|Target Market Determination|
|Product:||Prospa Business Account and Visa Debit Card|
|Non-cash payment product|
|Issuer||Hay Limited ACN 629 037 403 Australia Australian Financial Services License 515459 (Hay Limited)|
|Start Date:||Date the determination was made July 2022|
|Scheduled Review Date:||July 2023|
Class of consumers that comprise the target market for the product
This describes consumers in the target market
|Eligibility criteria for the product:
Customers will need to satisfy specific eligibility criteria to maintain this product. Customers must:
Objectives & Needs
This product is targeted at individuals with the likely objectives, financial situation and needs of wanting:
This describes the non-cash payment product.
This explains why the product is consistent with the target market’s likely objectives, financial situation, and needs.
|The issuer, Hay Limited, has considered that the product is likely to be consistent with the possible objectives, financial situation and needs of the Target Market as:
The conditions and restrictions on the distribution of the product
|Marketing and Promotion
This condition applies to marketing and promotional materials that describe the product
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 consumers.
|Retail Product Distribution Conduct (other than Marketing)
This condition applies to all conduct (other than marketing), such as issuing, arranging, and providing disclosure material.
An authorised distributor must only engage in retail arranging, distribution and
|providing factual product advice:
The events and circumstances that would reasonably suggest the determination is no longer appropriate
|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:|
|Material Complaints||Material complaints (in number or significance) relate to complaints concerning the terms of this product and or the distribution conduct.|
|Product Performance||Evidence, as determined by the issuer, of the product’s performance, in practice, may suggest that the product is not appropriate for the target market.|
|Distributor Feedback||Reporting from distributors, or consistent feedback from distributors on the target market, suggesting that the determination may no longer be appropriate.|
|Substantial Product Change||A significant change to the product features outlined in the product description will likely make the determination no longer appropriate for the target market.|
|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.|
|Significant Dealing||A material pattern of dealings in the product or distributor conduct is inconsistent with the determination.|
|Notification from ASIC||A notification from ASIC requiring immediate cessation of product distribution or conduct concerning the product.|
|Review Trigger Information Reporting requirements||The distributor of this product must provide the following information to Hay Limited within the below timeframes.|
|Product Complaints data||Information relating to complaints received, including the number and complaint summary details by the distributor of this product and provided quarterly within ten days of the end of the Quarter.|
|Significant Dealings||Any significant dealings of the product to customers who are outside the target market. These should be provided as soon as practicable and no later than 10 business days after the distributor becomes aware.|
Note that when printed, this document may have been superseded. Please refer to https://www.prospa.com/target-market-determinations for the most current version of this document. Hay Limited ACN 629 037 403 Australia Australian Financial Services License 515459 (Hay) effective July 2022
|1.0||5 October 2021||Determination commenced due to the new DDO Regime.
|2.0||29 July 2022||Template updated to accommodate Shaype Platform Clients where the non-cash payment product is integrated into a platform Client’s product or service.|