Originally announcing the measure in April 2020, the corporate regulator confirmed on Thursday that it has extended the “record of measure” which allows financial advisers to provide a record of advice, rather than a statement of advice, to existing clients.
ASIC said the move was done after consultation with the industry which identified an extension was needed given the current circumstances.
The relief will now end on 15 April 2022.
ASIC has also reintroduced the relief measure that provides advisers with additional time to give their clients a statement of advice after time-critical advice has been provided.
The measure which originally expired on 15 April gives advisers 20 business days to provide a statement of advice to clients rather than five.
“ASIC will continue to monitor the appropriateness of these temporary relief measures as circumstances change and may consider ending the relief before the six-month period if appropriate,” the regulator said in a statement.
“ASIC will give sufficient notice to industry before any early repeal is implemented.”
Why don’t ASIC actually do something useful like permanently reduce red tape not just provide temporary relief measures…
What has become of the red tape reduction unit? Still can’t find her yet?
How is it that ASIC are allowed to use the word “monitor” but we aren’t? I doubt that ASIC are viewing the situation hourly.
I believe that the two year responsibility should be reduced back to one year because of the amount of clients who have lost their jobs
This is meaningless. I don’t believe ASIC, “ASIC said the move was done after consultation with the industry which identified an extension was needed given the current circumstances.” because I don’t believe the industry would think this is anything other than meaningless.
Who has ASC consulted on this? I say no one; they are simply lying.
Gosh, that would have been so handy LAST MONTH leading up to the deadline for good quality IP policies. Still helpful I guess, but 6 weeks too late, personally speaking.
This is such rubbish. There should be a massive extension on Fee Consent documentation given the lockdowns.