Advisers are on the brink of swapping out lengthy statements of advice (SoAs) for shorter records of advice (RoAs) in more scenarios if recent signals from the regulator are consistent with their intentions.
On Monday ASIC provided high-level takeaways from its consultation on advice access (CP 322) to the government, with the two-page document headlined by the finding that advisers want to use more RoAs yet remained constrained by regulatory and licensee restrictions.
“SOAs are a clear cost barrier to providing limited advice,” ASIC stated after trawling through the 469 submissions it received – 244 from financial advisers.
“Respondents have raised that Government should reconsider the SoA requirements and expand the situations when an RoA is permissible instead of an SoA.”