Design & Distribution Obligations

We are committed to complying with the Design and Distribution obligations (DDO) under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019, which come into effect on 5 October 2021.
DDO are intended to help consumers obtain appropriate financial products by requiring issuers and distributors to have a consumer-centric approach to the design and distribution of products.
In particular:

    • issuers must design financial products that are likely to be consistent with the likely objectives, financial situation and needs of the consumers for whom they are intended;
    • issuers and distributors must take ‘reasonable steps’ that are reasonably likely to result in financial products reaching consumers in the target market defined by the issuer; and
    • issuers must monitor consumer outcomes and review products to ensure that consumers are receiving products that are likely to be consistent with their likely objectives, financial situation and needs.

Distributors must also keep records of ‘distribution information’ and this data must be kept for up to seven years.

What is a Target Market Determination (TMD)

​A TMD is a document which describes who a product is appropriate for (target market), and any conditions around how the product can be distributed to customers. It also describes the events or circumstances where we may need to review the TMD for a financial product.
Please note a TMD is not intended to provide financial advice. When making a decision about a product always make sure you refer to the Terms and Conditions and any supplementary document(s). These will outline the relevant terms and conditions being provided under that product.


    1. Well Nigh Flex
    2. ​Well Nigh Flex with Visa Debit
    3. Well Nigh Plus
    4. Well Nigh Plus with Visa Debit
    5. Well Nigh Prime – Mere Doc With Visa Debit
    6. Well Nigh Prime – Mere Doc
    7. Well Nigh Prime with Visa Debit
    8. Well Nigh Prime
    9. Well Nigh Ultra Prime (Essentials) – Visa Debit
    10. Well Nigh Ultra Prime (Essentials)

Complaints reporting

A distributor that engages in retail product distribution of our products is required to report to us the volume of complaints they have received about our products covered by our TMDs, on a regular basis. A complaint is an expression of dissatisfaction made about our products or services 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.


Design & Distribution Obligations