{"id":34545,"date":"2025-03-27T02:36:25","date_gmt":"2025-03-27T02:36:25","guid":{"rendered":"https:\/\/employmenthero.com\/uk\/legals\/financial-disclosure-documents\/tmd\/"},"modified":"2025-10-27T06:24:05","modified_gmt":"2025-10-27T06:24:05","slug":"tmd","status":"publish","type":"legals","link":"https:\/\/employmenthero.com\/uk\/legals\/financial-disclosure-documents\/tmd\/","title":{"rendered":"Swag Spend Account TMD (AU)"},"content":{"rendered":"\n
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Swag Spend Account TMD (AU)<\/h1>\n\n\n\n

Target Market Determination<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

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Contents<\/p>\n\n\n\n

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1: TMD DETERMINATION FOR NON-CASH PAYMENT PRODUCT<\/a><\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n

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Swag Visa Debit Card and Swag Account<\/p>\n\n\n\n

Approved 16 February 2023<\/p>\n\n\n\n

Swag Visa Debit Card and Swag Account<\/p>\n\n\n\n

Approved 16 February 2023<\/p>\n\n\n\n

1: TMD DETERMINATION FOR NON-CASH PAYMENT PRODUCT<\/strong><\/h2>\n\n\n\n
Target Market Determination<\/th><\/th><\/tr><\/thead>
Product:<\/td>Swag Visa Debit card and Swag Spend account<\/td><\/tr>
<\/td>Non-cash payment product<\/td><\/tr>
Issuer:<\/td>Hay Limited ABN 34 629 037 403, AFSL 515459 (Hay Limited)<\/td><\/tr>
Start Date:<\/td>August 2022 – The date the determination was made.<\/td><\/tr>
Version<\/td>February 2023<\/td><\/tr>
Review Date<\/td>February 2024<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Target Market:

Class of Retail individuals that comprise the target market of the product<\/td>		Retail Individual Description:

This describes Retail individuals in the target market<\/td>		Eligibility criteria for the product.

Customers will need to satisfy specific eligibility criteria to maintain this product.

Customers must:

\u2022 Be an individual
\u2022 Be aged 16 years or older to apply for the account
\u2022 Be an Australian resident

Objectives & Needs

This product is targeted at individuals with the likely objectives, financial situation and needs of wanting:

\u2022 Access to a debit card to make purchases with an internationally branded scheme such as Visa
\u2022 To store money in an account without the ability to access interest on their balance
\u2022 To manage access to funds available in the account through spend limits, merchant blocking and card management.

Financial Situation

\u2022 At the time of the application, the person has the right to open a Non-Cash Payment product account and has access and the ability to transfer funds in Australian dollars to preload the facility and pay fees.
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<\/td>Product Description: This describes the non-cash payment product.<\/td>\u2022 A Non-Cash Payment Product issued by Hay Limited is a fully digital transaction account that allows Retail individuals to access their funds on demand.
\u2022 Access is only possible by card app, BSB and Account number and does not have a physical presence. Retail individuals cannot make cash deposits or other withdrawals from the account via a physical branch except by using a card at an ARM where Visa Debit cards are accepted.
\u2022 No interest can be earned on the funds deposited in the account.
\u2022 Overdrawing the account is not permitted.
\u2022 There are spend control and merchant category code limitations:
\u25e6 The card program prohibits spending at unsuitable or inappropriate merchants for the Target Market to reduce harm.
\u25e6 The card program has limits in place for the account balance and daily spending.
\u25e6 Account owners can further restrict spending by a merchant to customise the product to suit their needs.
\u25e6 The account owner can impose daily or weekly spending limits to suit the product to their needs.<\/td><\/tr>
<\/td>Appropriate Statement:

This explains why the product is consistent with the target market’s likely objectives, financial situation, and needs.<\/td>		The issuer, Hay Limited, has considered the product is likely consistent with the possible objectives, financial situation and needs of the Target Market as:

\u2022 Customers can fund the account to save or spend those funds through a Debit card accessing the Visa network or through a BSB and Account number via Direct Entry or NPPA; and
\u2022 Customers can manage access to the funds through spend limits, merchant blocking and card management.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Category<\/th>Description<\/th><\/th><\/tr><\/thead>
Distribution Conditions:

