On Friday (18 February) ASIC confirmed it is consulting on proposals to remake, in a single new instrument, relief in instruments that relate to product disclose statements (PDS), including in-use notices for employer-sponsored superannuation and product dashboard disclosure and shorter PDSs and obligations for super trustees.
It is also looking to remake an instrument that relates to financial services guides “in time critical situations”.
The proposed changes would come into effect for a period until 1 October 2027.
“ASIC has reached the preliminary view that the existing instruments are generally operating effectively and continue to form a necessary and useful part of the legislative framework. However, in remaking the instruments, ASIC proposes to omit relief that has become redundant and update some conditions of the relief,” a statement released by ASIC read.
“The proposed changes are designed to assist industry in complying with disclosure obligations by providing regulatory certainty.”
Feedback from industry on the proposal can be submitted now and closes on 12 April 2022.
Make it so you do not have to give a Statement of Advice, for investments amounts below $50,000 and where your first year revenue is below $2,000. Still ensuring you keep a record of advice as per current rules. I think it is section RG 175.176
We would be able to take on many smaller customers who currently we have to turn away as with all production and compliance costs it is not feasible taking them on.
You mean open up competition? But the system of making Financial Planners uncompetitive is really good for business for many Product Providers?