ob体育 has today announced that it will extend one of three temporary relief measures designed to help the financial advice industry provide consumers with affordable and timely advice during the COVID-19 pandemic.听
The original relief measures were announced on 14 April 2020 and are set out in 听 (refer: 20-085MR). Instrument 2020/355 expires today.
ob体育 will extend the relief measure that allows financial advisers to provide a record of advice rather than a statement of advice to existing clients requiring financial advice due to the impact of the pandemic.听
ob体育 decided to extend the relief measure after consulting with industry and identifying that some financial advice practices have found this measure helpful.听
The other two measures set out in ob体育 Corporations (COVID-19鈥擜dvice-related Relief) Instrument 2020/355 will not be extended. This is because the 鈥榚arly release of superannuation measure鈥� is no longer needed because the Government鈥檚 Early Release of Superannuation Scheme concluded on 31 December 2020. The 鈥榰rgent advice measure鈥� was not extended following industry feedback that the relief was no longer necessary.
The record of advice relief measure has been extended to 15 October 2021 and is set out in a new legislative instrument . ob体育 will continue to monitor the appropriateness of the temporary relief related to records of advice in light of the impact of the COVID-19 pandemic on the demand for financial advice. If appropriate, ob体育 will end the relief before the six-month period or extend it. ob体育 will give sufficient notice to industry before any early repeal or extension is implemented.听听
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Further information
- Information on regulatory issues impacting the financial advice industry as a result of the COVID-19 pandemic
- 20-085MR ob体育 grants relief to industry to provide affordable and timely financial advice during the COVID-19 pandemic of 14 April 2020听
- 20-220MR ob体育 extends COVID-19 relief for certain capital raising and financial advice听
Editor's note
On 14 July 2021, ob体育 released an example ROA to help financial advisers when providing advice under . The has been annotated to help advisers understand the relevant requirements under the COVID-19 relief measure. ob体育 consulted the Financial Adviser Standards and Ethics Authority (FASEA) and welcomes FASEA鈥檚 confirmation that the example ROA is consistent with advisers鈥� obligations under the .