Prepared by Peter Hagias
ASIC has provided relief which allows advisers to delay providing an SOA on advice that relates to the upcoming superannuation changes.
To qualify for the relief:
- The client must expressly instruct the adviser that they require advice before 1 July 2017;
- The advice (which may be verbal) must be provided before 1 July 2017;
- Where the advice relates to a product that is subject to cooling off rights – the adviser provides the client a written statement (at the same time the advice is provided) explaining the nature of the cooling off rights and that the client might not receive the SOA until after the cooling off rights have expired; and
- The adviser provides the client with remuneration and associations disclosures in relation to the advice, and if the advice includes a switching recommendation, the relevant switching disclosures. This must be provided at the same time the advice is provided.
The SOA must be provided as soon as practicable after the advice is provided, and no later than 30 days after it is provided.