The wealth divide: Why Australia must re-think its 'sophisticated investor' lawsBY JESSE HAMILTON | FRIDAY, 10 MAY 2024 1:24PM In a country that values fairness, it's time we asked why our government's investment laws are still stacked against everyday Australians.
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The current testing is clearly biased towards the wealthy...or those who haven't divorced. It completely ignores people who might previously have qualified based on investible assets, who have gone through a financial settlement. Anyone who's gone through a divorce can tell you it's a wonderful way to destroy wealth!
It must be asked, how is it that people with financial services qualifications are excluded from the current definition used?
The test to which this refers is not the only test. A licensee is also entitled to assess a client's sophistication. See Corporations Act s708(10) and s761GA. it would appear that the advisers/licensees do not want to perform the assessment and take on the obligation.