Date posted: 17/04/2020

ASIC grants temporary relief for financial advice industry

Three temporary relief measures may help consumers get affordable and timely financial advice

In brief

  • Temporary relief measures have been put in place during COVID-19
  • Record of advice (RoA) must be provided to clients
  • ASIC will continue to conduct surveillance activities and monitor advice provided under relief

The Australian Securities and Investments Commission (ASIC) has announced three temporary measures to help the financial advice industry provide affordable and timely advice during the COVID-19 pandemic. 

The measures are:

  • to provide advice about early access to superannuation for individuals facing financial hardship during COVID-19
  • an extension of up to 30 business days to provide a statement of advice (SoA) to clients 
  • an RoA can be provided to existing clients under certain circumstances.

ASIC will provide the industry with 30 days’ notice before revoking these temporary measures and will consider the market as it continues to develop. 

ASIC website resource

For further information on the three temporary measures refer to the ASIC website.

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