AFA News 22 April 2021. Last week ASIC announced an extension of the COVID-19 relief measure for financial advisers to use a Record of Advice even where the client’s personal circumstances have changed significantly. The adviser needs to be able to demonstrate that the need for advice is in some way connected to the economic impact of COVID-19. The requirement for the client to specifically request the advice on the grounds of COVID-19 has been removed.
The AFA advocated for the retention of this measure as we still believe that it is relevant and potentially beneficial for both clients and their adviser. We are very keen to have this relief measure as an ongoing change, so that it is much easier to use a Record of Advice.
Please click here to see the ASIC media release.
Issued 22.04.2021. AFA Policy & Education Update