What is a target market determination?
A Target Market Determination is a document created by MOVE Bank which describes who a product is appropriate for and any conditions or restrictions on how the product can be distributed to customers.
It also includes events or circumstances that may require MOVE Bank to review the Target Market Determination for a financial product.
Why does MOVE Bank need to have Target Market Determinations?
We are required to provide Target Market Determinations under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.
This requirement ensures that we are keeping our customers front of mind when designing and distributing our financial products.
What are the Design and Distribution Obligations?
Design and Distribution Obligations are designed with the aim of helping customers to obtain financial products that are suited to their objectives, financial situation and needs.
These obligations come into effect on 5 October 2021 and impact a broad number of financial products including home loans, car loans, credit cards, and bank accounts.