There is a balance between consumer protection and the freedom to be in control of your own decisions. On the one hand, the test protects retail investors from poor/no/lazy advice where it should be given. On the other, it removes an investors ability to access investments which has risks they are happy to accept. The powers that be ought to take care not to slip into 'nanny state' regulation. Why should investors be closed out from opportunities only the very wealthy can access?