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ARTICLE · 04 OCTOBER 2017

Part I: Certified Wholesale - SMSFs and Accountants Certificates

Holley Nethercote
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Part 1 of this 2-part blog series addresses inappropriate use of accountant's certificates, SMSFs and wholesale clients.

AustraliaWealth Management
David Court
David Court
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On 7 July 2017, ASIC issued a media release concerning action that it had taken over a particular example of perceived inappropriate use of accountant's certificates to treat investors as wholesale clients.

Although ASIC provided few details of what this "inappropriate use" involved, and there was no specific mention of Self-Managed Super Funds (SMSFs) being targeted, it is a timely reminder for financial advisers and accountants that they need to be aware of how an accountant's certificate can be used under the wholesale clients rules – and the difficulties that can arise with SMSF clients.

In Part I of this two-part blog series, we will address the following questions:

  1. What is an accountant's certificate?

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