ASIC extends COVID-19 relief for early release advice
Following the extension of the early release of super scheme, ASIC has extended financial advice relief for advisers assisting consumers during the COVID-19 pandemic.
In a public update, ASIC has announced that it is extending the financial advice relief related to the COVID-19 early release of superannuation scheme in light of the extension of the scheme by the government.
The relief, which was first granted in mid-April, is designed to assist with the provision of affordable early access to super.
It allows advice providers not to give a statement of advice when providing advice on early access to superannuation and allows registered tax agents to give advice about early access to super to existing clients without needing an AFS licence.
ASIC said it will continue to monitor the appropriateness of these temporary relief measures in light of the impacts of COVID-19 on capital markets and on the demand for financial advice.
“If ASIC considers it appropriate to end the relief before the expiration dates or to further extend it, ASIC will give sufficient notice before any early repeal or extension is implemented,” it said.
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 has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.