Provide general advice to retail customers

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Reference no: EM133219574

Question: ABZ Bank (ABZ), an ADI and AFS Licensee, operates through 700 branches across Australia. "Z Super" is a superannuation product issued and promoted by Zpac Super, a wholly-owned subsidiary of ABZ. ABZ runs an aggressive marketing campaign to distribute "Z Super" through its retail branch network. Any branch staff who sells "Z Super" is paid a substantial commission. "Z super" is sold to customers by ABZ's branch staff who are authorized to provide general advice to retail customers and to assist retail customers to apply for superannuation products. The distribution process developed and implemented by ABZ involved the following steps:

Firstly, the branch staff member asks the retail customer to fill in a questionnaire of 25 questions (called '1-25 review') on the financial situation, needs and circumstances of the retail customer.

Secondly, the branch staff member asks whether the retail customer would like to be provided with information about "Z Super".

Thirdly, if the retail customer agrees, the retail customer is provided with a detailed Product Disclosure Statement and brochure. The branch staff also provides a quick appraisal of benefits to invest in "Z Super" and provides them with a general advice warning.

Fourthly, the branch staff obtains (1) signatures on blank forms for 'Z Super' and (2) a letter of authorization for cancelling the existing superannuation account.

Reference no: EM133219574

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