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ASIC announces further extension of COVID relief for advisers

ASIC has announced that it will further extend temporary relief measures for the advice industry that it launched last year.

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.

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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.”

ASIC announces further extension of COVID relief for advisers
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