ASIC relief changes ‘more important than ever’: Hume
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.
AUTHOR
Laura Dew
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
