ASIC extends ROA measure
The corporate regulator has extended the relief measure that allows financial advisers to provide a record of advice (ROA) rather than a statement of advice to existing clients until 15 October, 2021.
The Australian Securities and Investments Commission (ASIC) said the measure, which was for existing clients that required financial advice due to the impact of the COVID-19 pandemic, was extended after consulting with the industry. It identified that some financial advice practices had found this measure helpful.
“ASIC 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,” it said.
“If appropriate, ASIC will end the relief before the six-month period or extend it. ASIC will give sufficient notice.”
The original relief was announced along with two others but the other two expired on 15 April and would not be extended as they related to the early release of superannuation measure which had ceased.
Recommended for you
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
