AFA News 18 November 2020. On 21 September 2020, ASIC announced a no action position with respect to any failure by Victorian advisers to provide FDSs for pre-FoFA clients, during the lockdown in Victoria.  The basis of this no action position was as follows:

• Where the FDS was due between 2 August 2020 and 26 October 2020; and
• The FDS had not been given to the client on, or prior to, 26 October 2020, then it has to be given to the client by 7 December 2020.

Members are reminded that in order to take advantage of this no action position, any outstanding FDSs for pre FoFA clients need to be issued by 7 December 2020.

ASIC also noted that they had no power to alter the effect of the law in terms of the termination of ongoing fee arrangements for post FoFA clients where there had been any failure with respect to the FDS or Opt-In obligations, they would also not be taking any enforcement action in these cases.

Please click here for more information on the ASIC No Action Position. Please look for the answer to question 8.  Advisers may wish to check the other COVID 19 related information on this page.

Issued 18.11.2020. AFA News