From 15 March 2021, the FAA was repealed and now all financial advice services are regulated under the FMCA which has undergone significant amendment. The amended FMCA has a new Schedule 5 which introduces a new definition of ‘retail client’ and ‘wholesale client’ and sets out the duties that apply to retail and wholesale clients.

The eligible investor category still remains, but with the advent of new duties and ‘good conduct’ obligations under the FMCA, there are additional factors that must be considered in relation to eligible investors.

Download the guidance note below to read more