Who must ensure that the product disclosure statement is provided to all clients?

The requirement for ensuring that the product disclosure statement (PDS) is provided to all clients falls on both the licensee and the authorized representative. This is because both parties have responsibilities in maintaining compliance with legal and ethical obligations related to financial products.

The licensee is typically the entity that holds the appropriate licenses to operate, while the authorized representative acts on behalf of the licensee to provide advice or services. As such, both share the duty to ensure that clients receive all necessary information to understand the product they are considering, which includes the product disclosure statement. This ensures that clients are informed about the features, benefits, risks, and costs associated with the financial product, promoting transparency and helping clients make informed decisions.

In contrast, other options, such as the financial regulator, plays a supervisory role and does not directly provide the statement to clients, while the insurance provider may not be directly involved in the provision of PDS as part of their regulatory obligations. The collaborative responsibility of both the licensee and the authorized representative highlights the emphasis on consumer protection in the financial services industry.