In January 2011, Treasury released an Options Paper on the wholesale v retail client distinction, as part of the Future of Financial Advice (FOFA) project. The paper floats a number of options for a "new regime", including:
Submissions on the Options Paper were due on 25 February 2011. Legislation to implement FOFA is not expected to come into force until mid-2012, but exposure draft legislation might be seen as early as mid-2011.
Download the Options Paper here.
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