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Target Market Determination (TMD)

 

Issuer

This TMD is issued by ClickSuper Pty Ltd ABN 48 122 693 985 trading as Wrkr PAY. ClickSuper Pty Ltd is a wholly owned subsidiary of Wrkr Ltd ABN 50 611 202 414.

Product

This TMD applies to the Wrkr PAY and ClickSuper clearing house facility (Wrkr PAY) that offers a simple and efficient way for employers, and their administrators, to process and pay superannuation contributions and make other payments on behalf of employees.

Effective Date

Start Date: 05 October 2021

Status: Current

About this Document

This target market determination (TMD) is required under section 994B of the Corporations Act 2001(Cth) (the Act). The purpose of this TMD is to provide information regarding the key attributes of the class of Customers for which this product has been designed, having regard to the objectives, financial situation and needs of the target market. In addition, the TMD outlines the triggers for review of the target market and certain other information, and forms part of WRKR PAY’s design and distribution arrangements for the product.

Wrkr PAY provides a facility for making non-cash payments through the Wrkr Platform.

This TMD is not to be treated as a full summary of the product’s terms and conditions and is not intended to provide financial advice. Customers must refer to the Product Disclosure Statement (PDS) and the Terms and Conditions for the product before making any decision regarding this product.

Product description and key attributes

Wrkr PAY enables Customers to process payments, such as payroll or superannuation, to bank accounts of their nomination.

Key product attributes

  • Manage the disbursement of payments to multiple recipients with just a single payment to Wrkr
  • Make Superannuation Guarantee payments to AHPRA regulated Superannuation Funds and self-managed superannuation funds
  • Make payments on behalf of an ABN to bank accounts of your nomination

Key eligibility requirements

  • Aged 18 years or above (for all signatories);
  • Be a company, sole trader, partnership, association, trust, not-for-profit organisation, self-managed superannuation fund or other forms of business structures acceptable to Wrkr;
  • Be operating using an Australian address;
  • Have an Australian bank account.

Class of Consumer

This product is designed for a class of consumers whose likely needs, objectives and financial situation (as set out below) are aligned with the product and the product’s key attributes.

This product is for those who:

Need a facility to make payments on behalf of an Australian Business Number (ABN) or a Withholding Payer Number (WPN).

Needs, objectives and financial situation

This product is designed for consumers who:

  • Have an Australian Business Number (ABN) or a Withholding Payer Number (WPN), and;
  • May make Superannuation Guarantee payments for employees
  • May make payment of insurance premiums, union fees, child support payments, garnishee payments, payments to government entities, worker redundancy payments, lease payments, social club contributions, share plan payments, membership fees for associations, charitable donations or savings.
  • May make these payments for the ABN which they represent
  • May want to simplify the disbursement of payments which they make on behalf of their business.
  • Are able to meet any applicable fees and charges. 

Alignment to Target Market

This product is likely to be consistent with the likely objectives, financial situation and needs of the class of consumers in the target market. This is based on an assessment of the key terms, features and attributes of the product and a determination that these are consistent with the identified class of consumers.

 

Distribution conditions and restrictions

Distribution channels

This product is designed to be sold via the following means:

  • Through referral partners via no advice models;
  • Through our relationship managers via the personal and no advice models;
  • By calling via the personal or no advice models;
  • Online including relevant websites and mobile apps via the no advice or general advice models.

Distribution conditions and restrictions

This product should only be distributed under the following circumstances:

  • If a consumer meets the eligibility criteria for this product;
  • All sales staff must be appropriately accredited to sell this product;
  • The applicable advice model(s) and our process requirements must be met for all distribution channels.

Appropriateness of distribution conditions and restrictions

We have assessed that the distribution conditions and restrictions will make it likely that consumers who acquire the product are in the target market. We consider that the distribution conditions and restrictions are appropriate and will direct distribution towards the class of consumer for whom the product has been designed.

Target Market Determination Reviews

We will review this target market determination in accordance with the below:

Initial Review Within 12 months of the effective date.
Mandatory periodic reviews Subsequent reviews occurring 24 months thereafter.
Review triggers or events The following events or circumstances would reasonably suggest that the TMD is no longer appropriate and will trigger a review:

 

●      a material change to the product design and strategy,

●      a material change to the product attributes, fees, charges, terms or conditions, or

●      an unexpected change in the number or nature  of complaints received, or

●      external events such as adverse media coverage;

●      where there are material changes to laws and regulatory guidance that affects the product; or

●      any other event or circumstance that would materially change a factor taken into account in making this target market determination.

 

In that case, a review will be conducted within one month of the relevant change or feedback.

Where a review trigger has occurred, this target market determination will be reviewed within 10 business days.

We may collect the following information from our distributors directly or indirectly in relation to this TMD.

Complaints Distributors of the product will report all complaints in relation to the product

covered by this TMD on a monthly basis. This will include written details of the complaints
Significant dealings Distributors of the product will report if they become aware of a significant

dealing in relation to this TMD within 10 business days.
Product data Distributors of the product will report monthly on the state of quantitative data regarding the product, including the number of Customers and the volume of transactions.
Customer feedback Distributors of the product will report on the state of qualitative Customer feedback in relation to the product covered by this TMD on a 6 monthly basis. This will include written details of the feedback received.