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.

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“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.




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I was not aware of our AFSL providing feedback on this to ASIC? Does anyone know of an AFSL that did provide feedback?

If I had to guess it would be Industry Super - who else would ASIC bend the rules for?

It maybe, but I would be interested to see if ASIC actually consulted at any AFSL at all? Or is this a case of we asked one AFSL and can now claim this is an industry trend....

This is what ASIC does when they want to appear to be a helpful regulator, but have no intention of doing anything constructive

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