A Target Market Determination (TMD) is a document that describes a financial product's target market and the conditions for distributing it to consumers. TMDs are required for all financial products, including bank accounts, super funds, managed investments, and insurance.
TMDs were introduced in Australia on October 5, 2021 as part of the Design and Distribution Obligations (DDO). The DDOs require financial product issuers and distributors to design and distribute products with a consumer-centric approach. The goal is to help customers find products that meet their needs, objectives, and financial situation. TMDs also help prevent the mis-selling of financial products.
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