Future of Financial Advice

Wholesale and Retail Clients - Options Paper

As part of the Future of Financial Advice (FOFA) reforms, the Government announced that it would consider the appropriateness of the distinction between wholesale and retail clients.

The Government sought the views of interested parties on the options presented in this paper for the criterion under which a client is considered to be wholesale or retail in the context of the receipt of financial advice.

Consultation Documents

Options Paper 257KB 834KB


Submissions for this consultation closed on Friday, 25 February 2011.

To date forty-five submissions have been received in response to this consultation. Thirty-one of these are public submissions and there are fourteen confidential. The public submissions are listed below.

Argyle Lawyers 208KB
Association of ARP Unitholders Incorporated 1.2MB
Australian and New Zealand Banking Group Limited 4.2MB
Australian Association of Angel Investors Limited 480KB
Australian Bankers’ Association Inc 100KB
Australian Financial Markets Association 193KB
AXA Financial Planning and Charter Financial Planning 57KB
Barclays Capital Australia 21KB
BT Financial Group 394KB
Burrell Stockbroking & Superannuation 308KB
Chartered Secretaries Australia 130KB
Deloitte 946KB
FIIG Securities Limited 3.5MB
Financial Planning Association of Australia 83KB
Financial Ombudsman Service 2.1MB
Financial Services Council 155KB
G A Cossar & Co Pty Ltd 36KB
Halsey Legal Services 118KB
Henry Davis York Lawyers 202KB
IG Markets Limited 1.6MB
Industry Super Network 621KB
Johnson Winter & Slattery 102KB
Law Council of Australia 80KB
McMahon Clarke Legal 216KB
Mercer 68KB
Morgan Stanley Smith Barney Australia 115KB
Pitcher Partners 129KB
Self-Managed Super Funds Professional Association of Australia 131KB
Standards and Poor 2.5MB
Stockbrokers Association of Australia 176KB
Trustee Corporations Association of Australia 28KB

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or The Treasury.