Wholesale clients and superannuation: Decoding the law and busting the myths

  • Presentations, Technical Resource
  • Investment standards

National Conference 2024

In an increasingly complex regulatory landscape, understanding the nuanced differences between retail and wholesale clients under the financial services laws is crucial for professionals in the SMSF sector, particularly when applying the individual wealth tests. This session aims to delve deep into the subject, offering insights that will empower attendees to both navigate the regulatory framework and fulfil their professional and ethical obligations to their clients. David will specifically address the vexed question of the SMSF as a wholesale client, the risks associated with issuing or relying on accountant’s certificates as well as examining recent proposals for the reform of the current eligibility rules. He will also look into some of the misunderstandings that have arisen over time concerning wholesale client classification.
 

Following this session you will be able to:

  • Grasp the criteria and analyse the implications of categorising clients as wholesale.
  • Receive practical insight into the wholesale client classification issues within the superannuation industry, and particularly the SMSF sector.
  • Understand the risks and repercussions of issuing or relying on accountant’s certificates.
  • Become aware of the professional and ethical issues raised by the current rules.
  • Be updated on proposals to reform the current rules and the attitude of ASIC and AFCA to wholesale client related complaints.

The contents of this resource are taken to be correct at the time of publication.

Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association