ASIC extends COVID advice relief

The regulator has extended the relief measure that allows advisers to provide a record of advice (ROA) rather than a statement of advice (SOA) to existing clients requiring advice due to the impact of the pandemic.

ASIC decided to keep the measure after consulting with industry, stating some advice practices have found it useful.

The original relief measures declared on 14 April last year expired on Thursday (15 April).

The other two measures set out in the relief instrument will not be extended, due to the end of the early release of super scheme as well las industry feedback concluding that the “urgent advice measure” was no longer necessary.

The ROA relief measure has been extended to 15 October and is set out in a new legislative instrument, ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268.

ASIC has said it will continue to track how appropriate the measure is, indicating it could end the relief before the six-month period, or extend it beyond the deadline.