The new example SOA, included in Regulatory Guide 90, was developed using behavioural research into how clients read and understand information in SOA documents, and is intended to assist advisers write SOAs that are “compliant, concise, easy to understand and written in plain English”.
“SOAs are a fundamental and important tool for an adviser to communicate their advice to the client,” said ASIC deputy chair Peter Kell.
“We appreciate the feedback we received on the draft example SOA and have taken it on board in finalising the guidance.”
Mr Kell said the new example SOA was designed to minimise the regulatory burden faced by advisers while still catering to the needs and interests of clients.
The release of the new example SOA is part of updates to RG90 ahead of the implementation of the incoming life insurance advice reform package, the regulator said.
“As part of these reforms, ASIC was asked to consider how to improve consumer understanding, and adviser use, of SOAs. Consideration of prominent, upfront disclosure of commissions in SOAs was a component of the review brief,” ASIC said.
You people really don;t get it! Definitely time to go. If you put your energy into thinking about how you can work with the guidance rather than bag it you and your clients might be a lot better. Where can I find it – seriously! Template (that would be used as cookie cutter and of no benefit to client or anyone else) – seriously!. Time to go alright.
Well, does anyone [i][b]really[/b] [/i]have any further questions about why good experienced advisers of many decades are seriously thinking about early retirement. To get away from this abject nonsense from the ‘regulator’ and other assorted idiocy happening currently ([i]2 year chargebacks anyone?[/i]) is currently a subject of many adviser’s daydreams I’m sure. The individuals responsible within ASIC for this ongoing SoA absurdity should be commensurately ashamed of themselves and [b]STOP [/b]taking my tax payer funds as their pay each Friday!
Where can I find it?
Visionless….rudderless….and time to go.
So if we use it as a template , it wont be compliant ?So Why bother and waste our time .
Who knows how legal eagles with dealer groups will react? Will they view as holding them and advisers open to leagl action becuase not every I was dotted or T crossed?
It took ASIC 4 months to ignore all the detailed submissions to their “consultation paper” and instead rearrange the first 4 pages of this abomination. What an utter disgrace.