Skip to main content

Proposed remake of deposit product disclosure relief instrument

simple consultation – 21

Released 3 July 2025. Comments close 24 July 2025.

ASIC proposes to remake a legislative instrument that provides relief from certain disclosure requirements that apply to deposit products.

ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683 exempts deposit products from the obligations to disclose:

  • interest rates in a Product Disclosure Statement (PDS), and
  • termination values in periodic statements.

We consider the relief instrument, which is scheduled to end on 1 October 2025, to be operating effectively and efficiently and still a necessary and useful part of the legislative framework.

We intend to remake the instrument without any changes.

A consultation paper was not issued for this consultation.

Providing feedback

We invite feedback on our proposal. You should send your submission to rri.consultation@asic.gov.au by 5 pm AEST on Thursday 24 July 2025.

You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous, we will not be able to contact you to discuss your feedback should we need to.

We will not treat your feedback as confidential unless you specifically request that we treat the whole or part of it (such as any personal or financial information) as confidential.

Please see our privacy policy for more information on how we handle personal information, your rights to seek access to and correct personal information, and your right to complain about breaches of privacy by ASIC.

Background

ASIC Instrument 2015/683 was made in July 2015 because the original relief in Class Order [CO 05/681] Transitional relief for deposit product providers—PDSs and periodic statements was due to expire on 1 October 2015: see Media Release (15-196MR) ASIC remakes three ‘sunsetting’ banking and insurance class orders (27 July 2015).

ASIC Instrument 2015/683 provides relief from an authorised deposit-taking institution (ADI) needing to provide a new or Supplementary PDS each time interest rates change. Providing a new or Supplementary PDS each time interest rates change is likely to:

  • be burdensome, because the cost for product providers to update interest rate information in PDSs would be substantial, and
  • act as a disincentive to make product changes (e.g. when interest rates are increased, which would benefit depositors).

As a condition of the relief, the PDS must include information on how to find the current interest rate on a product, and it must be simple and convenient to find.

The instrument also provides relief from the disclosure of termination values and closing balances on periodic statements. ADIs are required to include any restrictions or fees on early terminations in the PDS for the deposit product.

Related links