Date posted: 13/09/2023
Joint submission on Licensing exemptions for foreign financial services providers
We 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.
We are concerned that until modernised definitions of wholesale investors are legislated, there is an increased risk of consumer harm.