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ASIC releases record of advice guidance – Life Insurance – Insurance News


ASIC releases record of advice guidance

8 November 2021

The Australian Securities and Investments Commission (ASIC) has released an information sheet on records of advice (ROA) and three examples to provide clarity to advisers about their obligations when giving personal advice to clients.

INFO266 answers frequently asked questions about ROAs, including 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.

“This is 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,” Commissioner Danielle Press said.

“We expect this practical guidance and information will provide clarity and certainty to financial advisers about when and how they can use ROAs.”

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Click here for the information sheet and here for the ROA example on life insurance advice.

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