The regulator has extended the relief measure that allows advisers to provide a record of advice (ROA) rather than a statement of advice (SOA) to existing clients requiring advice due to the impact of the pandemic.
ASIC decided to keep the measure after consulting with industry, stating some advice practices have found it useful.
The original relief measures declared on 14 April last year expired on Thursday (15 April).
The other two measures set out in the relief instrument will not be extended, due to the end of the early release of super scheme as well las industry feedback concluding that the “urgent advice measure” was no longer necessary.
The ROA relief measure has been extended to 15 October and is set out in a new legislative instrument, ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268.
ASIC has said it will continue to track how appropriate the measure is, indicating it could end the relief before the six-month period, or extend it beyond the deadline.
Oh I am so relieved !!!!
ASIC really cares about advisers being able to provide advice easily after all.
They really want more people to be able to access advice, this measure will make everything easier.
NOT !!!
ASIC proves yet again the have No Freaking Idea.
[color=purple]Boom![/color] Industry saved! Well done ASIC! [insert slow clap]
Did anyone actually use these measures during Covid? I don’t see how it’s possible to meet BID requirements and use an ROA.
I tried and failed so just sent the person to the super fund and they got intra fund advice for nothing with no paperwork at all. It’s always heart warming to see how much ASIC cares and understands.
Useless measure. I use ROA’s where they make sense, which is where there are no other significant changes, but I can’t see how you can meet other legislative requirements without providing an SOA otherwise. The disclosure requirements are what they are.
Well whoopdy do! Existing clients rarely require SoA’s, so what exactly is this relief? Sounds good in a press statement though.