ARTICLE · 01 SEPTEMBER 2023

Pulling her punches? The Quality of Advice Review and wholesale clients

Holley Nethercote

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The Quality of Advice Review aimed to ensure access to "high quality, accessible and affordable" financial advice.

AustraliaFinance and Banking

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In recent years, there have been a number of reviews into various aspects of the regulation of the financial services industry. The wholesale client eligibility rules is one area that is attracting increased attention as being in need of reform.

While the Hayne Royal Commission had nothing to say in relation to wholesale client eligibility, the review in relation to AFCA's jurisdiction and the ALRC's review of Chapter 7 of the Corporations Act both recommended changes. You can read about those proposals in this article here.

With the release of the Final Report of the Quality of Advice Review, we now have another recommendation for changes to the wholesale client eligibility rules. However, the restricted scope of the Terms of Reference in relation to wholesale clients would appear to have forced the Review to "pull its punches" when making its recommendations.

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