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Financial Planning

ASIC extends SoA relief measure

Corporate regulator ASIC is extending the temporary Statement of Advice relief measure until 15 April 2022.

This marks the second time that ASIC has extended the relief measure, which enables advisers to replace SoAs with Records of Advice for existing clients whose personal situations have changed due to COVID-19.

The relief was first introduced in April 2020 and was extended to October 15.

ASIC said it extended this relief after an industry consultation found that the relief was quite helpful for financial advisers in the current circumstances.

Further, ASIC is reintroducing a relief measure that gives advisers additional time to give their clients an SoA after time-critical advice has been provided.

This means advisers have up to 20 business days instead of five business days to do so. The original relief measure expired on 15 April 2021.

ASIC said the increased need for time-critical advice was a result of the ongoing COVID-19 restrictions.

Both temporary relief measures are set out in ASIC Corporations (COVID-19-Advice-related Relief) Instrument 2021/268.

ASIC said it 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.

Read more: ASIC