What is a Target Market Determination?
A Target Market Determination (TMD) is a document which describes who a financial product may be appropriate for (ie. target market), and how the product can be distributed to customers. It also describes the circumstances where we may need to review the TMD for a financial product, and any reporting our third-party distributors or referrers need to provide to us.
Please note a TMD is not intended to provide financial advice. You should refer to the relevant terms and conditions and any supplementary document(s) when making a decision about a product.
Why does People First Bank need to have Target Market Determinations?
We are required to make Target Market Determinations available under the Corporations Act 2001. This is to make sure we continue to focus on our customers when designing and distributing our financial products.
Target Market Determinations for our products
View and download PDF copies of our current TMDs below.
Accounts and deposits
Bank accounts and deposits
Business accounts
Insurance
Borrowing, credit and cards
Loans and credit
If you're a distributor or referrer of our products, what's expected?
Any distributors or referrers of our retail financial products under the Product Design and Distribution Obligations (DDO) laws are expected to:
- understand the target market defined in a TMD
- adhere to the distribution conditions and restrictions outlined in the TMD
- collect, keep and provide information as specified within the TMD
- report to us any significant dealings inconsistent with the TMD.
If you need to report information to People First Bank, please contact your relationship manager.
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