As part of the Product Design and Distribution Obligations (DDO), insurers and other issuers of financial products (including their agents such as Victor) are, with effect from 5 October 2021, required to create written Target Market Determinations (TMDs) for all products that require a Product Disclosure Statement (PDS).
TMDs describe a class of Retail Clients that are the insurer’s/ issuer’s (and their agents’) target market for the product and specify any conditions and restrictions on the distribution of retail products, any events and circumstances that would reasonably suggest the TMD is no longer appropriate and the reporting periods for when complaints about the product should be provided to the insurer/issuer/their agents. The TMD must be publicly available.
From 5 October 2021, insurance/financial product distributors (being the insurance brokers that distribute the insurer’s/issuer’s/their agents’ financial products) must ensure that any Retail Client with a financial product which has a PDS is within the target market of that product for the insurer or product issuer (or their agents) the policy or other financial product is placed with.
The table below sets out all the TMDs created by insurers/issuers who underwrite products where Victor acts as their agent.
TMDs are broker down by insurer/issuer below.