ASIC extends RoA relief measure

The corporate regulator has extended the relief measure it introduced in April 2020 allowing advisers to profice a Record of Advice in lieu of a Statement of Advice to existing clients requring financial advice due to the impact of the pandemic.

ASIC announced on Thursday an extension of the relief measure until mid-April 2022, after industry consultation showed a continuation would assist advisers in the continuing environment.

Further, in response to industry feedback, ASIC has reintroduced the relief measure allowing advisers more time to give their cleints an SoA after time-critical advice has been provided.

Instead of the usual five days, advisers will have 20 days to produce an SoA. The original measure expired in mid-April this year.

The regulator said is will continue to monitor the “appropriateness” of these temporary measures as the circumstances around the pandemic change and may consider curtailing the relief measure before the planned date

“ASIC will give sufficient notice to industry before any early repeal is implemented,” the regulator stated.