Design and Distribution Obligations (DDO).
Issuers of financial products (that’s us!) are required to ensure products are designed to meet the needs of consumers for whom the product is designed and intended for, and distributors (that’s you!) will need to ensure they’re being distributed to consumers who are in the target market which has been set out by the issuer.
Target Market Determinations (TMDs).
All products we issue which are designed for retail clients will need to have a Target Market Determination (TMD) prior to the product being distributed. The TMD outlines the key features of Integrity’s products, the intended consumer, how the product might meet the needs and objectives of a consumer in the target market, and an outline of how and when we will review the TMD.
There is also a requirement for all product issuers to collect data from distributors in order to monitor product to ensure it is being distributed in line with the TMD. To understand what these requirements are, you can view all our TMDs here.
Periodical Distributor Reporting.
As part of DDO obligations we require reporting on the elements outlined in the TMDs including any complaints about our products.
The dates for these reports are below
|Reporting Period||Report due (pop them in your diary)|
|1 July 2023 – 31 December 2023||10 January 2024|
|1 January 2024 – 30 June 2024||10 July 2024|
|1 July 2024 – 31 December 2024||10 January 2025|
We define a ‘significant dealing’ as a substantial volume of dealings which occur outside the target market, or dealings outside the target market which have caused, or are likely to cause significant consumer harm.
If you’re not sure, please get in touch with your Integrity Life Representative.