outside target market must be reported to us as soon as practicable and within 10 business days of becoming aware of them.In these instructions "business day" means a day that is not a Saturday, a Sunday or a public holiday in the place concerned. Please note - this is the definition used in section 9 of the Corporations Act 2001.
For significant dealings relating to Master Trust or North platform products, use the FSC data standard template available here. Please attach the completed significant dealing report, quoting your licensee AFSL and report reference number in the subject title and send it to us via email to:
| Product area | Email address |
| SignatureSuper and SignatureSuper Allocated Pension |
DDO_MasterTrust@amp.com.au |
| Products available on the North platform | DDO_Platforms@amp.com.au |
A completed example is provided here for a Master Trust product and here for a Platform product.
For potential significant dealings related to AMP Bank products, refer to the Bank Distributor Centre.
For PortfolioCare and Wealthview products available via the Asgard platform, please refer here.
Where to find out more
More information about DDO, licensee and adviser webinars is available on educationHUB, or you can refer to our DDO page on Portal or Bank Distributor Centre.
If you have any questions about AMP products and DDO, contact your Business Development Manager.