ASIC seeking member input on the impact of COVID-19 relief measures

AFA News 12 June 2020. ASIC are assessing the impact of the COVID-19 relief measures, introduced on 14 April 2020 and have asked the AFA to survey our members to obtain feedback. They are predominantly interested in feedback on the relief measure that provided greater flexibility to provide a Record of Advice when the client’s personal circumstances or the basis of the advice have changed significantly, or where the previous provider of the Statement of Advice was a different adviser within the same licensee. In our view this was the most important COVID 19 relief measure that they provided.

The AFA welcomed the relief measures announced by ASIC, however, it is critical that we assess what impact this measure has had at the coal face, and also to considerhow this measure could be improved or other changes could be made to make it easier and more cost effective to provide financial advice during the COVID-19 crisis.

We encourage you to complete the survey. Please click here to access the survey.