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DDO requires issuers and distributors of financial products to have a customer-centric approach to the design and distribution of their products, with the aim of helping customers to obtain financial products that are appropriate for their objectives, financial situation and needs.
The obligations apply to a broad number of financial products including (but not limited to) home loans, credit cards, wrap platforms, managed funds and bank accounts.
As a product issuer it’s our responsibility to create a TMD for each of our products covered by DDO. The TMD:
| Product | Link |
|---|---|
Macquarie Home Loans (including Offset Transaction Account) | |
Macquarie Credit Cards | |
Macquarie Property Versatile | |
| Macquarie Property Essentials (This product is no longer being distributed) | |
Macquarie Fully Drawn Advance | |
Macquarie Smart Business Loan (This product is no longer being distributed) | |
Macquarie Strata Improvement Loans | |
Macquarie Revolving Line of Credit | |
Macquarie CommOne |
|
This page contains only current TMD versions. If the TMD you require is not listed above, please email us at bfstmds@macquarie.com including the product TMD you are seeking and the relevant period.
| Product | Link |
|---|---|
Macquarie Transaction and Savings Accounts | |
Macquarie Business Banking Accounts | |
Macquarie Business Savings Accounts | |
Macquarie Cash Management Accounts | |
Macquarie Term Deposit | |
Macquarie Express Guarantee |
This page contains only current TMD versions. If the TMD you require is not listed above, please email us at bfstmds@macquarie.com including the product TMD you are seeking and the relevant period.
| Product | Link |
|---|---|
Macquarie Wrap Super | View TMD |
Macquarie Wrap Pension | View TMD |
Macquarie Investor Directed Portfolio Service (IDPS) | View TMD |
Macquarie Separately Managed Accounts | View TMD |
This page contains only current TMD versions. If the TMD you require is not listed above, please email us at bfstmds@macquarie.com including the product TMD you are seeking and the relevant period.
DDO requires external distributors of our products to report to us the complaints they have received about our products (covered by our TMDs).
A complaint is an expression of dissatisfaction made by an account holder (or someone legitimately representing their interests) related to our products, where a response or resolution is explicitly or implicitly expected or legally required.
Distributors should refer to ASIC’s guidance on complaints (Regulatory Guide 271) for further information.
We expect distributors of our products to report complaints to us as soon as they occur, using our online complaints form.
Financial advisers whose clients invest via the Wrap platform are distributors of both Wrap products as well as the underlying investments (e.g. managed investments, term deposits, SMAs, ETPs and insurance) which can be obtained through the Wrap platform.
Each of the products on the Wrap investment menu that are covered by Design and Distribution Obligations (DDO) will have their own Target Market Determination (TMD) that is prepared by the relevant product issuers. The reporting requirements for these products can be found in their respective TMDs.
A significant dealing report is intended to capture material or significant distribution of a product outside of its TMD.
Whether or not a dealing is significant will depend on a variety of circumstances, including the scale of distribution outside the TMD and the risk of harm to those consumers from such distribution.
Each distributor will need to make their own assessment as to whether a particular dealing (or dealings) outside of a TMD is significant and needs to be reported to Macquarie.
A distributor must report any significant dealings to us as soon as possible, but at latest within 10 business days of becoming aware of the dealing.
Significant dealings must be reported to Macquarie via email: ddosignificantdealings@macquarie.com and should contain the following details:
We've prepared this training pack to help you learn more about the Design and Distribution Obligations.
DDO applies to issuers and distributors of financial products that are sold to retail clients. The term ‘retail client’ is defined in the Corporations Act and can include individuals and small businesses (although for lending products, DDO only applies to retail clients where the loan is for personal or investment purposes – not business purposes).
Our key responsibilities as a product issuer are:
The key obligations for product distributors are:
Note: In certain circumstances involving Personal Advice, the distributor reasonable steps obligations do not apply.
Distribution conditions are conditions or restrictions on the sale of a product, put in place by the issuer, to ensure that the product is sold to customers in line with the TMD. Product distributors will need to adhere to the distribution conditions established in the TMD.
You’re expected to understand the requirements we establish in the TMDs for our products. This means you need to:
Note: In certain circumstances involving Personal Advice, the distributor reasonable steps obligations do not apply.
Description Distributors of financial products have an obligation to take reasonable steps that are likely to result in distribution of the product being consistent with the Target Market Determination (TMD) for that product.
The obligation for financial advisers to take reasonable steps does not apply to conduct specified to be excluded where personal advice is being provided to the client in relation to the financial product.
Keep in mind, the ‘personal advice exemption’ does not extend to reporting, and distributors who provide personal advice are still required to provide issuers such as Macquarie with certain information requested which is stipulated in the products’ TMD, including complaints information.