The Financial Advisers Act 2008 was repealed and now all financial advice services are regulated under the Financial Markets Conduct Act 2013 (FMCA) which has undergone significant amendment. The updated FMCA includes a new Schedule 5, which introduces altered definitions of ‘retail’ and ‘wholesale’ clients and sets out the duties that apply to them.

Meanwhile, the eligible investor category has remained. But, with the advent of new duties and ‘good conduct’ obligations under the FMCA, there are additional factors that must now be considered in relation to these investors.

Strategi Compliance has produced a new guidance note to help explain what has changed, how to identify which clients may be considered wholesale clients or eligible investors, and to provide some practical tips on bringing these clients onboard.

The guidance note is free to download and is available here →.

We have also developed a kit which includes: 

• the guidance note;
• a wholesale client checklist - to determine whether a client is wholesale or retail;
• a checklist for determining when an adviser can rely on an eligible investor certificate; and
• eligible investor certificates for discretionary investment management services, financial advice and financial product offers.

This kit is available for only $200 plus GST.

Enquire here to purchase →