A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.
From 5 October 2021, TMDs are compulsory for most financial products. Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer. We recommend that you consider the TMD before making a purchase decision. A copy of the TMD for each of the products we distribute is available on the website of the product issuer below.