ASIC will allow the temporary relief in (COVID-19 Instrument) to be automatically repealed on 15 April 2022.
The COVID-19 Instrument commenced on 15 April 2021. It extended the following forms of relief, initially introduced in April 2020:
- ‘Situations in which Statement of Advice is not required’ relief. This relief allows financial advisers to provide a record of advice, rather than a statement of advice, to existing clients requiring financial advice due to the impacts of the COVID-19 pandemic.
- ‘Urgent Advice’ relief. This relief allows financial advisers additional time to give their clients a time-critical statement of advice.
ASIC undertook targeted industry consultation to better understand the effects of our approach. Based on feedback, we do not consider that the current status of COVID-19 responses in Australia provides a sufficient basis for a decision by ASIC to further extend the relief provided by the COVID-19 Instrument.
Background
The was introduced on 15 April 2020.
commenced on 15 April 2021, extending the relief initially introduced on 15 April 2020. This Instrument was extended in October 2021 by the for a further six months.