Under the Financial Advisers Act 2008 (FAA) and Financial Markets Conduct Act 2013 (FMCA), some investors have been categorised as ‘eligible investors’ so as to bring clients into the ‘wholesale client’ category under the FAA and the ‘wholesale investor’ category under the FMCA. With the repeal of the FAA, and with all financial advice services now being regulated under the FMCA, the definitions of ‘wholesale’ and ‘eligible investors’, and the processes for categorisation under the FMCA now apply.