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What’s a Target Market Determination?

A Target Market Determination is a document which describes a group of retail clients (the target market) for whom a product is likely to be appropriate or consistent with their likely objectives, financial situation and needs, plus any conditions around how the product can be distributed.

It also describes the events or circumstances where we may need to review the Target Market Determination for a financial product.

Why does Colonial First State need to have Target Market Determinations?

We’re required to have Target Market Determinations under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.

This is to make sure we’re keeping members at the centre of our approach to the design and distribution of our financial products.

Target Market Determinations - Managed Investment Schemes

A consumer (or class of consumer) may intend to hold a product as part of a diversified portfolio. In such circumstances, the product should be assessed against the consumer’s attributes for the relevant portion of the portfolio, rather than the consumer’s portfolio as a whole. For example, a consumer may seek to construct a conservative portfolio with a small allocation to growth assets. In this case, it may be likely that a product with a High or Very High risk/return profile is consistent with the consumer’s objectives for that allocation notwithstanding that the risk/return profile of the consumer as a whole is Low or Medium. In making this assessment, distributors should consider all features of a product (including its key attributes).

For further information, please review this information.

For definitions related to the content within the following Target Market Determinations, please review this information.

*Product is closed to new investors.

Procedure guides - financial adviser use only

For distributors of our FirstChoice and FirstWrap products we’ve outlined details of our Target Market Determinations and summarised the information that you're required to provide us on a regular basis under the DDO reforms.

Please note that these guides are for financial adviser use only and are not relevant to investors.