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A target market determination (TMD) describes:
We’re required to have TMDs under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019, which comes into effect on 5 October 2021.
Before joining QSuper, you should consider whether a product is appropriate for you, by reading the TMD and the product disclosure statement (PDS) for the product.
Issuers and distributors of financial products, such as financial advisers and super funds, must comply with DDO legislative requirements from 5 October 2021.
We have implemented these to ensure financial products are designed for, and distributed to, the target consumers.
A financial adviser can be a distributor who needs to follow the DDO requirements if they issue or sell a product. This includes Australian Financial Services (AFS) licensees or authorised representatives, credit licensees and representatives, and distributors of deposit products, insurance, and consumer credit insurance.
Distribution covers 'retail product distribution conduct', which includes:
An example provided by ASIC in RG274 (pdf) is someone who arranges for a client to apply for a home loan.
We will review the TMD for each product on a regular basis and check the product remains suitable for the defined target market. The TMD lists trigger events that would mean we need to review a TMD.
When a product's TMD needs updating, we will update it as appropriate.