The Financial Services Council supports doubling the minimum assets needed to become a “wholesale investor” from $2.5 million to $5 million, but the Morrison government has resisted calls to beef up the test.
The influential peak body for the funds management and life insurance industries has for the first time backed calls to increase the minimum asset threshold to $5 million from 2023 and index it against household inflation, urging the government to amend the Corporations Act.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
