ASIC provides ROA examples
The Australian Securities and Investments Commission (ASIC) has released examples of records of advice (ROAs) to provide clarity to financial advisers.
The example ROAs have been released together with answers to frequently asked questions about ROAs, including questions about their usage, preparation and record keeping.
“It explains four exemptions from providing a statement of advice and covers the meaning of ‘significantly different’ (under the law) when providing personal advice in a further advice situation,” ASIC said.
ASIC commissioner, Danielle Press said it was the first of ASIC’s initiatives developed in response to the financial advice industry’s recent feedback on our consultation to improve consumers’ access to affordable advice.
“We expect this practical guidance and information will provide clarity and certainty to financial advisers about when and how they can use ROAs,,” she said.
The information provided by ASIC is available here: https://asic.gov.au/regulatory-resources/financial-services/giving-financial-product-advice/faqs-records-of-advice-roas/