\u2022 The conditions and restrictions on the distribution of the product<\/td>		Marketing and Promotion

\u2022 This condition applies to marketing and promotional materials that describe the product<\/td>		Condition 1

The authorised distribution partner must only market and promote the product as a reloadable Non-Cash Payment Product in Australia. This condition is suitable as the issuer has distributed this product using these methods, with limited risk to Retail individuals.<\/td><\/tr>
<\/td>Retail Product Distribution Conduct (other than Marketing)

\u2022 This condition applies to all conduct (other than marketing), such as issuing, arranging, and providing disclosure material.<\/td>		An authorised distributor must only engage in retail arranging, distribution and providing factual product advice:

\u2022 through the 91±¬ΑΟ app;
\u2022 to prospective Retail individuals who are individuals and meet Hay Limited’s minimum eligibility criteria for the product; and
\u2022 to issue a Non-Cash Payment Product to Retail individuals after applying for and completing the application process
\u2022 This condition is suitable as the issuer has distributed this product using these methods, with limited risk to Retail individuals.<\/td><\/tr>
Review Triggers:

\u2022 The events and circumstances that would reasonably suggest the determination is no longer appropriate<\/td>		The issuer, and any distributor of this product, must cease retail product distribution conduct in respect of this product when the issuer determines a material event or circumstance has occurred concerning:<\/td><\/tr>
Material Complaints<\/td>Material complaints (in number or significance) relate to complaints concerning the terms of this product and or the distribution conduct.<\/td><\/tr>
Product Performance<\/td>Evidence, as determined by the issuer, of the product\u2019s performance, in practice, may suggest that the product is not appropriate for the target market.<\/td><\/tr>
Distributor Feedback<\/td>Reporting from distributors, or consistent feedback from distributors on the target market, suggesting that the determination may no longer be appropriate.<\/td><\/tr>
<\/td>Substantial Product Change<\/td>A significant change to the product features outlined in the product description will likely make the determination no longer appropriate for the target market.<\/td><\/tr>
A significant change to the product because of regulatory, legislative or code changes will likely result in the determination no longer being appropriate for the target market.<\/td><\/tr>
Significant Dealing<\/td>A material pattern of dealings in the product or distributor conduct is inconsistent with the determination.<\/td><\/tr>
Notification from ASIC<\/td>A notification from ASIC requiring immediate cessation of product distribution or conduct concerning the product.<\/td><\/tr>
Review Trigger Information<\/td>The distributor of this product must provide the following information to Hay Limited within the below timeframes.<\/td><\/tr>
<\/td>Product Complaints data<\/td>Information relating to complaints received, including the number and nature of the complaint. Details by the distributor of this product and provided quarterly within ten days of the end of the Quarter.<\/td><\/tr>
<\/td>Significant Dealings<\/td>Any significant dealings of the product to customers who are outside the target market.<\/td><\/tr>
<\/td>Timings and Frequency<\/td>These triggers should be provided as soon as practicable and no later than 10 business days after the distributor becomes aware.

They will be reviewed and discussed under the CAR and distributor Governance meeting cycles.<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Swag Spend Account TMD (AU) Target Market Determination Contents 1: TMD DETERMINATION FOR NON-CASH PAYMENT PRODUCT Swag Visa Debit Card and Swag Account Approved 16 February 2023 Swag Visa Debit Card and Swag Account Approved 16 February 2023 1: TMD DETERMINATION FOR NON-CASH PAYMENT PRODUCT Target Market Determination Product: Swag Visa Debit card and Swag Spend account […]<\/p>\n","protected":false},"featured_media":0,"parent":34543,"menu_order":0,"template":"","class_list":["post-34545","legals","type-legals","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/employmenthero.com\/uk\/wp-json\/wp\/v2\/legals\/34545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/employmenthero.com\/uk\/wp-json\/wp\/v2\/legals"}],"about":[{"href":"https:\/\/employmenthero.com\/uk\/wp-json\/wp\/v2\/types\/legals"}],"up":[{"embeddable":true,"href":"https:\/\/employmenthero.com\/uk\/wp-json\/wp\/v2\/legals\/34543"}],"wp:attachment":[{"href":"https:\/\/employmenthero.com\/uk\/wp-json\/wp\/v2\/media?parent=34545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}