Two potential side effects have been flagged around changes to the sophisticated investor test following a recent Treasury consultation, which could see thousands of investors no longer classified as ‘wholesale investors’.
A Western Australian financial adviser has launched a petition and called for Financial Services Minister Stephen Jones to increase the portion of the ASIC levy paid by licensees ahead of the next levy schedule.
It is “highly likely” that global advisory group Brite Advisors misappropriated client funds for its own purposes, the Federal Court has heard, as receivers examine the variance of $100 million in its accounts.
