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On the whole, product providers like fund managers have “made progress” with their adherence to target market determination rules. But ASIC warns that when third party distributors come into play, compliance standards begin to slip.
The regulator has issued 26 stop orders against 18 companies for failing to adequately target financial products to the appropriate market since the “design and distribution obligations” regime began, it said in an initial compliance review. And it warned that closer scrutiny is coming.
