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
Centrepoint Alliance, the third-largest advice licensee, has reported 40 per cent growth in its managed accounts business, but profits fell by a third.
Prosperity Advisers Group, a mid-tier advisory firm, has surpassed $1 billion in funds under management, hitting this milestone following a “sustained period of growth for the firm”.
Forbes Fava Financial Planning has acquired Melbourne-based firm Financial Planit, taking “another key step” towards its long-term strategic growth plans for the region.
Self-licensing specialist My Dealer Services has announced partnerships with five businesses, including Morningstar and Peloton Partners, to expand its service offering.
