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ASIC’s COVID advice relief gets FASEA seal of approval

ASIC’s COVID advice relief has been approved by FASEA.

The corporate regulator announced this week that it consulted FASEA on an example ROA it put together to help financial advisers when providing advice that is confirmed to be “consistent with advisers’ obligations under the FASEA Code of Ethics”.

In April, ASIC 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 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.

Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

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Neil is also the host of the ifa show podcast.