ASIC has released Information Sheet FAQs: Records of Advice (INFO 266) which answers frequently asked questions (FAQs) about ROAs, including questions about their usage, preparation and record keeping.
It explains four situations when advisers can use an ROA instead of giving a client a Statement of Advice.
It gives the following three ROA examples to provide clarity to financial advisers and advice licensees on their obligations when using ROAs to provide personal advice to retail clients:
- Example Record of Advice (ROA): Life insurance advice – Retain existing products and increase insurance
- Example Record of Advice (ROA): No change advice
- Example Record of Advice (ROA): Stockbroker.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.