Can a business have multiple FSG\’s for the same product? For instance where the product can be altered to include or exclude different items which may then impact on the overall fees, charges and interest rates can multiple FSG’s be created so that the customer can be issued with the most appropriate FSG depending on their product selection? Or does the one FSG have to take into account all the various options and therefore detail the highest overall fees, charges and interest rates applicable?
An FSG provides an overview of the kinds of financial services the entity is authorised to provide and the products it offers in relation to those services. It needs to include specific information including general information about how the entity is remunerated. There will generally only be one FSG for the entity. We also refer you to ASIC Regulatory Guide 175 which contains information about preparing and providing an FSG.
A Product Disclosure Statement (PDS) provides further detail for each product an entity offers. Each product should have an individual PDS which has been tailored to include all the information relevant to that product, including the specific remuneration structure applicable to that product.
As the structure of each document will depend on the nature of the business and the product being offered, and must comply with the relevant legislation, we suggest that you seek legal advice. It is important that you understand what is required for each document.
Please feel free to contact us if you require further information.