ASIC repeals temporary relief for financial advice
The corporate regulator has decided to repeal the temporary relief that was provided during COVID-19 around statements of advice and urgent advice.
In a public statement, ASIC stated that it would allow the temporary relief provided in ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268, to be automatically repealed on 15 April 2022.
The instrument, which was initially introduced in April 2020, allowed financial advisers to provide a record of advice rather than a statement of advice to existing clients requiring advice due to the impacts of the COVID-19 pandemic.
It also provided advisers additional time relief to provide clients a time-critical statement of advice.
“ASIC undertook targeted industry consultation to better understand the effects of our approach,” the corporate regulator stated.
“Based on feedback, we do not consider that the current status of COVID-19 responses in Australia provides a sufficient basis for a decision by ASIC to further extend the relief provided by the COVID-19 instrument.”
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
