Senator Jane Hume has said the changes by the Australian Securities and Investments Commission (ASIC) to assist consumers impacted by COVID-19 to receive financial advice are ‘more important than ever’.
On Tuesday, ASIC announced it would allow consumers:
- To access immediate, low-cost advice about whether to take advantage of early access to superannuation;
- To receive advice more quickly, through a shorter-form record of advice, where they have been impacted by the COVID-19 pandemic; and
- To increase the availability of time-critical advice – by extending the timeframe for providing a long-form statement of advice from five to 30 days after advice is provided.
Senator Hume said the changes were ‘more important than ever’ as Australian consumers and investors dealt with turbulent markets.
“It is more important than ever for Australian consumers to get sound advice on how to manage their financial affairs,” she said.
“These measures will help ensure all Australians impacted by the COVID-19 pandemic can quickly access the financial advice they need.”
The temporary measures would be accompanied by additional surveillance activity by ASIC to ensure advisers, registered tax agents and superannuation trustees were acting in the best interest of clients and members.