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ASIC provides regulatory relief for super advice

ASIC has temporarily extended the deadline within which advisers must provide clients with statements of advice (SOAs) related to superannuation.

In an instrument issued on Friday, ASIC has confirmed it will provide relief to financial advisers, giving them up to 30 days to provide an SOA for personal advice provided to retail clients about a superannuation product.

The relief will apply to superannuation-related personal advice where the advice is requested and provided before 1 July 2017.

“Financial advisers are still required to meet all other obligations under the Corporations Act, including the conduct and disclosure obligations, in providing such advice,” said a statement from ASIC.

“The relief is intended to assist consumers to access advice about the changes in the superannuation laws during this unusually busy period, while maintaining consumer protection.”


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