29 August 2022 - Super trustees urged to improve effectiveness of target market determinations
ASIC is calling on superannuation trustees to review and if necessary improve the effectiveness of target market determinations (TMD) for their products, after a sample review of trustee compliance found some poor practices.
TMDs are an important requirement for all financial products under the new design and distribution obligations (DDOs). A TMD is a mandatory public document that sets out the class of consumers a financial product is likely to be appropriate for (the target market), and settings relevant to the product’s distribution, monitoring and review.
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