On this page, you will be able to locate the current Product Target Market Determinations (TMD) that are currently available for all our Investments and Superannuation financial products together with those that are provided within the Asgard and Panorama Platforms.
Please refer to the relevant disclosure documents to see if these products are right for you by visiting bt.com.au, or www.asgard.com.au. You should obtain your own financial and or tax advice about your personal circumstances.

If you require a historical TMD or one that is not listed, you can obtain a copy by calling 1300 881 716 for the Panorama and Investments products or call 1800 998 185 for the Asgard products.

What is a Target Market Determination?

A Target Market Determination (TMD) is a document which describes a group of retail clients (the target market) for whom a product is likely to be appropriate or consistent with their likely objectives, financial situation, and needs, plus any conditions around how the financial product can be distributed.

Why do we have Target Market Determinations?

We are required to provide Target Market Determinations (TMD) to ensure that we’re putting our customers at the centre of how we design and distribute our financial products.

Target Market Determinations are directed towards a class of customers and under specific distribution conditions and restrictions, making it likely that consumers whom acquire the financial product are within the target market. 

If you know the name of your product you can use the search function or  you can search under the product group headings below.

Target Market Determinations - Asgard

Products open to new customers

Products closed to new customers

Products available via AdviserNET

Products open to new customers

Products closed to new members

Cash and Term Deposits

Target Market Determinations - Investments

Products closed to new customers

Target Market Determinations - BT Protection Plans


Important Notice

On 1 August 2022, the sale of Westpac Life Insurance Services Limited ABN 31 003 149 157 AFSL 233728 to TAL Dai-ichi Life Australia Limited ABN 97 150 070 483 (“TAL”) completed, and Westpac Life Insurance Services Limited changed its name to TAL Life Insurance Services Limited ABN 31 003 149 157 (“TLISL”).

We would like to reassure you that no changes to the terms, conditions, and features of your existing policy occurred as a result of the sale.

If you would like a copy of the BT Protection Plans TMDs, please visit btlifeinsurance.tal.com.au.

For TMDs relating to other insurance products issued directly by TAL and AIA Australia Limited ABN 79 004 837 861 AFSL No. 230043 (“AIA”) that are available with BT investments and superannuation products, please contact these insurers directly on their respective websites.

Note: Westpac cannot guarantee the accuracy or completeness of the information contained on the TAL and AIA websites, and the TAL and AIA website content does not reflect the views or policy of any company in the Westpac Group. The references to the TAL and AIA websites are provided solely as general information. 


This information is current as of 20 May 2024


This information is of a general nature only and does not consider your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs before acting on it. Read the Product Disclosure Statement, Financial Services Guide, IDPS Guide, Additional Information Booklet (as applicable) (Disclosure Documents) to see if these products are right for you by visiting bt.com.au, or www.asgard.com.au. You should obtain your own financial and or tax advice about your personal circumstances.


Panorama: BT Funds Management Limited ABN 63 002 916 458, AFSL No. 233724, RSE Licensee No. L0001090 (BTFM) is the trustee and issuer of interests in Panorama Super, which is part of Asgard Independence Plan Division Two ABN 90 194 410 365, RSE Licensee No. R1001327.  BT Portfolio Services Ltd ABN 73 095 055 208, AFSL No. 233715 (BTPS) administers Panorama Super. BT Super Invest is part of Panorama Super. BTPS operates Panorama Investments. Westpac Financial Services Ltd ABN 20 000 241 127 AFSL 233716 (WFSL) is the responsible entity and issuer of interests in BT Managed Portfolios. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (Westpac) is the issuer of the BT Cash Management Account (BT CMA), BT Invest Cash Management Account (BT Invest CMA), BT Cash Management Account Saver (BT CMA Saver), BT Term Deposits offered through Panorama, and the Westpac Term Deposits offered through Panorama. St George Bank is the product issuer for the St. George Term Deposits offered through Panorama.  Bank of Melbourne is the product issuer for the Bank of Melbourne Term Deposits offered through Panorama. BTPS administers the BT CMA, BT Invest CMA, BT CMA Saver, BT Term Deposits offered through Panorama, Westpac Term Deposits offered through Panorama, St. George Term Deposits offered through Panorama and the Bank of Melbourne Term Deposits offered through Panorama.

