ASIC has pushed back the deadline for its temporary relief on capital raisings and advice, as well as advice relief related to the early super release, following the scheme being extended by the government.
The ASIC Corporations (COVID-19 – Advice-related Relief) Instrument 2020/355 will now be repealed on 15 April next year, instead of 15 October 2020.
The watchdog has also amended its no-action position for super trustees, extending it to 31 December to align with the extension of the COVID early super release scheme.
“ASIC will continue to monitor the appropriateness of these temporary relief measures in light of the impacts of COVID-19 on capital markets and on the demand for financial advice,” the regulator stated.
“If ASIC considers it appropriate to end the relief before the expiration dates or to further extend it, ASIC will give sufficient notice before any early repeal or extension is implemented.”
The advice relief and the no-action position for super trustees providing “intra-fund advice” were rolled out by the regulator in April, as an attempt to assist the industry in providing consumers with affordable and timely advice during the crisis.
Meanwhile the amendment to the ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 and the ASIC Corporations (Trading Suspensions Relief) Instrument 2020/289 will both be repealed on 1 January 2021, instead of their original date of 2 October 2020.
Can anybody explain how in all these cases of large institutions being “punished” -that no single individual high paid executive has ever been penalized for the misdeeds?
In fact the fines imposed only serve to punish the groups who are faultless in the wrong doings.
• The consumer, who will pay by either reduced service or additional costs imposed on existing services. (Possibly a combination of both)
• The shareholder who will pay by reduction of dividend and value of stock.
• The average employee who will be asked to do more with less.(Although I am not claiming that all are faultless)
Where does the $1.3 billion end up? Are there any victims, will they be compensated? Shouldn’t that be the story?
this comment was submitted under the Westpac article
Agreed, the BEAR idea is looking more and more like it was just for show.
Just call the ATO early access hotline. The ATO can give you all the advice you need. Just keep me out of it.
ASIC, how many people have accessed this $300 advice ?
Given AustralianSuper refused to do it.
Most real world Advisers can’t afford to do it.
Let’s get the numbers using it to see if any affect.
My feeling is tiny take up but ASIC blowing their trumpet like it’s a modern day miracle
Who even used this ‘relief’ to begin with? You still have to do all the supporting work anyway. Congrats on the announcement though, ASIC!