What is a Target Market Determination?
It’s a document that describes the type of consumer who may suit one of our products – based on their needs, objectives, and financial situation (target market). It also sets out who can distribute our products, how they can do this, and the situation when we may need to review our products and the target market.
Why do we have Target Market Determinations?
From 5 October 2021, we need to comply with a new law under the Treasury Laws Amendments (Design and Distribution Obligations and Product Intervention Powers) Act 2019. It requires us to have Target Market Determinations, as well as meet our obligations. This framework will help us make sure we’re ‘getting it right for customers’ – putting them at the centre of how we design and distribute our products.