Target Market Determinations
Consolidated Funding Group Pty Ltd trading as Fairbanks Financial Group (ACR 481272) acts as a distributor of credit products on behalf of authorised deposit-taking institutions and other credit providers. In accordance with our obligations under Treasury Laws Amendment (Design and Distribution Obligations) Act 2019 and ASIC Regulatory Guide 274, we publish the following Target Market Determinations (TMDs) for each credit product category we distribute.
What is a TMD?
A Target Market Determination (TMD) is a mandatory document that describes the class of consumers a credit product has been designed for. It helps ensure the right products reach the right consumers.
Our Role as Distributor
As a distributor, Fairbanks must take reasonable steps to ensure our credit assistance is consistent with each product's TMD. We must also report significant dealings and complaints to product issuers (lenders).
Reporting & Complaints
If you believe a product recommended to you was not suitable for your circumstances, please contact us. We are obligated to report significant dealings inconsistent with a TMD to the product issuer within 10 business days.
Our DDO Reporting Obligations
Under the Design and Distribution Obligations (DDO) framework, Fairbanks Financial is required to:
- Report significant dealings inconsistent with any TMD to the product issuer within 10 business days
- Maintain records of all distribution activities and consumer complaint data
- Report complaint numbers to product issuers as specified in each TMD
- Review our distribution practices if a TMD review trigger is identified
- Cease distributing a product if directed to do so by a product issuer or ASIC
Report a Significant Dealing
If you believe a product you were recommended by Fairbanks was inconsistent with its Target Market Determination, please contact our Compliance Officer. We take all such reports seriously and are required to investigate and report to the relevant product issuer.