We review all new applications for Macquarie accounts, and regularly review existing accounts, against our eligibility criteria.
As our criteria may change over time, an account we previously accepted may no longer meet our current criteria. In some cases, this may lead us to decline an application or close an account.
To help you understand why we made this decision, we’ve outlined some of the reasons below. These reasons may relate to the applicant and/or their associated parties (including beneficiaries):
- Business activity or industry of operation
- Association with foreign jurisdictions
- Family trusts where the controlling party has no beneficial interest in the trust, and is not related to a beneficiary. Please note:
- Controlling parties include trustees, directors, secretaries, court-appointed guardians and administrators
- Related parties include a family member, spouse or de-facto.
- Circular ownership (e.g. a company holding shares in itself in the capacity of a corporate trustee)
- Any charity not registered with the Australian Charities and Not-for-profits Commission (available through a financial adviser only)
- Certain trust types (e.g. bare trusts)
- Trusts where a role like appointor, protector or guardian is held by another entity (e.g. a company), rather than an individual.
This list isn’t exhaustive. Your application may have been declined, or your account closed, for a reason not listed above. If this is the case, we may not be able to provide any further information.
