Who is responsible for providing the product disclosure statement (PDS) to retail clients?

The responsibility for providing the product disclosure statement (PDS) to retail clients lies with either the insurer, broker, or authorized representative. This is crucial in ensuring that clients receive comprehensive information about the financial products they are considering, which includes details on features, benefits, risks, and costs.

The requirement for a PDS is established to protect consumers by promoting transparency and informed decision-making. It is essential for clients to understand the products available to them, so having multiple parties able to provide the PDS helps facilitate accessibility and ensures that retail clients are adequately informed no matter their engagement point with the financial services system.

Other options do not encompass the appropriate breadth of responsibility. For instance, the insurance provider alone may not always be the entity that interacts directly with clients; brokers and authorized representatives also play vital roles in the sales and advisory processes. The client themselves is not responsible for providing the PDS, as they are the recipients of the information. Meanwhile, financial regulators oversee compliance and standards but do not directly provide the PDS to clients themselves. Therefore, the most accurate and comprehensive answer reflects the shared responsibility among various financial service providers.