SMSF Association Joint Submission
Chartered Accountants Australia & New Zealand (CA ANZ), CPA Australia, the Institute of Public Accountants and the SMSF Association welcomes the opportunity to provide comments on the exposure draft legislation to provide Australian financial service licensing exemptions to foreign financial services providers (FFSPs).
We have examined the proposed changes in detail and, in the time available to us, have identified what we consider to be a significant issue. The proposed changes allow FFSPs to offer products to so called “wholesale investors”. It is well known that under Chapter 7 of the Corporations Act many consumer protections available to retail investors are not available to wholesale investors.
Read the full submission below.