Brought to you by:

ASIC extends COVID relief measure for advisers

Facebook Twitter LinkedIn Google

The Australian Securities and Investments Commission (ASIC) will extend one of three COVID temporary relief measures aimed at helping advisers provide affordable services to consumers during the pandemic.

Advisers can continue providing existing clients with a record of advice instead of a statement of advice until October 15.

The extension applies to ongoing clients who need financial guidance due to the impact of the pandemic, ASIC says.

“ASIC decided to extend the relief measure after consulting with industry and identifying that some financial advice practices have found this measure helpful,” the corporate regulator said.

The other two measures, including one that allowed super trustees to temporarily expand the scope of personal advice that may be provided, are no longer needed, ASIC says.