ASIC extends ROA measure

ASIC/financial-advice/RoA/SOA/Record-of-Advice/statement-of-advice/

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

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS