Auswide Bank : 05/10/21 Auswide Bank committed to a consumer-centric product approach

5th October 2021

Auswide Bank committed to a

consumer-centric product approach to deliver

better outcomes for customers

Auswide Bank has released target market determinations for its financial products.

Making target market determinations publicly available is one of the obligations arising under new product design and distribution obligations (DDO) which financial product issuers and distributors must comply with from today.

DDO requires Australian financial product issuers and distributors to determine the needs of consumers, design products that are suitable for such consumers and distribute products in a more targeted manner. Similar obligations already exist in the United Kingdom and the European Union.

Damian Hearne, Auswide Bank's Chief Customer Officer, said he welcomed the new regime which embeds improved customer outcomes at the centre of issuing and distributing financial products and services.

"DDO creates a fundamental shift in expectations as it requires banks and financial product issuers to design products that are consistent with the likely objectives, financial situation and needs of the consumer for whom they are intended."

"While Auswide Bank has always been customer-centric, in keeping with the new obligations, we have implemented steps that mean our products are likely to be distributed in accordance with our defined target markets as detailed in our target market determinations."

"We've also strengthened our product governance across the lifecycle of our products and have worked with our product distributors to enhance reporting, such as enhanced monitoring of product complaints and customer feedback, to help ensure the continued appropriateness of our products and product distribution practices."

Mr Hearne said Auswide Bank's target market determinations can be found online at www.auswidebank.com.au/tmd

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About Auswide Bank Ltd

Auswide Bank helps Australians with an extensive range of personal and business banking products and services issued directly or in partnership with leading service providers viabranches, strategic relationships and online & digital channels.

Even though we are a smaller bank, we believe that it's the small things that make us differentand can make a big difference for our customers and communities.