Registration of new financial products up

The registration of new financial products increased 30.1% on the year-on-year basis at the end of June, 2022, according to APIR Systems which codes and manages reference data for unlisted financial products.

The growth was driven by a rise in registrations of managed fund products, which went up approximately 14% on the prior year, while closed end products such as mortgage trusts continued to increase and traditional managed investment products continued to thrive.

APIR also announced it expanded identification coverage to include insurance related products in 2021/22.

APIR’s chief executive, Chris Donohoe, said the termination numbers for the 2022/22 were lower than previous years and still very much focussed on superannuation investment options, with 78.8% of the 2021/22 terminations being superannuation investment options.

At the same time, archiving of managed funds products fell over 50% and were back in line with the five-year rolling average following a significant spike in 2020/21.

Looking forward to the 2022/23 financial year, Donohoe said it would be interesting to see the response by product manufacturers to recent changes in the economic climate, including the outlook for higher global interest rates and inflation.

Key highlights from 2021/22 data included:

• Total product registrations are up 30.1% on the same period the previous year at 964for the 2021/22 financial year
• Rationalisation of superannuation investment options continues but total product terminations decreased by 4.5% on the 2020/21 financial year
• Participant registrations increased 7.3% on the prior year.