PDS, TMD and FSG: which document should you read?

The paperwork can look like a wall of abbreviations, but each document answers a different question. The short version: a PDS helps you understand a product, a TMD describes who a product is designed for and an FSG or approved website disclosure explains the financial services provider and the advice relationship. The detail still depends on the document and policy.

The three documents at a glance

Document	What it is for	When it is useful
PDS (Product Disclosure Statement)	Explains product features, risks, costs, exclusions and terms.	Read it before deciding about a specific product.
TMD (Target Market Determination)	Describes the class of people for whom a product may be consistent with likely objectives, financial situation and needs.	It is context, not a personal recommendation.
FSG or website disclosure	Explains the financial services provider, authorisation and the relationship around advice.	Read it when engaging with a financial services provider.

If you only read one document first

Start with the PDS for the product you are considering. It is where exclusions, definitions, premiums and claim requirements are explained. You do not need to understand every sentence on the first read, but you should know where to find the parts that matter.

What these documents cannot do

No document replaces thinking about your own situation. A TMD is not a statement that a product suits you. A website guide is not personal advice. If you are unsure, write down the question and discuss it through the appropriate advice process.

For the wider picture, read what happens when you talk to an adviser and the four cover types. Any cover is subject to policy terms and you should consider whether it is appropriate for your needs.