AFA News 17 March 2022. ASIC first provided regulatory relief as a result of COVID 19 in April 2020 and have rolled this over every six months. They are now asking if there is any reason to extend it again.
Most recently the relief was rolled over in October 2021, which allowed for an RoA to be provided to clients impacted by COVID 19, despite there being a significant change in the client’s personal circumstances and for a Statement of Advice to be provided within 20 days, rather than 5 days, in a ‘time-critical advice’ context. This is explained in detail in an ASIC FAQ.
We welcome urgent feedback from members on the following questions:
- To what extent do you currently rely on the relief, and to what extent do you anticipate continuing to rely on it in the coming 6 months?
- What client circumstances are presently giving rise to providing advice directly related to the adverse economic effects of COVID-19?
- Are there any geographical or demographic reasons impacting you that is generating the need for accessing this relief?
- What would the consequences be of allowing the relief to lapse, in terms of both your business operations and the impact on your clients?
- Any anecdotal evidence about when, how, and how often you have relied on the relief over the past 18 months?
ASIC has also asked us for input on the need for any regulatory relief that might be required as a result of the recent floods that have impacted Queensland and NSW. We would like to hear your stories on the impact that the floods have had on advised clients and how this has changed the services that advisers need to provide to these clients during this time
We would welcome any feedback that you have on this. Please respond as soon as possible to policy@afa.asn.au
Issued 17.03.2022. AFA Policy & Education Update
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