Posted June 22, 2020
Posted By Meghann Cannon
ASIC COVID-19 Advice Related Relief to last 6 months
Prepared by Ella Cameron
Earlier this year, ASIC granted relief to give advisers up to 30 days (rather than 5 business days) to give an SOA in time critical situations.
Relief was also given to allow the provision of a ROA to an existing client where their personal circumstances have changed as a result of COVID-19. The relief also allows the client to see any adviser from the same AFS licensee, it does not have to be the original adviser (see our news story from 14th April 2020).
Last week, it was confirmed that this relief will only last for 6 months, beginning on the day the relief commenced. Consequently, from 15 October 2020 this relief will no longer apply to the provision of ROAs and advisers will again have 5 business days to provide an SOA in time critical situations.
See legislative update here: ASIC Corporations (Amendment) Instrument 2020/565).