ASIC extends ROA measure

15 April 2021
| By Jassmyn |
image
image
expand image

The corporate regulator has extended the relief measure that allows financial advisers to provide a record of advice (ROA) rather than a statement of advice to existing clients until 15 October, 2021.

The Australian Securities and Investments Commission (ASIC) said the measure, which was for existing clients that required financial advice due to the impact of the COVID-19 pandemic, was extended after consulting with the industry. It identified that some financial advice practices had found this measure helpful.

“ASIC will continue to monitor the appropriateness of the temporary relief related to records of advice in light of the impact of the COVID-19 pandemic on the demand for financial advice,” it said.

“If appropriate, ASIC will end the relief before the six-month period or extend it. ASIC will give sufficient notice.”

The original relief was announced along with two others but the other two expired on 15 April and would not be extended as they related to the early release of superannuation measure which had ceased.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago