Reminder: Don't forget to report on time for compliance with DDO
Design and Distribution Obligations (DDO) are intended to help retail customers select the right product. The DDO applies only to retail customers and places obligations on product issuers (like AMP Bank) and distributors (such as mortgage brokers, fixed income brokers and advisers). The DDO legislation does not apply to Business Finance.
What do I report?
The DDO requires us to collect information from our distributors to monitor the distribution of our products – the information we require is set out on the last page of our Target Market Determinations (TMDs), available from our Distributor Centre.
Any complaints reporting we require is aligned with paragraph RG 271.182 of Regulatory Guide 271 Internal dispute resolution. Data must be aggregated by product and nature of complaint, and any personal information (such as Customer Name) must not be included. See a list of required information on our Distributor Centre.
When do I report?
You must provide 6-monthly reports of complaints received about the product and its distribution, with any reports to be provided in the first 10 business days of April and October each year. Our next submission period is 1 April to 15 April 2024. For the state of Tasmania that has the Easter Tuesday as a public holiday on Tuesday 2 April, the submission period ends on 16 April 2024.
How do I report?
During the submission period, simply report any complaints via the online form on the Distributor Centre. This form is only active during the submission period
In the unlikely event of a significant dealing, notify us via DDO_Bank@ampbanking.com.au as early as possible, and within 10 business days of becoming aware. You may include any information you deem relevant. You can also use this email address to provide any other relevant feedback on DDO matters.
More information
Read about AMP’s approach to the DDO on our Distributor Centre. You can also see more about the DDO legislation in the ASIC Regulatory Guide 274.