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 situations 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 Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019. It requires us to have Target Market Determinations, as well as meet other 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.
Check back here on 5 October 2021 for updated information.
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