Asgard: BT Funds Management Limited ABN 63 002 916 458, AFSL 233724, RSE Licensee No. L0001090 (BTFM) is the trustee and issuer of Asgard eWRAP Super/Pension (and badged versions), Asgard Infinity eWRAP Super/Pension, Asgard Managed Profiles and Separately Managed Account – Funds Super/Pension and Asgard Elements Super/Pension (Asgard Super), part of Asgard Independence Plan Division Two ABN 90 194 410 365. Westpac Financial Services Limited ABN 20 000 241 127, AFSL 233716 (WFSL) is the responsible entity and issuer of Asgard Elements Investment and Asgard Investment Funds Account (Asgard Investment). Asgard Capital Management Limited ABN 92 009 279 592, AFSL Number 240695 (Asgard) is custodian and administrator of Asgard Super, Asgard Investment, Asgard eWRAP Investment (and badged versions), and Asgard eWRAP Infinity Investment (Asgard eWRAP). Asgard is the operator of Asgard eWRAP. Together these products are referred to as the Asgard Products.

A Product Disclosure Statement, Financial Services Guide, IDPS Guide and Additional Information Booklet (together, the Disclosure Documents) are available for each of the Asgard Products by calling 1800 998 185 or visiting www.asgard.com.au. You should obtain and consider the Disclosure Documents before deciding whether to acquire, continue to hold or dispose of any of these products.

BTFM, WFSL and Asgard are subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 (Westpac). Unless otherwise disclosed in the Disclosure Documents, investments through Asgard Products are not deposits with, investments in, or other liabilities of, Westpac or any other company within the Westpac Group. They are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Westpac and its related entities do not stand behind or otherwise guarantee the capital value or investment performance of the specific investments you select or the account generally.

Investments: BT Funds Management Limited ABN 63 002 916 458, AFSL 233724, BT Funds Management No. 2 Limited ABN 22 000 727 659, AFSL 233720 and Westpac Financial Services Limited ABN 20 000 241 127, AFSL 233716 are the relevant Responsible Entities of the various investment funds (either separately or together).   BT Securities Limited ABN 84 000 720 114 AFSL No. 233722 and Westpac Banking Corporation ABN 33 007 457 141 AFSL No. 233714 are together the issuers of the BT Margin Loan. St. George Bank - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 is the issuer of the St. George Margin Loan and St. George Cash Management Account. BankSA - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 is the issuer of the BankSA Margin Loan. BT Securities Limited ABN 84 000 720 114 AFSL No. 233722 is the issuer of the BT Absolute Investment Loan.

Apart from any interest investors may have in either of St George, Bank of Melbourne or Westpac deposit products, any investment acquired either directly or indirectly using the above-named products are not an investment in, deposit with or any other liability of Westpac Group of Companies. These investments are subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Westpac and its related entities do not stand behind or otherwise guarantee the capital value or investment performance of any of the investments.

Each of BT Funds Management Limited ABN 63 002 916 458, BT Funds Management No. 2 Limited ABN 22 000 727 659, Westpac Financial Services Limited ABN 20 000 241 127, BT Portfolio Services Ltd ABN 73 095 055 208,  Asgard Capital Management Ltd ABN 92 009 279 592 and BT Securities Limited ABN 84 000 720 114  are wholly owned subsidiaries of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac).

© St George Bank, © BankSA and © Bank of Melbourne are each A Division of Westpac. 

You should obtain and consider the relevant Product Disclosure Statement (PDS), Financial Services Guide, IDPS Guide, Additional Terms and Conditions (as applicable) (Disclosure Documents) before deciding whether to acquire, continue to hold or dispose of interests in the relevant financial product.  A copy of the Disclosure Documents may be obtained by calling 1300 881 716 or by visiting bt.com.au or for the Asgard Products refer to www.asgard.com.au or call 1800 998 185.