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2023-12-22 2:05 pm

Target Market Determinations

A Target Market Determination (TMD) is a document which describes who a product is intended to be appropriate for based on a consumer’s needs, financial situation and objectives (target market).

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What’s a Target Market Determination?

A Target Market Determination (TMD) is a document which describes who a product is intended to be appropriate for based on a consumer’s needs, financial situation and objectives (target market).

Why does Bank Australia need to have Target Market Determinations?

It helps us make sure we’re keeping customers at the centre of our approach to the design and distribution of our financial products. The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 was passed on 5 April 2019. In December 2020, ASIC issued Regulatory Guide 274 which outlines ASIC’s view and expectations of the Product Design and Distribution Obligations. Issuers and distributors of financial products must comply with these design and distribution obligations as set out in Pt 7.8A of the Corporations Act 2001 (Corporations Act) from 5 October 2021. The design and distribution obligations are intended to help consumers obtain appropriate financial products by requiring issuers and distributors to have a consumer-centric approach to the design and distribution of products. A TMD describes any conditions around how the product can be distributed to customers. It also describes the events or circumstances where we may need to review the TMD.

Target Market Determinations (TMDs) – Where do I find?

This is where you will find our currently published TMDs.  If the date of your agreement precedes the date of the published TMD, please contact us.

Banking accounts

TMD
Date of TMD
1 August 2024
12 April 2024
12 April 2024
12 April 2024
23 November 2023
23 November 2023

Home loans

TMD
Date of TMD
23 November 2023
21 March 2024
2 September 2024
2 September 2024

Car and personal loans

TMD
Date of TMD
23 November 2023
23 November 2023

Credit cards

TMD
Date of TMD
16 May 2024
23 November 2023
16 May 2024

Bank Australia Insurance

TMD
Date of TMD
18 October 2024
18 October 2024
18 October 2024
18 October 2024

Contact us

If you need help understanding your Target Market Determination document, or require an archived version, call us on 132 888 or email us through secure mail in internet banking or your app.

Contact us